I've received a letter from BNZ saying they will be reducing the interest paid on account from around 3% to 0.20% p.a. For those that don't know since last year BNZ no longer does term deposits in foreign currency accounts.

I'm disappointed with the outcome as for many banks in NZ, they also won't accept cheque deposits to foreign currency accounts. I suspect this all has to do with the AML and gov't regulations.

A consideration is to send the $ to my IBKR account which already pays a generous 5%+ p.a. on daily cleared balances. However there may be a time I would like access to the funds for use in NZ.

Does anyone hold a USD bank account and has been able to earn attractive interest rates? I feel like my USD cash could be doing a lot better.