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Foreign Currency Certificates of Deposit (CDs)

It used to be that investing in foreign currencies was a daunting and difficult process. No more. New financial products like foreign currency Certificates of Deposit make diversifying your portfolio with foreign currency a breeze. Everbank, a $5.5 billion financial services company headquartered in Jacksonville, Florida, has taken the lead in developing these foreign currency products and they now offer FDIC insured certificates of deposit in 18 different currencies ranging from the Euro, to the Brazilian Real and the Indian Rupee. They also offer FDIC insured foreign currency index CDs, comprised of various baskets of foreign currencies, and a Dollar Bull CD, that increases in value as the dollar rises against select foriegn currencies.

How foreign currency CDs work:

1. You deposit your money at Everbank.

2. They convert your funds into the currency of your choice.

3. They deposit your funds into an FDIC insured Certificate of Deposit.

4. At maturity the funds (the principal, interest, and currency changes) are converted back into dollars and can be withddrawn.

5. Or, the funds can be rolled over into another term CD.

Listen to Chuck Butler, the Senior Vice President of Everbank's Global Markets Group discussing foreign currency CDs.

Learn more about Everbank World Currency CDs.

How You Can Benefit from Foriegn Currency CDs

1. Interest. Like any Certificate of Deposit, depositors benefit from the interest paid on the invested amount. Depending on the currency, these rates can be quite high. You can view all CD rates for foreigh currencies and their maturities at Everbank's World Currency CD page.
2. Currency Movements. As the currencies you invest in rise and fall against the dollar, you can make or lose money. For example, if you invest in the Euro, and it strengthens 5% against the dollar during the term of the CD, you will have made an extra 5% on your investment. If it loses 5% against the dollar, you will have lost 5%.

Fees and Minimums

There are no fees to purchase a World Currency CD although there is a minimum investment of $10,000. For those that don't have or want to invest $10,000, Everbank also offers an FDIC insure money market account in the foreign currency of your choice with a starting minimum balance of $2,500.