Savings account Interest rates 2.07%

[Triplethought]

Lendingclub.com is offering 2.07% savings for their online account FDIC insured. Not great but better than most. I moved a bunch of cash so I hope they're legit
https://www.lendingclub.com/personal-banking/savings

[PuppBaby]

I've tried this in the past but its just too much hassle moving funds around also the rates tend to be variable and will most likely change after 1 year of opening an account to a more "lender preferred rate."
Thanks for sharing nonetheless, I also believe Robinhood is offering 1% on any none invested cash sitting in your account.

[SOL]

Lendingclub.com is offering 2.07% savings for their online account FDIC insured. Not great but better than most. I moved a bunch of cash so I hope they're legit
https://www.lendingclub.com/personal-banking/savings

Well, you can get almost 40% in Argentina, but after Inflation, you might not have that much left. One could make a lot more if one is disciplined by selling long-term puts on stocks one would like to own when the stock is trading in the oversold ranges on the monthly charts. The downside is limited, and you get paid to wait. If the option tacks on 20% or more close the position, wait for a relief rally then rinse and repeat.


However, there are countries like Georgia and Armenia that are relatively safe and offer very high rates. Georgia up to 10% and Armenia up to 9%


GEORGIA
Let’s start just north of here in Georgia’s capital of Tbilisi. I’ve said before that Georgia is quite possibly the easiest place in the world to open a bank account. While many banks are confused by FATCA or make the process unnecessarily slow, you can still open an account in Georgia with ease if you know where to go. What’s more, Georgia offers among the highest interest rates for deposits in its local currency.

Georgian banks have recently lowered deposit rates on US dollars, which seems odd seeing that US banks have raised theirs. If your goal is to hold dollars, you can do better elsewhere. However, if are open to holding Georgian lari, you can enjoy rates near 10% on short-term deposits. While the lari lost some of its value against the dollar several years ago, it has held relatively steady ever since. I personally don’t see

The largest banks in Georgia – TBC Bank and Bank of Georgia – are both traded on the London stock exchange and currently offer rates of 9.4% on one-year term deposits; rates may be slightly lower for non-residents. UAE-owned Terabank currently offers 10.5% and offers a convenient branch in the Biltmore Hotel, although their process is slower.

Smaller banks may offer more or less, but I’ve generally found these to be the best. Liberty Bank, the government’s designated bank for handling pension payments, is often mentioned as an alternative with its higher interest rates, but you’ll pay for the privilege with their terrible service. Furthermore, many smaller banks used to dealing with locals won’t understand why a foreigner wants to open a term deposit in Georgia, and you may well be rejected (as I once was at Liberty Bank).

ARMENIA
Like Georgia, Armenia offers high interest rates on its local currency, the Armenian dram. A forex trader of mine likes the recent fundamentals of the dram against the dollar, which has has very low volatility as of late. Armenia’s new, more reform-minded government may help buoy the currency further.

Opening a bank account in Armenia is relatively simple. In fact, if you’ve opened an account anywhere in the former Soviet Union, you’ll likely see a lot of similarities in how things are done. There are several decent banks, although some of them have a less modern feel owing to Armenia’s greater orientation toward Russia. Two exceptions are Ameriabank and Evoca Bank.

Evoca Bank is almost too cool for school, with hip advertising painted across Yerevan, and a website that is a bit too sexy for a bank. As a smaller but growing bank, they’re also a bit more particular about new accounts crossing all of the “T”s before being opened. However, they do pay 9.5% on a one-year term deposit denominated in dram.

While Armenian banks don’t offer compelling rates on US dollar deposits, they do offer a rather unique opportunity for internationalization: holding Russian rubles. While any bank worth its salt offers dollars and euros, a relatively small number offer the ability to hold Russian currency. Interest rates on the ruble are also a bit underwhelming given past volatility, but if you need or want access to the ruble as an alternative currency, Armenia is a great place to do it.

https://nomadcapitalist.com/finance/hig ... tes-banks/

Lots of potentially interesting countries that offer high interest rates that article

[nicolas]

GEORGIA
Let’s start just north of here in Georgia’s capital of Tbilisi. I’ve said before that Georgia is quite possibly the easiest place in the world to open a bank account. While many banks are confused by FATCA or make the process unnecessarily slow, you can still open an account in Georgia with ease if you know where to go. What’s more, Georgia offers among the highest interest rates for deposits in its local currency.

Update on Georgia.

While I think Nomad Capitalist is a great starting point for someone curious about internationalization and flag theory, I'd caution that some of its content is very superficial and sometimes out of date.

As an aside, Andrew is an affiliate marketer first and foremost. His business is to publish a lot of keyword-targeted content that attracts readers into his sales funnel. So naturally, he won't hand out for free the actionable advice his network of affiliate lawyers, tax consultants, and incorporation agencies provide for a fee.

Back to Georgia. It truly was "the easiest place in the world to open a bank account." Until 2020.

In February 2019, I walked into a branch of TBC Bank with only my passport. I was visiting as a tourist, so I didn't have a Georgian address or phone number. It took less than 15 minutes to open the account (multi-currency account in GEL, EUR, USD, and GBP, with a MasterCard.) I only had to pay 20 GEL ($7) to start the process. No KYC form to fill, nada. The next day, I could come back to pick up my debit card.

Later that year, I opened another account with Bank of Georgia. This time I had to fill out a KYC form but it was still a relatively easy process. I could again come to pick up my card the following day.

Georgian banks (TBC and BoG at least) have modern and user-friendly mobile banking applications. I believe TBC won an award for best banking app in Europe.

Private banking is affordable and accessible with relatively low amounts. I believe the requirements for Solo Bank (BoG) are either a salary of $1K or $20K in term deposits. Although to be fair, "private banking" means a dedicated banker that you can reach by email, which would be pretty standard for a European brick-and-mortar bank. You do have a few advantages like a premium debit card with lower commissions abroad and higher withdrawal limits, better interest rates, access to airport lounges (2 visits per year), etc.

But a lot has changed recently. First, these banks came under scrutiny for AML, so they toughened up their KYC process. Unless you can demonstrate ties to the country, the bank probably won't open your account anymore.

There are more and more stories on expat FB groups of newcomers unable to open an account.

Many nationalities get systematically rejected. The bank can freeze your account if most of your transactions are with foreign countries, especially if it's in USD.

The Lari (GEL) has been strong lately. It's up 11% against the dollar in the last year. The interest rate on an open savings account is currently 7%. A 2-year term deposit yields 12.6% annually.

Some say that the strength in the lari is caused by inflows from Russia. There's probably some truth to it. Many Russians and Belarussians moved to Georgia in the past 5 months. Landlords and real estate agents used this as an excuse for price gouging. Completely artificial bubble as there's no shortage of new flats coming onto the market. With London-level rents for no other reason than war profiteering, Tbilisi just isn't a good value for money for digital nomads at the moment and many long-term expats are leaving... But that's another topic.

Takeaway: if you move to Georgia, definitely go for either TBC or BoG, knowing it won't be as easy to open an account as it was. But, it's probably no longer a viable option if you won't be living in Georgia.

[SOL]

Update on Georgia.

While I think Nomad Capitalist is a great starting point for someone curious about internationalization and flag theory, I'd caution that some of its content is very superficial and sometimes out of date.

As an aside, Andrew is an affiliate marketer first and foremost. His business is to publish a lot of keyword-targeted content that attracts readers into his sales funnel. So naturally, he won't hand out for free the actionable advice his network of affiliate lawyers, tax consultants, and incorporation agencies provide for a fee.

Back to Georgia. It truly was "the easiest place in the world to open a bank account." Until 2020.

In February 2019, I walked into a branch of TBC Bank with only my passport. I was visiting as a tourist, so I didn't have a Georgian address or phone number. It took less than 15 minutes to open the account (multi-currency account in GEL, EUR, USD, and GBP, with a MasterCard.) I only had to pay 20 GEL ($7) to start the process. No KYC form to fill, nada. The next day, I could come back to pick up my debit card.

Later that year, I opened another account with Bank of Georgia. This time I had to fill out a KYC form but it was still a relatively easy process. I could again come to pick up my card the following day.

Georgian banks (TBC and BoG at least) have modern and user-friendly mobile banking applications. I believe TBC won an award for best banking app in Europe.

Private banking is affordable and accessible with relatively low amounts. I believe the requirements for Solo Bank (BoG) are either a salary of $1K or $20K in term deposits. Although to be fair, "private banking" means a dedicated banker that you can reach by email, which would be pretty standard for a European brick-and-mortar bank. You do have a few advantages like a premium debit card with lower commissions abroad and higher withdrawal limits, better interest rates, access to airport lounges (2 visits per year), etc.

But a lot has changed recently. First, these banks came under scrutiny for AML, so they toughened up their KYC process. Unless you can demonstrate ties to the country, the bank probably won't open your account anymore.

There are more and more stories on expat FB groups of newcomers unable to open an account.

Many nationalities get systematically rejected. The bank can freeze your account if most of your transactions are with foreign countries, especially if it's in USD.

The Lari (GEL) has been strong lately. It's up 11% against the dollar in the last year. The interest rate on an open savings account is currently 7%. A 2-year term deposit yields 12.6% annually.

Some say that the strength in the lari is caused by inflows from Russia. There's probably some truth to it. Many Russians and Belarussians moved to Georgia in the past 5 months. Landlords and real estate agents used this as an excuse for price gouging. Completely artificial bubble as there's no shortage of new flats coming onto the market. With London-level rents for no other reason than war profiteering, Tbilisi just isn't a good value for money for digital nomads at the moment and many long-term expats are leaving... But that's another topic.

Takeaway: if you move to Georgia, definitely go for either TBC or BoG, knowing it won't be as easy to open an account as it was. But, it's probably no longer a viable option if you won't be living in Georgia.

Thanks, Nicolas, for clarifying and updating the banking scene in Georgia. Prices have also risen in Armenia for the same reason as they have there, but there will be a hard descent soon. In Armenia, it is relatively easy to open a company, and anyone can do so, then opening a bank account is not a complex matter (made a typo and typed manner before). I might visit Armenia in the near future, most likely after taking a trip to Indonesia ( the Manado area).

[nicolas]

Thanks, Nicolas, for clarifying and updating the banking scene in Georgia. Prices have also risen in Armenia for the same reason as they have there, but there will be a hard descent soon. In Armenia, it is relatively easy to open a company, and anyone can do so, then opening a bank account is not a complex manner. I might visit Armenia in the near future, most likely after taking a trip to Indonesia ( the Manado area).

I also expect the bubble to pop at some point. The prices here are clearly unsustainable. I'm lucky that I'm not affected personally, as our rent remained unchanged from the bargain we got in April 2021 ($750/month for a modern, fully furnished 2-br flat in the most sought-after district.) I've seen 1-br flats in the area advertised for $2,000+

It will be interesting to observe the comparative evolution of Georgia and Armenia. I haven't been to Armenia yet but from what I can gather both countries are on par now. Georgia has a slight advantage in terms of ease of immigration as most nationalities can stay in the country for 360 days without a visa vs 180 days for Armenia.

Armenia is clearly aligned with Moscow. They have no intention of joining NATO or the EU. I believe they're included in the Eurasian commodity-backed currency project. As you mentioned, Armenian banks let you hold Rubles (at least before the western sanctions, I don't know what's the situation now.) For some reason, Armenia isn't included in the Chinese BRI, while Georgia is.

Georgia is flying EU flags every chance they get. NATO hopeful and EU candidate. Strong presence of US interests too: military base, bio labs, NGOs (read "CIA fronts".) The economy is dollarized. Rents and real estate transactions are typically negociated in USD. Since 2008, anti-Russian propaganda has been very effective on a significant part of the population, especially the younger generations.

The government sometimes seems to be playing a double game. Openly pro-western, yet not anti-Moscow in its actions. Georgia initially refused to impose sanctions on Moscow. The opposition often accuses the ruling party of being pro-Putin, so...

[SOL]

Thanks, Nicolas, for clarifying and updating the banking scene in Georgia. Prices have also risen in Armenia for the same reason as they have there, but there will be a hard descent soon. In Armenia, it is relatively easy to open a company, and anyone can do so, then opening a bank account is not a complex manner. I might visit Armenia in the near future, most likely after taking a trip to Indonesia ( the Manado area).

I also expect the bubble to pop at some point. The prices here are clearly unsustainable. I'm lucky that I'm not affected personally, as our rent remained unchanged from the bargain we got in April 2021 ($750/month for a modern, fully furnished 2-br flat in the most sought-after district.) I've seen 1-br flats in the area advertised for $2,000+

It will be interesting to observe the comparative evolution of Georgia and Armenia. I haven't been to Armenia yet but from what I can gather both countries are on par now. Georgia has a slight advantage in terms of ease of immigration as most nationalities can stay in the country for 360 days without a visa vs 180 days for Armenia.

Armenia is clearly aligned with Moscow. They have no intention of joining NATO or the EU. I believe they're included in the Eurasian commodity-backed currency project. As you mentioned, Armenian banks let you hold Rubles (at least before the western sanctions, I don't know what's the situation now.) For some reason, Armenia isn't included in the Chinese BRI, while Georgia is.

Georgia is flying EU flags every chance they get. NATO hopeful and EU candidate. Strong presence of US interests too: military base, bio labs, NGOs (read "CIA fronts".) The economy is dollarized. Rents and real estate transactions are typically negociated in USD. Since 2008, anti-Russian propaganda has been very effective on a significant part of the population, especially the younger generations.

The government sometimes seems to be playing a double game. Openly pro-western, yet not anti-Moscow in its actions. Georgia initially refused to impose sanctions on Moscow. The opposition often accuses the ruling party of being pro-Putin, so...

Long-term Armenia seems like a good bet; It will become an important player in the modern Silk Road. Armenia has a unique account where you can hold multiple currencies and access them all via one debit card. I will have to ask my contacts to update me on the Ruble situation, but besides potential changes in being able to hold rubles or not, one can hold most of the major currencies in one account. I do know that Ruble is freely interchangeable with the Dram.

[nicolas]

It looks like both Evoca and Ameria still open accounts in RUB, according to their websites. They even issue МИР debit cards.

Foreigners can't open an account remotely with Ameriabank. But it seems Evocabank allows foreigners without any ties to Armenia to open an account if they deposit at least $20K for 6 months. A 1-year deposit in USD yields 3%.
If anyone's interested, here are the conditions for foreign citizens.

[Triplethought]

Well this thread took an interesting International turn. My original thinking was to open multiple savings accounts in the US, earning as much interest as possible but keeping each account at $250K FDIC insurance level. This is to collect cash and earn a small amount of interest prior to a possible 4th quarter market downturn. If funds are small the interest is trivial. But if you're banking a million it becomes relevant. If you have a joint account the insurance goes to $500K so you can put more money in each individual institution. Obviously this level of thinking about money security, where you don't trust any one bank in the US is a whole other level of paranoid from trusting your money in a foreign bank. I recently have read of some Chinese banks going belly up and people there not having access to their money. I'm not sure what China has in the way of FDIC type guarantees but from the article it sounded like they don't have any govt insurance for their funds.

In short, I just don't have the risk tolerance or International experience to try a Georgia or Armenian bank. Anything from inflation in the local currency to war to laws changing to political instability seem like high risk factors. But it does kind of make me want to go visit