Setting up a CD in a Taiwan Postal Account
If you are a foreigner in Taiwan with an ARC, you can set up a CD in any Taiwan post office. You have to have a postal savings account first, but most everyone gets one of those sooner or later if they stay here long enough. The Post Office pays higher interest on savings accounts than most banks.
There are a few restrictions placed on CDs accounts for foreigners. In short,
You can choose to have a fixed rate or variable rate CD.
Why would you want a CD in Taiwan? For one thing, savings accounts only earn interest on the first one million NT. If you have over one million NT in your account, anything over that limit is not earning any interest. Putting it into a CD allows it to do so. Also, of course, a CD is going to earn more interest than a regular savings account.
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