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Low interest rates at the bank have
you annoyed? Well, they should.
Receiving less than 3 percent
interest on your money is not only
unnecessary but it is also keeping
you from staying ahead of inflation.
Your local bank isn’t the only
option for building wealth nor
should you have to settle for below
market interest rates. Read on and
we’ll examine some high yielding,
low risk investment strategies for
you. Online Banks – Online banks are
one way where you can get more for
you money, literally. Banks such as
ING Direct, HSBC Direct, Emigrant
Direct, and NetBank pay higher than
average rates on simple savings
accounts and CDs. Rates of 4.5% or
higher are not uncommon clearly
ahead of the rate of inflation which
many have said is running at just
over 3%. Offshore Banks – No, you
won’t have you money backed by the
federal government and yes you
really must be careful who you
decide to bank with. The Cayman
Islands and Switzerland have been
two popular places where consumers
can stash their cash and receive a
rate of return higher than most
banks around the world. If you are
looking for a risk free investment
this is as close to it as it gets.
When investing overseas political
stability is key; make certain that
you fully understand what the local
political climate is and your rights
as a foreign consumer.
Bonds and Notes – From time to time
US saving bonds are a good deal, but
right now isn’t one of those times.
Still, when interest rates are
pegged higher than the yield on U.S.
Treasury savings bonds can be
attractive. Consider regular bonds
and notes if the low yield rate
isn’t something that you can live
with. Credit Unions – Not too often
considered are credit unions which
are owned by its members. Rates with
some credit unions are higher than
the average bank making them an
attractive option for some. You may
have to qualify to become a member
so check with your desired credit
union to find out what the
requirements are. Some commercial
banks are fighting back by offering
special rates to attract and retain
customers. These consumer wise
institutions know that if they don’t
offer a deal to you, the consumer,
then their competition will. The
result is that they keep you as a
customer and you make more money on
your savings. A win-win situation
for all.
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