All my friends are opening accounts at www.everbank.com in New Zealand currency.

These accounts are fully FDIC insured up to 100K because it is a US bank.

Apparently, the interest rates are higher in New Zealand and you get to take advantage of that.

It seems that New Zealand is a very stable country so I can't see the disadvantage to doing this with a portion of ones money that might go into bonds anyway since the return is higher and the maturity shorter.

Can you give your thoughts? thanks