F1 Visa - Planning to open a High yield CD with ally
Background I have received a good amount of bonus from my company and I have already invested in stocks. My brother will be coming to us next year and I am trying to save money for his college tuition by putting money in to Ally CD Visa status Currently, I am on F1 Visa and studying PhD. I came to us to do my masters for Fall 14 and I came across through this example from IRS that says that I have passed the substantial presence test. https://www.irs.gov/individuals/international-taxpayers/alien-residency-examples Question Will there be any problem if I open a CD with Ally or GS Marcus? TC: 120k @goldmansachs @ally
My brother will be coming for Fall 2020. CD for 1 year. I already have a high yield savings account from Amex. I did not want to touch this money. So I thought CD would be better and risk free.
If you have a taxpayer ID, you should have no problem. You'll likely need to fill out a W-8, but that's all.
Very nice of you to do that for your brother. What length of CD are you looking at, and how soon will your brother be attending college? Honestly, CD rates aren’t much higher (and in some cases are lower) than some of the high yield savings accounts available online. Plus if you went with a savings account the money would stay liquid.