Since interest rates are higher in the Euro zone than in the U.S., I'm exploring the possibility of opening a European bank account. For example, IND Direct is offering 3.5% on a 12-month CD, whereas the same product in the U.S. pays a laughable 0.75%.
What do I need to consider when opening an account in the Euro zone? Obviously, I'm incurring a foreign currency risk as my deposit will be in EUR, not USD, but this is fine with me as I consider a hedge against a declining dollar an added bonus.
Is there an equivalent of FDIC insurance?
I'm curious as to the rules and procedures that apply to opening an account as a resident or as a non-resident (I'm assuming the latter is more difficult).