Expert: Alexander J. Hay - 7/9/2004

Question
I am a US citizen residing in Hong Kong.  I still keep my bank account with the US Bank.  However, my savings account is earning almost zero interest.  I tried to switch the money to a internet bank that I found from the Web, since I learned that I can earn almost 4% from a 5-year CD and more importantly to me it is FDIC insured. It wouldn't let me because it required me to have a US address which I don't have.  Is there any FDIC bank that would let me open a CD account without a US address.  Also, is there any other way that I can earn safe and a little higher return than a savings account when I don't keep an address in the States.  Thanks for answering my questions.

Answer
Not that I know of.

But think about issues of investing and safety.  FDIC insurance costs a tremendous amount in so many ways.  There are many very conservative mutual funds that consistently produce 5% to 10% returns a year.  The funds are not guaranteed, but they are safe.

There is a big difference between guaranteed and safe.

If you want higher returns, you will need to depart from the guaranteed investments, and move to safe investments.

Do your homework, good luck.