Q: I'm from the USA, I would to open an online saving account in Ukraine. Is that possible and is there any protection? In the USA most banks are FDIC insure meaning your saving account is under protection, is it the same in UK?
R: Hi there.
Will write to everyone here on board and to other future "same" comments.
You dont need to worry about protection, top 3 of 10 banks owned by goverment, and other ones are foreing / private and too big to go down.
Safe average rate is 15%~ btw.
About opening account online, that's not possible for a foreigner, you need ID and other notarius papers that can be done in about 1~ hour, therefore you need fly to here.
And last point is about safety and protection of deposits.
Only 2 banks is protected PrivateBank that got nationalisted 7 months ago and OschadBank, but only up to 200k UAH.
And here is strategy for or how to get off in 15%~ rates.
>Fly here to open account.
>Have a Friend that will help you with your language.
>Keep eyes on currency, but it's in last 2.1 years it's only changed in 1-3%~ so pretty much nothing.
And that's it.
But keep in mind, that we have also govermental bonds with safe 15-20%~ rates.
Here is Ukranian sites where you can look up highest intreset rates of bank deposits and also gov. bonds.
http://minfin.com.ua/deposits/ - Deposit rate.
https://www.investing.com/rates-bonds/ukraine-government-bonds - Gov.Bonds.
And yes, you welcome!
Disclaimer, not an adviser, do your due dilligence.
R: Andrew, excuse me? what do you mean by 0 protection? I am from Ukraine and bank deposits are guaranteed by law (up to UAH 200 000 in case of bank liquidation in private banks and without limit in government banks like PrivatBank which in fact is the best option). Another point is UAH inflation due to Russian military intervention. However in USD or EUR everything is stable and rates are quire reasonable. so please stop disinforming other users about things u don't know.