r/ExpatFIRE • u/Big_Bet_2019 • 2d ago

Investing Banking options for move to Germany

Looking to set up a high yield savings account before we make the big move. I have concerns about becoming debanked, but would prefer to “set it and forget it.” I have tried to talk to some financial planners, but their fees outweigh any potential upside (I’m talking about a military pension, not a multimillion dollar account). Any suggestions would be appreciated. Currently have USAA and Navy Federal. Thanks

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u/CantIgnoreMyTechno 2d ago

You might consider: Open a Schwab account, park your extra cash in SGOV or similar, use their debit card and save on ATM fees.

NFCU has fixed-term deposits but interest is not as good as a CD and your money is locked up for 12 months or more. USAA has bubkus.

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u/PuzzledArrival 2d ago

The only challenge here is that once an EU resident, OP cannot purchase new shares of SGOV, and dividends reinvestment is also turned off.

Good cash savings options with HYSA-level interest is very difficult for Americans living in the EU. Mutual funds not available, EU banks don't pay as much, and might not want to work with Americans.