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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 get a CD for a maximum of 6 months.
  • You cannot get a CD that automatically renews. You need to go to the post office every six months and do that in person.
  • When you renew your CD, you can choose to apply the interest earned to the CD or put it in your savings account. You can also add money to the CD. You are essentially purchasing a new CD every six months, but once you get the initial one completed, assuming you go back to the same post office, it's not a big deal to renew it.

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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Page last modified on November 03, 2016, at 08:17 PM