Best offshore bank account interest rates ?

[erni]

It is really difficult these days to get an offshore account in a bank. I think everyone has figured that out over time. I wonder a bit if it is something that these banks are taking advantage of and if they have any competition parameter at all anymore. I mean, when something is so difficult, why not make it really expensive for the few who come in.

In the past, it was the case that you could go into a bank and ask how much they pay you in interest for deposits. Those times are like everyone knows, now it's the other way around, now everyone has to pay interest to have the money in the bank!
Are there still some offshore banks offering some kind of positive interest rate for deposits? and if so, which bank pays the most in positive interest to their customers.

Or is it another entrance you have to have to offshore banks these days, if you want to obtain interest on dividends on your deposit?

It may not be true that all people here on earth are bound to pay negative interest on their sour earned or saved money, there must be other solutions. Is must be an offshore bank that pays positive interest to their customers.

In the following web page below, there are offshore banks that pay up to 5% positive interest per year, which is better than negative interest. So which bank pays the highest interest rate to their customers?
https://moneyfacts.co.uk/savings-accounts/offshore-savings-accounts/

 

[Flatworld]

Ecuador
Cambodia
Armenia

banks in those countries pays the highest interest rate of USD deposits

 

[erni]

how are they in regards to open an account, is it difficult or well possible?

 

[Gediminas]

Pacific Private Bank has good rates for term deposits as well.

https://pacificprivatebank.com/private-banking/#savings-and-term-deposits

 

[erni]

That's not bad for a 12 months period

1,2% I believe may be the best rate one can get on this marked.

How comes they are able to pay you anything for 1 million EUR, at some point they must pay money to other money institutions.

 

[Gediminas]

How comes they are able to pay you anything for 1 million EUR, at some point they must pay money to other money institutions.

It's probably because the bank has the ways to make a profit.

 

[erni]

It's probably because the bank has the ways to make a profit.

what could that be I wonder?

 

[JohnLocke]

Here is some quick information for you which I found at the source below:

Ever wonder how banks make their money? They can't be offering to store your money for free? You're right; here's how banks earn money.


Have you ever wondered why your checking account is free? Obviously, it’s not because your bank is feeling charitable. Big banks make big money. The kind of money that leads to the obscene Wall Street bonuses we so often hear about. But banks make money even when they’re not involved in Wall Street’s multinational investment deals and billion-dollar hedge funds. Old fashioned “retail banking” (i.e., taking deposits and making loans) is quite a business by itself.

Banks are never short of come-ons for winning new customers; some banks offer new depositors free checks, cash bonuses or iPods (just to name a few)

https://www.moneyunder30.com/how-banks-make-money

 

[Flatworld]

Pacific Private Bank has good rates for term deposits as well.

https://pacificprivatebank.com/private-banking/#savings-and-term-deposits

...bank in Vanuatu...

Are you serious? = =

 

[Gediminas]

...bank in Vanuatu? = =

yes

 

[drumtraks]

Have anyone heard of these guys?

 

[zonqor]

Clients should note that Intus deposit accounts are not covered by any statutory protection.

https://www.intus.ee/deposits/security/

 

[Davis123]

...bank in Vanuatu...

Are you serious? = =

Can you really trust bank in a small island like Vanuatu or countries like Ecuador? Armenia is in war with Azerbaijan at the moment or maybe a ceasefire now but who knows ? I think Georgia offers better usd rates. I was looking earlier for a POA account but no guarantee if it will be opened or not unless in person.

 

[drumtraks]

Clients should note that Intus deposit accounts are not covered by any statutory protection.

Is this sh** even permitted in the EU?

 

[zonqor]

Loan shark interest rates for loans that is why such interest on savings.

https://www.intus.ee/credit/credit-limit-loan/

 

[Flatworld]

Can you really trust bank in a small island like Vanuatu or countries like Ecuador? Armenia is in war with Azerbaijan at the moment or maybe a ceasefire now but who knows ? I think Georgia offers better usd rates. I was looking earlier for a POA account but no guarantee if it will be opened or not unless in person.

Georgia has lower its interest rate since recently...only 2% now~

 

[EliasIT]

That's some extremely high interest rates if you ask me.

 

[daxbr]

Cambodian microfinance: https://amret.com.kh/en/wealthy-account/

 

[MiddleEuroAsia]

Loan shark interest rates for loans that is why such interest on savings.

https://www.intus.ee/credit/credit-limit-loan/

So, they are doing what I'm doing, but they are more civilized

I might contact them, and if there is a possibility that I will reduce the number of people who work for me as debt collectors and diversify a little bit in the process, then I might work with them.

 

[MiddleEuroAsia]

So, I was surfing intus.ee and their chat popped up So, I decided to learn more about them.

Here's how the convo went:

Intus Customer Service:
Hi. My name is Ryan at Intus Customer Service. What kind of deposit account you are looking for? I am here to help you if you have any questions.

Me:
I'm a loan shark and I usually the one who offer these kind of services to people but it comes with some costs and there are lots of debt collectors who works under me. So, what do you offer that might reduce these costs and make me want to consider working with you?

Intus Customer Service:
we are not looking for these kind of services currently, thank you for your proposal

Me:
So, what do you offer?

Intus Customer Service:
fixed term deposit accounts for 3 to 120 month terms

Me:
So, high yield term deposits, am I right?

Intus Customer Service
higher yield than banks, yes

Me
And, how do you achieve that ryan? In other words, how do you make money?

Intus Customer Service
by lending funds with 14-18% per annum interest rate

Me
So, you are the loan sharks . Anyway, I'm interested. What are the requirements (e.g. documents) and how my money is protected (not that I'm worried)

Intus Customer Service
you need to attach your passport copy to the application. Your money is protected by the Estonian Savings and Loan Association Act rules

Me
Sounds good, but I'm an entity (i.e. company) not an individual, so what docs are required for companies?

Intus Customer Service
registration extract with information about directors and owners and their passport copies

Me
Sounds good! where are your company registered and what is your registration number?

Intus Customer Service
In Estonia, Registration No.: 12748028
Activity license No.: FFA000138

After that I decided to look into their company and do some little research. and you can see some info by looking into their company here. or writing their registration number through the official Estonian website here.

For the annual reports, I need to pay 2 Euros lol, But I will look through their annual reports later.

Anyway, here are some of the Member of the management boards:
- Tiit Kepp. I don't know if he is the same tiit kepp. the latter is the chairman of management board at Tallinn Airport. So, I will need to dig further.
- Viktor Turkin. Don't know if he is the same Viktor Turkin. The latter is an attorney and law professor. So, I will need to dig further.
- Oxana Andryushkina. Seems that she is the same woman here. But I will need to investigate further.