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Email this10:56 am
May 28, 2013
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Perhaps one already exists here and I am missing it, but a comparison chart for any US dollar savings account interest rates available through the institutions already on the discussion board would be quite convenient. For example, I currently get a paltry 0.5% with ICICI - is there anything better?
Failing that, some place where members can discuss what to do with US dollar savings to greatest benefit.
Thank you.
7:10 pm
December 23, 2011
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Good idea. It would need to have what steps or costs there are to withdraw cash in USA paper money and to show any surcharge for buying. Ie BMO you cat instantaneously move money from chequeing to USA account at the current exchange rate, no surcharges, and withdraw at a branch. But Hubert you can buy but to receive funds there is some ridiculous method to receive the funds for a $25 charge.
4:21 pm
August 5, 2014
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Unfortunately, U.S. interest rates are much lower than Canada's interest rates so you can't get much interest.
Just hope you know that your U.S. dollars are not CDIC insured or protected by any other government guarantee so unless you have lots of U.S. dollars, it is not worth having it earning 0.20% or 0.50%.
If you have to pay regular occurring bills in U.S. then I can see you have no real option.
5:44 pm
December 23, 2011
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Not so.....Coast Capital US$ are protected by http://www.cudicbc.ca/faq/FAQ.pdf
5:56 pm
August 5, 2014
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This is a BC credit union and this is why there is some government deposit protection. Kanaka, good to know.
8:48 pm
December 23, 2011
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Manitoba toooooooo http://depositguarantee.mb.ca/.....whats-not/
9:54 am
June 24, 2014
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Hi All, if I open an RBC USD High Interest eSavings account (based in Canada), can I withdraw US cash from an RBC ATM (in Canada) which has US fund? Anybody had the experience? Thank you!
10:45 am
October 27, 2013
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james1988 said
Hi All, if I open an RBC USD High Interest eSavings account (based in Canada), can I withdraw US cash from an RBC ATM (in Canada) which has US fund? Anybody had the experience? Thank you!
I am not aware of any ATM that holds USD within the machine itself. You probably can via a teller provided they have some USD on hand.
FWIW, I don't know that it is worth the effort to build a chart based on today's USD account interest rates. Think about it.... $100k @ 0.5% = $500/yr BT and more likely most are at 0.2-0.35% interest rate.
2:36 pm
October 21, 2013
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Returning to the supplementary question of what to do with US dollars when interest rates are abysmal, one option might be to play the currency game. It seems to me, although I have never acted on this, that the pundits are remarkably accurate in predicting the trends in the value of our currency vis-a-vis the US. When they say it's going to go up in the next year, it usually does, or so it seems to me, and vice versa. I have often wondered if one could get a better ROI just by moving money back and forth in accordance with these predictions. I know it sounds too good to be true in a way, and I don't want to mislead anyone, but I have watched this happen repeatedly so have begun to wonder. I also wondered if that would be something you'd have to declare as "income", if it worked out, or "capital loss" if it didn't. Obviously you would have to factor in currency exchange fees, but often the predictions are for a substantial move. The most recent major decline in our dollar is a case in point. I'm not talking about the last few days or weeks but there was a prediction a year or so ago that our dollar would fall quite a few cents, and it did. To my way of thinking, it seems more reliable than trying to figure out where the stock market will go, and it seems most of us invest in that.
5:42 pm
May 28, 2013
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james1988 said
Hi All, if I open an RBC USD High Interest eSavings account (based in Canada), can I withdraw US cash from an RBC ATM (in Canada) which has US fund? Anybody had the experience? Thank you!
Yes. I have a US$ savings account with RBC in Ancaster ON and there is an ATM in the front of branch which dispenses US$ cash. I have the account linked to Tangerine (formerly ING) US$ savings which pays .50%
Can someone tell me the last time they personally needed to make a claim with CDIC because their bank / financial institution failed. If RBC or CIBC or Scotiabank or TD or BMO implodes then we have a really big problem.
6:11 pm
June 24, 2014
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Thanks, Did you withdraw US$ cash from your US High Interest eSavings account, OR, from Canadian Dollar savings account?
For me, I have Canadian Dollar savings account. Just now, I opened US High Interest eSavings account through online banking. Then a message appeared: no client card access. Headache.
ValueTime said
james1988 said
Hi All, if I open an RBC USD High Interest eSavings account (based in Canada), can I withdraw US cash from an RBC ATM (in Canada) which has US fund? Anybody had the experience? Thank you!
Yes. I have a US$ savings account with RBC in Ancaster ON and there is an ATM in the front of branch which dispenses US$ cash. I have the account linked to Tangerine (formerly ING) US$ savings which pays .50%
Can someone tell me the last time they personally needed to make a claim with CDIC because their bank / financial institution failed. If RBC or CIBC or Scotiabank or TD or BMO implodes then we have a really big problem.
8:15 pm
October 27, 2013
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ValueTime said
Can someone tell me the last time they personally needed to make a claim with CDIC because their bank / financial institution failed. If RBC or CIBC or Scotiabank or TD or BMO implodes then we have a really big problem.
Several trust companies in the 70s and 80s. I had a GIC type RRSP account with Principal Trust in Alberta in the 80s when it collapsed. I forget who bought the assets but a month later my RRSP account had a new letterhead. Generally speaking, it is not individuals that chase CDIC. Usually CDIC markets the good assets to a viable institution who then buys them. It is seamless to the individual.
10:59 pm
October 21, 2013
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A close relative of mine had an investment with a Trust Co in the 1980s which went bankrupt.
He had to wait quite a few months but eventually got his money He was annoyed because he'd invested at a fairly high interest rate in a GiC of several years duration, but the rates had declined in the interim, and so he lost out on the full value of the interest. For that reason, he thought he would have been better off to have invested in a larger financial institution. I think, but am can't remember for sure, that not all of the interest earned was reimbursed. Rules might have changed since then.
4:26 am
May 28, 2013
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james1988 said
Thanks, Did you withdraw US$ cash from your US High Interest eSavings account, OR, from Canadian Dollar savings account?
For me, I have Canadian Dollar savings account. Just now, I opened US High Interest eSavings account through online banking. Then a message appeared: no client card access. Headache.
If I need US$ cash I take it from the RBC US$ account either at the ATM outside or at the human teller inside. Normally we use US$ visa then pay off balance monthly from the US$ savings.
When the RBC US$ account is low I move funds back from Tangerine. Note I also have some US$ GIC with Tangerine. Hope this answers your question(s).
12:44 pm
May 15, 2007
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On the topic of having a chart on this site, we have this article, although it is almost 2 years old now:
What's stopping me from adding an official, regularly updated page on this site is the ongoing upkeep it would require. I would happily give edit access to such a page if someone is willing to maintain it.
2:43 am
September 29, 2017
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Old thread...I know but still interested topic...
Any chance this might ever come about? Are there that many worthwhile candidates that this would be a challenging task to maintain?
6:26 am
September 30, 2017
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High interest & USD savings in Canada - do they go together, really ? ... may be things have changed since CDIC extended coverage. For starter, is there any on-going current rate discussion(s) in the forum(s) ?
6:55 am
May 20, 2016
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I have two USD savings accounts and interest rates are very low now: Hubert 0.25% and Tangerine 0.20%.
7:01 am
December 20, 2016
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smayer97 said ........Any chance this might ever come about? Are there that many worthwhile candidates that this would be a challenging task to maintain?
Coincidentally, I have been interested in this very topic the past few days as well.
I can't say whether maintaining a comparison chart for $USD HISA in Canada would be practical to track, because the availability of such products seems to be limited and varies over time.
I would, however be interested in starting a new thread on the topic, to investigate current options for parking $USD's.
As a longtime "snowbird" with property in the U.S., with substantial $USD balances, all the usual places have decreased their interest rates to 0.25%.
I'll leave the question of whether a comparison chart is viable to the Forum admins, but have taken inspiration from your topic to post a separate discussion thread on examining the options for deposits in this current thread
Stephen
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