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Investec's 12-month fixed currency deposit accounts pay 1.1 per cent interest on US dollars, 1.85 per cent on sterling, 5.75 per cent interest on Australian dollars and 0.55 per cent interest on Swiss francs.
Here is the link for St George's a/cs: [broken link removed] The 5.75% is far more competitive than the 3.5% but the 3.5% is instant access, it's online and has no fees. As ecoman mentioned, we're in turbulent times so instant access, IMO, is of paramount importance.
For St George, one of the application conditions is that you need to be an Australian resident to open an a/c..
Also, Ciaran which deposit protection scheme would an Investec AUD FX deposit account fall under?
Ciaran,
1) Who's guarantee is this?
2) When does the guarantee end?
3) What is the value of the guarantee if it is a joint account?
Apparently, if you open a foreign account, you are liable for tax. Does this mean tax on the interest (like DIRT) or does it mean that the lump sum that you lodge is taxed as if it were income? If so, maybe you could end up paying 20% tax?
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