We will likely be getting a $25,500 CD at an "approved" Ecuadorian bank in order to obtain our Residency Investment visa. I am wondering if people feel that this CD money is "safe" - will be there for us when we want to cash it in? (I know it can't be cashed in as long as we're using it for visa requirement.) It seems that I've read something about bank money being "insured" up to a certain amount, similar to FDIC in the US. Does anyone know anything about this? And what about fees when cashing in the CD? Approximately what is the current interest earned on CDs? What banks do you especially recommend?
Thanking you in advance for any thoughts on the subject,