My wife (Taiwanese) and I are looking for some sort of savings account in Taiwan. We both have Sharebuilder (separate and Joint Roth IRA) accounts for investing, and checking/savings accounts in America.
However, we need something in Taiwan. We have an “emergency stash” that basically isn’t gathering any interest. It needs to be readily accessible via ATM or transferable to Chinatrust/Bank of Taiwan online within a matter of days. What are our options for getting some interesting on this money?
- Post office - Pretty low rate. Something like .2%
- Bank of Taiwan Checking Account - Also low. Around .25%
Any others? Any information is appreciated. Thanks.
Are there any accounts anywhere with 100% immediate liquidity that are paying decent interest? The best I’ve seen is my credit union savings account back home at 1%.
I used to have a JPMorgan account here, but when the IRS started looking for Americans hiding assets overseas, they strongly encouraged me to close the account, saying the new paperwork and taxing requirements would be very bothersome.
Apparently, Bank of Taiwan also has a checking account. Money earns a small interest rate (.25%) and you can withdraw at any time. Perhaps this would be good since both my wife and I have BOT accounts through our work, and we can do transactions online.
Still looking for better options if there are any.
Even money market accounts have crappy interest rates these says (1%).
It’s not like the mid 90s when I had money in time deposits here in Taiwan earning upwards of 7%. Those were the days!