This Bank Will Pay You 11,5% p.a. Interest For Your Term Deposit!
We are living in times where we get just low to no interest, right?
For example in Germany there are now banks that will give you negative interest rates for your bank deposits..
In most countries it's the same.
I would like to here from you which interest rate you will get in your home country? Write in commets below
There are some countries in the world where you will get huge interest rates but most of them you won't start banking in.
Look for Ukraine: You will get there over 20% p.a. interest rate but the inflation rate is so huge that you will not profit from it. On the other side it's a unsafe country and very corrupt. So maybe you will never see your money back ;)
We from Goodbye Matrix looking for the places in the world where you get treated best. So let's have a look on Georgian banks!
In the beautiful Caucasus Mountains is Georgia located
Georgia on the map. Russia and Turkey are two famous neighboring states
Why Georgia?
Georgia is a emerging county that not everybody knows about. It's one of the most libertarian countries in the world. Nearly every citizen of the world will get a 1 year Visa on arrival there!
Yes you head right: One year of Visa to stay in the country! Give it a check if your passport is also a lucky one ;) And if you want to work in Georgia you can easily request it.
If you are a location independent entrepreneur you can live there with a low budget and can also enjoy a tax free life if you only generate income sourced from abroad. In Georgia you have a territorial taxation system that will allow you to own offshore companies and generate your income with it, with legally paying low to no taxes in Georgia itself..
That's just a few benefits to think about Georgia as a new home base. If you just want to have good interest rates you can think about opening a bank account there, too.
You just have to visit Georgia in person and put your passport on the table of your favorite bank. After that they will open your acount. It's one of the easiest countries to open bank accounts :)
Maybe this is not true for US citizens because of the FACTA agreement. You have to check it if you hold a US passport. Please let me know in the comments.
After opening the account you will receive a debit card to withdrawal money all over the world.
Term deposit accounts are very interesting!
In Georgia you will find the georgian lari (GEL). The inflation rate of the last couple years is between 1 to 5%.
The lari is relatively stable against the euro:
The USD gained more over the last 10 years:
Also the GBP against GEL:
So to hedge your money in lari is maybe not the best decision.
The numbers from above are important to get a view on the interest rates you will receive from a term deposit account in Georgia.
At Liberty Bank you will get for a 12 months term deposit amazing 11,5% p.a. interest
At TBC Bank you get 10% p.a. interest for your 12 months term deposit
A overview of all Georgian banks you will find here ->
Conclusion
Is it a good decision to open a bank account in Georgia? In the end it's your decision because I cannot give you a financial advice here ;)
If you want to go away from low to no interest rates it's a very interesting country. Even if you calculate your losses through inflation you will make a plus in the end.
It's also possible to open an account with foreign currency like GBP. You will receive also nice interest rates on that.
Georgia is a safe country even most people are saying it's located between Russia and Turkey.. Yes it is, but it's surrounded from the Caucasus Mountains that it's making not so easy to enter the country..
8% in India.
Good to know :)
That's interesting article and it is about reality ... is it hard to open a bank account in Georgia ??
No it's easy but I'am not sure what it's looking like for US citizens because of the FACTA agreement.
One does not simply trust a bank. Everything is fine in the short term and suddenly your entire retirement is gone, even if it's a good Georgian bank.
Sure but this will applies to every bank in every country. The only safe haven might be Gold and silver if you don't want to lose everything :) I would never put all my money on one bank account. It's just for diversification and hold a lot of other assets around the world
Gotta stash the everyday money somewhere, the best bet is the one who might pay you.
It sounds nice, but then again, it sounds a bit to good to be true, 11.5% ???
But it's true. :) We know a lot of people who already have there a term deposit account and you can visit the website of the banks. I put the links under the screenshots. We going in 2 days to Georgia to open an account there. I will post my experience of it here as well :)
Thank you so much Goodbye, I will follow you to keep up with the experience, I've never trusted banks much, I get that there are screenshots though, I did hear there are crazy interest rates at a few banks around the world.
Yes for example in Mongolia as well. In the end you won't bank in every country :P I think in Ukraine your would never see your money back even if you receive there over 20% interest
It's 11.5% to lure you in, you will never see the interest on that money.
Maybe you should make a background check for Georgian banks ;) You could use it for diversification