Why do you think IRS wants you to report your accounts if you have over $10k in foreign accounts? Because shit tons of people are making ridiculous amounts on savings account via HSBC and not reporting the taxable income. That is why IRS did a bust on HSBC and HSBC was forced to give up names for many clients. I am a CPA and have various clients with money in India, Singapore and Australia. Interest income is the only income they have.