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High interest rate savings account in US dollars?
December 26, 2018
2:49 pm
Buzz
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AndreasChen said
Open a brokerage account and buy ETFs: SHV/MINT/GSY  

Problem with this is that every sell will have to account for FX gains/losses on USD/CAD fluctuations for tax reporting purpose.

Another alternative is to buy ISA at your brokerage, currently I think is at 1.70%.

June 3, 2020
8:34 am
Bud
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Whats the best deal now on the USD side

June 3, 2020
12:10 pm
rhvic
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I am getting 2.50% at Tangerine on US$ HISA until July 30, as part of a promotion.

July 3, 2020
6:01 pm
butterflycharm
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Convert your money to CAD when it hits 1.36 or even now and you will right away reap 3%. CAD will get stronger and will come down to 1.32-1.33.

Use a broker to convert if it's a lot to not loose on it.

It's a BAD idea to keep USD now in a GIC and lock it for a year only to get mere 2-3% and USD rate goes down by that much anyway as economy opens up.

Just a though ^^^

September 23, 2020
10:43 am
blahuenga
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Hey guys so what's a workable alternative to NOT GET ZERO on USD in Canada right now? Anyone have any leads?

PS CDIC has been expanded to cover foreign currencies held in Canadian banks.

September 23, 2020
12:33 pm
canadian.100
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Buzz said

Problem with this is that every sell will have to account for FX gains/losses on USD/CAD fluctuations for tax reporting purpose.

Another alternative is to buy ISA at your brokerage, currently I think is at 1.70%.  

Interesting that 1.7% rate was last December - that rate has since sunk to 0.30% - certainly a huge drop - but better than "0", I suppose.

September 23, 2020
1:34 pm
blahuenga
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Presently, I found 0.50% @ CIBC if you also have a CIBC US Bank account (that's CIBC based in the United States) - https://www.cibc.com/en/personal-banking/bank-accounts/savings-accounts/us-personal-account.html

I actually do have that. Anything else?

October 1, 2020
11:59 am
blahuenga
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Anyone have any leads?

October 1, 2020
7:14 pm
Norman1
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The return on US$ savings accounts is not much right now:

0.15% Tangerine Bank US Dollar Savings Account
0.25% US Happy Savings account
0.25% TD US$ Investment Savings Account (TDB8152)
0.25% Scotia iTRADE US$ Cash Optimizer Investment Account
0.30% ScotiaBank US$ Investment Savings Account (DYN6001)

October 1, 2020
7:39 pm
AltaRed
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Like Norman, the best I could come up with in my narrow circle of knowledge is the Scotiabank (DYN6001) or associated ADS Bank (DYN5001) equivalent. https://ads.scotiabank.com/ADS/Download/943/en I am suspecting a further rate cut imminently to 0.25%.

CIB483 used to be better earlier this year but its monthly distributions have been falling off a cliff to about 0.12% currently https://www.cibc.com/en/personal-banking/investments/mutual-funds/savings-funds.html

October 3, 2020
12:46 am
implode
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After my 2.5% promo expired at Tangerine on Sept 30, it fell down to the base 0.15%, so I transferred out to Hubert/Happy Savings for the 0.25%. Hoping the CAD tanks and then I can exchange a bunch back to CAD.

October 3, 2020
1:32 pm
seh
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0.40% SBI Bank Canada
0.45% ICIC Bank Canada
0.50% CWB Bank

I'm currently on a 1% bonus (=1.4% total) at SBI till March 2021, but don't know if that's still available.

Not so easy to setup, plus wrong answers from customer service agents, but once linked to external accounts, seem to go smoothly.

October 3, 2020
8:58 pm
blahuenga
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seh said
0.40% SBI Bank Canada
0.45% ICIC Bank Canada
0.50% CWB Bank

I'm currently on a 1% bonus (=1.4% total) at SBI till March 2021, but don't know if that's still available.

Not so easy to setup, plus wrong answers from customer service agents, but once linked to external accounts, seem to go smoothly.  

Can link a USD account and transfer USD?

SBI has the following https://ca.statebank/documents/344623/345246/depintrate_July+20+2020.pdf/d8430c1c-aa08-4d9b-effb-c82e7a8a8ad7

USD GIC @ 0.95% for one year. I believe the bonus 1% is expired

October 4, 2020
10:48 am
annie
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blahuenga said

Can link a USD account and transfer USD?

SBI has the following https://ca.statebank/documents/344623/345246/depintrate_July+20+2020.pdf/d8430c1c-aa08-4d9b-effb-c82e7a8a8ad7

USD GIC @ 0.95% for one year. I believe the bonus 1% is expired  

I am worrying about the expiration of my USD fixed deposit...I don't know where there is a good interest rate..

October 4, 2020
10:50 am
annie
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seh said
0.40% SBI Bank Canada
0.45% ICIC Bank Canada
0.50% CWB Bank

I'm currently on a 1% bonus (=1.4% total) at SBI till March 2021, but don't know if that's still available.

Not so easy to setup, plus wrong answers from customer service agents, but once linked to external accounts, seem to go smoothly.  

1.4% is not bad...hope there is

October 4, 2020
10:53 am
annie
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If anyone knows where is the best us dollar deposit...please recommend...thank you!sf-smile

October 5, 2020
12:29 pm
blahuenga
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annie said
If anyone knows where is the best us dollar deposit...please recommend...thank you!sf-smile  

There's no "good" rates LOL. All we can hope for are non-zero rates.

October 16, 2020
7:17 am
hwyc
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Nehpets said in #9
...
However, $USD deposits in Manitoba are covered under the DGCM (See HERE)

Stephen  

... I am disappointed to learn that the same cannot be said in Ontario and the Atlantic provinces still.

October 16, 2020
4:27 pm
blahuenga
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hwyc said

... I am disappointed to learn that the same cannot be said in Ontario and the Atlantic provinces still.  

Isn't it covered by the CDIC now?

By the way, anyone got any promising leads on current deals for USD?

October 17, 2020
5:18 am
hwyc
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blahuenga said
Isn't it covered by the CDIC now? ...

... But *not all* financial institutions (FI) in Ontario are CDIC members.

By the way, anyone got any promising leads on current deals for USD?

... Not sure if you already following this RFD thread Shawguy maintains.

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