Tue 20 Jun 2006
By opening a FXTrade account at Oanda, which costs you nothing, has no obligations to trade and no minimum deposit, they pay 4.7% interest on USD deposits compounded daily.? Four point SEVEN just to have your money sit there.? I don’t think there is a savings account at any bank that can match that while giving you the option to invest in alternative currencies. The only better rate with no minimum on www.bankrate.com?was OneUnited Bank at 4.91%.? So for a trading account 4.7% is?very attractive.
June 21st, 2006 at 8:25 am
Similar to this, you can get rates of 4.46% at Schwab in some of their money market mutual funds. That’s beating the money market rate at my bank and at ING Direct…
I don’t believe Oanda has SIPC or FDIC insurance coverage… which makes it less safe than a bank or traditional broker in my opinion.
June 21st, 2006 at 9:19 am
Perhaps not directly but:
http://fxtrade.oanda.com/fxtrade/funds/fund_safety.shtml