I would encourage you to be more careful with your wording. These CDs are certainly not “risk-free”: presumably what you mean is that there is no risk to principal because of the FDIC, which we assume will always be able to afford the cost of bailing out depositors whose banks fail. There is, though, a currency risk: if the dollar actually strengthens against the currency you buy– i.e., if your prediction turns out wrong, then you lose money. And conversely, if you put say US$150k-200k into your Everbank account and the currency you buy strengthens against the dollar, you could find yourself crossing the FDIC $250k threshold pretty quickly.

I’m not condemning the idea of non-US currency CDs; but let’s be cautious about throwing around the phrase “risk-free”.