Looking to invest in this time of economic turmoil? Well who would have thought it, but South Korean banks may be worth checking out:
Americans may not have to wander far outside the base gates for a relatively safe investment with above average yields.
As the South Korean currency plummets to 10-year lows, the nation’s banks are aching for scarce U.S. dollars, and they’re willing to pay hefty interest rates for them.
On Friday, Stars and Stripes found that South Korea’s top banks are paying roughly 5.6 percent for one-month term deposit accounts, and as much as 6.6 percent for six-month deposit accounts.
The average rate for a certificate of deposit in the United States is 3.64 percent, according to Bankrate.com.
South Korean deposit accounts are not savings accounts. They are similar to CDs, but in some cases are easier to break without penalty.
Once a foreigner establishes identity via a passport or military identification card, he or she can buy a U.S. dollar deposit account without any minimum or maximum balance, fees or further documentation, said Hwang Il, of Kookmin Bank’s foreign exchange product department. [Stars & Stripes]
I would be interested to hear what you more business savvy people think of investing in Korean banks.
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