Here is a bit of and outside-of-the-box idea. Find a farmer with an operating line of credit and a good asset to debt ratio. Offer to pay off part their line of credit in change for them paying you the interest at prime -1/2 instead of the bank at prime +1/2. In Canada and the US prime is 4.25 so -1/2 should get you a better rate than a saving account with only slightly more risk. In Canada make sure the farmer has quota and you would want to find a "mailbox farmer" cash cropper in the States. to ensure you cash flows.
This is a very silly (stupid) idea. Much higher risk, keeping all your eggs in one basket, no insurance (such as FDIC), and best of all, no liquidity!
Hmm some "interesting" ideas to say the least. I like Med's suggestion though, I have heard some countries have much better interest rates than US banks. There must be a reason for this. Besides not being FDIC insured are there any other risks with keeping money in a russian bank? I imagine exchange fees might sour this deal also.
I guess russian banks don't really need to be FDIC insured, because most of their customers - russian residents and they don't know what the FDIC is and what for it is But there is another thing about funds insurance in Russia. Russian Centro-Bank created "the bank accounts insurance system" To be included in that system banks must satisfy some financial criterias and Centro-Bank will guarantee safety of funds. What about rates, they are as I said 6-8% in US $ and Euro, and 8-11% in russian roubles. Inflation for 2004 was 11,7% , so keeping money in bank just safe them from inflation and 11% interest rate is not high for Russia at this moment. About dollar rates: beginning from early 1990's US dollar was the best thing russian people prefer to keep money in, rouble was nothing.. But last 3-4, especially last 2 years, because of extremely high oil prices the real effective rouble exchange rate strengthening compared to US dollar, Euro and other currencies. For 2004 year rouble/dollar strengthening was about 9%. Situation has changed, now people don't like dollars and prefer roubles, at least keeping money in roubles does not reduce their value. So, no supply - higher rates. 6-8% in US dollars does not involve people, now we borrow money in roubles not in dollars. Banks also prefer to receive money in dollars - it's more profitable for them. I don't think that it's risky. You should choose a good bank, they will be glad to receive money for such a "high rate" and you will be happy too But i'm afraid you can't open the account being in another country, you should make a trip to Russia to do this. You could clear this by asking bank directly. Here are several links to another banks, that have a solid reputation in Russia: http://www.alfabank.com/ http://eng.mbrd.ru/ Good luck )
If you want liquidity you just get the farmer to write a cheque from the line of credit. You would have to pick a farmer with lots of available credit in comparison to what you deposit.