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USD savings accounts in Canada
August 9, 2018
6:59 am
Nehpets
Ontario
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sellis said
Check out PSU.U.TO. It's yielding close to 2% and does a monthly distribution in US cash. Seems to be a decent yield and you don't need to lock in for any term to get it.  

What is PSU.U.TO?

Please provide full name, a link etc

August 9, 2018
7:12 am
Nehpets
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con6450 said
Thanks for all the replies. I also did some research and it seems HSBC.ca has 2.0% for a one year term USD. Is this too good to be true considering all other options seem to be just around 1%...?

https://www.hsbc.ca/1/2/personal/investing/products-and-services/term-deposits/us-dollar  

Good luck in calling the HSBC toll free number and to speak to a CSR in Manilla who is reading from a script and does not have a clear understanding of banking practices....based on my call this morning

The CSR refused to transfer me to a manager, but later offered to put me on hold for twenty minutes. sf-frown

Stephen

August 9, 2018
8:27 am
hotmony
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Right now a US$ money market fund is the best option. Royal Bank seems to be the best of the lot with the lowest fees about.

August 9, 2018
9:51 pm
Joe
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sellis said
Check out PSU.U.TO. It's yielding close to 2% and does a monthly distribution in US cash. Seems to be a decent yield and you don't need to lock in for any term to get it.  

PSU yields 1.2 %....plus a charge for getting in and out.....better to use a MMF, IMO.

August 10, 2018
1:47 pm
2017opinionsmatter
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PSU is not close to 2%. USD MMF may not always be the best choice. But right now they seem to be.
1. Nothing else is even close to 2%.
2. For the last 2 years, most USD MMF never went below 2% yield
3. Surely they don't sound as secure as GIC. But CDIC only insure 100k CAD in saving, GIC anyway per account holder

The only inconvenience I always had with these MMF (not limited to these) was the 2+ days settlement. Still most brokers would happily "lend" you the money as buying power any way.

If you really want instant cash availability, can try the US currency ETF on TSX DLR.to. No div.
Moves exactly with the US/CAD fx. Decent trade volume, sell and buy just like any other ETF/stock, instant execution.

August 10, 2018
4:23 pm
Primus
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2017opinionsmatter, can you provide proof for the following statement?

2. For the last 2 years, most USD MMF never went below 2% yield

On the surface, it appears quite improbable...

August 15, 2018
9:44 am
Blue
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con6450 said
Thanks for all the replies. I also did some research and it seems HSBC.ca has 2.0% for a one year term USD. Is this too good to be true considering all other options seem to be just around 1%...?

https://www.hsbc.ca/1/2/personal/investing/products-and-services/term-deposits/us-dollar  

Apparently HSBC's 2% is not so strange after all. I accompanied a relative into Scotia on Aug 10 to help her move some funds around, and when we were told that we had just missed a US$ special that the bank had for 2% for 6 months. It was an advisor special only, meaning that it wasn't advertised and you had to have gone into an advisor's office to hear about it. It was on offer from when the US Feds raised rates in mid-June through to Jul 31. Apparently there is a push for US$, and we were advised to check directly with the branch advisors after each Fed move to see what specials will be offered.

August 15, 2018
4:59 pm
2017opinionsmatter
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I just use this one
http://fundinfo.rbcgam.com/mut.....default.fs

You can choose up to 1 month in the drop down. Not sure how past info was provided and if accurate. Yield changes everyday
(I only ever paid attention to Series D as I don't deal with FA. )
CIB483 is much less known
https://www.cibc.com/en/personal-banking/investments/mutual-funds/savings-funds/usd-money-market-fund.html
My experience is that CIB483 has always been higher than RBF1003

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