Report 6.57 % Average Interest In A Bg Bank in Cash ISA's and Savings Accounts Posted February 18, 2011 I just found out about a Bulgarian bank that offers free-access to money account with interest at 6.57 % . For foreigners there is a 10 % withheld on all interest accumulated (tax) As far as i remember Last time in the UK interest were that high just before the Icelandic banks went bust .. we all remember that. Anyway , are there other EU spots witch such cool interest rates ? I never explored offshore accounts though ... perhaps there are some good offers . Does it make sense for Europeans to open such accounts in a small EU country ? Deposit protection is 100 000 EUR for Bulgarians , not sure for foreigners. http://www.fibank.bg/en/page/882/tab/883 Has anyone got cash in here and is it FSCS covered? Thanks for posting this. I am always looking for new opportunities. This initially looked good as Bulgaria is in Europe now so deposits are covered by the 100K euro guarantee but the devil is in the detail here. When I looked into their FAQ page on the website it says any compensation would be paid in local currency. If their currency becomes worthless the official and actual exchange rate may well be very different so, regretably , for me "I'm out"