If this is your only foreign account, you do not have to reply Yes to the question about having a financial account located in a foreign country.
Refer to the IRS website Comparison of Form 8938 and FBAR requirements.
FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) requires an aggregate value of financial accounts exceeds $10,000 at any time during the calendar year.
IRS Form 8938, Statement of Specified Foreign Financial Assets requires a total value of assets more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.
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