Do Swiss and Cayman Island banks pay higher interest rates than American banks?

[gateley]

I know they're the darling of money launderers/hiders eyes, but I just don't know what LEGIT reason an American has to sock money into offshore banks, with the possible exception of a higher return.

Anybody know?

Thanks.

[liberal N proud]

1. Intrest rates is not what they are after when they put money off-shore

[gateley]

2. I understand that, but I'm wondering if there may be a legitimate reason they can claim. Do they

pay higher interest rates?

[demosincebirth]

4. If they do, I'll move my thousand bucks to the Caymans.

[gateley]

6. If that were so, all Americans should, but read baldguy's response.

Although I don't know if the Cayman Islands is the same as Switzerland. It's obvious I don't have the funds to have first-hand knowledge.

[baldguy]

3. The depositor normally has to pay the Swiss bank in order to keep an account.

There's no interest being earned. The service they offer is secrecy.

[gateley]

5. Thanks for the answer! So why, then, hasn't someone asked him to his face

WHY he's socked his money overseas? WHY does he feel the need to hide it?

(Rhetorical, of course. )

[gateley]

7. Okay - interesting facts about Swiss and Cayman banks if anyone is interested:

http://swiss-bank-accounts.com/e/faq/index.html

http://www.caymanactivityguide.com/Banking.htm

[Cleita]

8. From what I understand, you have to pay the Swiss banks interest.

They pay you nothing but keep your money a secret and very safe. Of course you know what gangsters and others that kind of service will attract. I don't know about the Cayman Islands but probably they operate similarly.

[seabeyond]

9. YOU pay, to hide. nt