Is It Worthwhile To Save In Foreign Currency Fixed Deposit
In article #33, I have mentioned in March 2008 that you can earn interest rate as high as 8.6% in a foreign currency fixed deposit. However, the rates today are only half of that.
In Hong Leong Bank's site, the rates are as follow:
AUD 4.10% p.a.
GBP 3.25% p.a.
USD 3.00% p.a.
NZD 4.75% p.a.
The highest being New Zealand Dollar Fixed Deposit.
The return is much better than our local FD. However, bear in mind the foreign currency exchange rate. The buying and selling rates that the banks use when you deposit and withdraw your money.
CIMB Bank and Public Bank have higher rates.
Would you save your money in these foreign currency fixed deposit accounts? With unit trust funds at low prices now, wouldn't you save your money in unit trust funds?
What are other better options besides Fixed Deposit? Leave your comments.
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