More Important Than Interest Rates (How to Max Your Bank Deposits?)

I've recently got this question from a very close friend: Which bank do you recommend that will give me high-interest rates? Of course this bank needs to be safe, and should be easy (possible) to open a bank account there.

Answer to this question is much more difficult than it seems! Where do you find such a bank? Even if you find it, should you park your money there?
If a bank is offering high interest rates, are there any hidden dangers behind?

Here are my 2 cents regarding high interest yields in banks

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[nnuae]

I heard FTX Earn is offering great yield on USDC these days.

[lucchese]

“The opportunity cost of their mind space…” What a wonderful way to explain how I shouldn’t waste my precious time chasing ‘peanuts’ vs the bigger picture! I’m guilty of wasting my mind space many times so thank you Michael (again) for pointing out what I’m doing incorrectly. I value your wisdom and your videos very much. 🙏🏻

[p.c.h.]

But we have to understand that for some people, given their age and their mindset, risk averse, getting a fixed return is what gives them peace of mind, it’s a form of having a pension.
Great video Michael! 👍

[chocmilkisgood]

I'm 1 minute into the video and you haven't suggested that I send my money to Erdogan or Maduro like other YouTubers.

Michael if you're going to be a famous YouTuber in the finance space then you need to shill the Lira and real estate in Venezuela.

[lcmr]

Hi Michael, little off topic question. If I had a cook islnad trust (Im based in Australia) with all liquid assets in the trust. Instead of investing in another country, can I still invest in fixed interest opertunities in Australia banks and would I still be protected by the Cook island trust if I should get into any litigation with someone? Thanks Michael

[zaptosmedia]

Maybe you could one day do a video on the Lithuanian 0% (in the first year) and 5% tax for small businesses? I am considering to move part of our company there to benefit from that.

[RC]

I got in on the lari run, but of course didn’t put much money in…

[holeefuk]

Great video Mike, especially the part about protecting/preserving mindset. Splitting hairs over crumbs only to miss the gravy opportunities something i see a lot & have been guilty of myself in the past. Maybe a better question would be where does one store money in a liquid/safe manner while earning some yield while waiting for those asymmetric opportunities?

[WeAreOneDerLand]

Your websites are not working! Please have a look.

[victoriabalraaj]

Fantastic !!! You actually said it all. People who know the facts; got all your hints 🤫

[russells]

Michael, great video as usual. However, wouldve appreciated a few more places that have banks paying over 5%. I did do well by locking up a bit of money in Georgia in a term deposit at 11.6% just under a year ago. Lari has now recovered above the exchange rate when i converted USD into GEL. But are there other fairly stable countries, where banks pay above 5%. In the UAE, i have seen a max of 4.75%, but havent explored term deposits. Maybe those pay more. Or would not make sense to buy some government bonds, now that these have been beaten down? There would be yield, plus capital gain.

[RomilCPatel]

Any thoughts on what’s going on with FTX? Possibly a video on it coming since you’re in the space?

[fritzmetzger]

Best video you made in a while. I know so many people that lost millions trying to get a few measly % on their crypto. And people that would risk 100% of their money to get 6% by depositing in 3rd world countries. The risk reward simply isn't there.

[brp]

I knew someone who was heavily invested in the terra "stablecoin" at 20% interest. Needless to say, didn't work out too well.

[anmusic]

great advice on the mental opportunity cost trying to eek out a few extra percent when really you should be focussing on the big wins and staying liquid!