Originally Posted by skipmac
Bank paying 3%? I would like to know about that as well as the 1 mill liability for $200.
My credit union currently paying some fraction of a percent.
A $100,000 investment x 3% yield = $3,000, not $200.
According to Kiplinger, Union State Bank
, in Kansas, My Rewards checking account pays 2.5% on deposits up to $25,000. An overseas bank account would pay higher rates. You can earn 3% or 4% in WorldCurrency CDs
But it's really not about the money
, anyway; It sounds like the vessel owner has a distrust of financial entities like banks and insurance
companies. That's his choice. He's not required by law to get insurance
(while in the USA), but knowledgeable qualified captains don't have to work for him either.