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United States Dollar High Interest
June 28, 2008
7:00 am
Kierkegaard
Guest
Guests

What are some good US Dollar High Interest accounts? I know that currently Citizens Bank has 2%, Coast Capital has 2.4% on Term deposits, and 2.5% on ICICI; are there better rates out there?

July 1, 2008
8:08 am
Craig
Guest
Guests

Those are about as good as it gets right now unless you can legally open an American bank account in the US (e.g. you have a "green card") in which case you can find some US banks that pay out at 2.75% - 3.00%.

Just a quick observation, but with the Canadian and US dollars basically at par and with the higher Canadian bank rate, it might be better to grow your funds in Canadian dollars and just transfer whatever you need in US funds to a Canadian US Dollar account.

July 1, 2008
6:26 pm
Greg
Guest
Guests

Is it possible to open a US bank account with just a Passport? I did it several years ago, but it seems like all the rules have changed.

July 2, 2008
8:40 am
Craig
Guest
Guests

You need to show that you're legally able to earn income in the US. If you're not a US Citizen, you have to have an immigrant visa (a non-immigrant NAFTA Visa will also work if you're a professional with a job in the US). For most people, this means a so-called "green card". Spouses and children of visa-holders are also eligible.

July 8, 2008
9:38 pm
Jeff
Guest
Guests

It is possible to open a US Dollar Checking or Savings account at a US Bank as a Canadian living in Canada without earning an income in the US. Under Federal Law, you must open this account in person (know your customer). Chase, TCF, Bank of America, etc will open accounts for you. If you wish to earn interest, you will need to apply for a TIN or taxpayer identification number from the IRS, this form needs to be notarized, or can be applied for at an INS office/IRS office in major border cities (TCF was recently offering an unheard of 5 3/4%, with a credit of $100 for opening an account). You may also open an account at RBC Bank, USA at any Branch of RBC Royal Bank of Canada in Canada. RBC Royal Bank has been approved by the Homeland Security Department to verify ID to open such accounts, these accounts come with a monthly fee and take approximately two weeks from the time of application to the time the account is open. (Just remember once you start earning interest, it is reported to the IRS after the first cent of interest. You will be subject to withholding tax, and may be required to file a US tax return) If you are a frequent traveller to the US, The following banks; TD, CIBC, BMO and RBC offer USD Visa/MasterCard's. Supplement these with a USD Savings/Checking account in Canada - and it should be all you need. The RBC Bank USA account is really designed for snowbirds with a residence in the states but is open to all. A recent rumour from a TD Bank personal banker advised that TD CanadaTrust and TD CommerceBank where to have integrated systems allowing TD Customers in either country to access their accounts in either country in either currency in branch, and via ATM - at this point free ATM withdrawals at TD CommerceBank are available to TD Customers, Apparently the intertwinning is to be completed in early 2009 (again this info was from a TD branch employee but no formal announcement has been made by TD Financial Group).

July 26, 2008
7:40 pm
yuma
Guest
Guests

Is it possible to open a checking account in a Canadian Bank if the customer is an American citizen who lives and work in USA? How?

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