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Hubert Offers High Interest Savings Account for US Funds
April 12, 2012
9:20 am
Jenna
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Forum Posts: 82
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July 13, 2011
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Just received this e-mail:

We are excited to introduce a new high interest savings account for US funds, aka the American Dream. This new account will keep you smiling as you save in a whole other currency!

Our US savings account is similar to our Happy Savings Account for Canadian funds and features the following:

· Interest rate: 0.75%
· Interest calculated daily, paid monthly
· Funds are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba
· No minimum balance required
· No monthly service fee

Whenever you want to convert your savings to US funds, all you have to do is transfer money from your Happy Savings Account to your US Happy Savings Account. Or vice versa to convert your funds back to Canadian. Easy peasy! Or if you want to keep your American Dreams in American dollars and transfer your savings to another US account, wire transfer is also available.

Want to know more? Just give us a call or send us an email and we’d be happy to help. We can be reached by phone 1-855-4HUBERT (1-855-448-2378) or by email at hubert@happysavings.ca.

Sincerely,
Hubert

April 12, 2012
4:47 pm
Yatti
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I would rather RRSP accounts but ohwell.. My only issue is getting funds to Hubert in the form they will accept.. If I have a ton of loose american change and bills from the US how do I get it into a bank account like Hubert without paying a ton along the way?

April 13, 2012
6:25 pm
88kanaka
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Yatti said:

I would rather RRSP accounts but ohwell.. My only issue is getting funds to Hubert in the form they will accept.. If I have a ton of loose american change and bills from the US how do I get it into a bank account like Hubert without paying a ton along the way?

So right now when I go to the states to shop I just go a few blocks to the BMO and pick up some cash.

So if I was at Hubert:
How do I deposit my US cash?
Can I buy/transfer online?
How do a pick up a couple hundred on the way to the border?

Is .75 another one of Huberts teaser rates?

April 13, 2012
8:22 pm
NorthernRaven
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August 4, 2010
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Having a no-branch $US account probably doesn't make much sense unless you are parking a goodly amount of greenbacks, In that case, you could just keep the BMO account with a small amount for physical transactions and those "couple hundred on the way to the border" things, and put the bulk in the online account for the interest.

However, I notice that Hubert talks about wire transfers to "another US account". This would seem to indicate that you can't set up the normal external account transfer to a $US account at a Canadian bank. This would lock the $US dollars in pretty tightly at Hubert if the only way to get them out is to wire them for $22.50! BTW, their exchange spread for <$25,000 seems to work out to 1.8% - not quite as good as TD's rate for its "Borderless" customers or ING's spread.

I checked with Ally (via online chat), and they seemed to indicate that with their $US account, you could connect it to a $US account at a Canadian bank, just like with their $C accounts. This would be much more useful. ING's wording is unclear as to whether you can link theirs to a $US account at another Canadian bank.

I suspect the 0.75% is intended to be stable - Ally is offering 0.65% and ING 0.5%, all of them miles above the 0.05%-0.25% offered by the big banks.

April 15, 2012
9:38 am
Yatti420
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No doubt its a probs a teaser rate.. I highly doubt that at Hubert you cannot link US currency>US currency within Canada.. I believe you can also link US accounts using wire if you have a ton of US currency..

What do I do with all my loose US currency? Go to TD (only have a value account) for a US currency cheque? Costs? Not worth the time?

April 15, 2012
11:06 am
88kanaka
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Yatti420 said:

No doubt its a probs a teaser rate.. I highly doubt that at Hubert you cannot link US currency>US currency within Canada.. I believe you can also link US accounts using wire if you have a ton of US currency..

What do I do with all my loose US currency? Go to TD (only have a value account) for a US currency cheque? Costs? Not worth the time?

Exactly.....Huberts offer seems to be pointless.

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