Citigold Foreign Currency Time Deposit

Citibank is now promoting their 1 month foreign currency time deposit to their Citigold customers offering the following rates:

GBP - 6.30%p.a.
AUD - 8.00%p.a.
NZD - 10.50%p.a.

Wow, that means the bankers are expecting a further depreciation in the British Pounds, Australian Dollar and New Zealand Dollar. Once again, unless you have needs for these foreign currencies, it may not be wise to convert your savings to “take advantage” of this as you are very likely to be getting back foreign currencies worth less than what you invested.