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No more Hubert US$ accounts as of July 17
June 13, 2024
1:28 pm
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Just got an email...
Hubert is getting rid of US$ accounts due to lack of interest.

***********************
You’ve got options!
Option 1: Send an AFT to a USD external account (available until July 14th);
Option 2: Convert the USD to CAD and deposit to your high interest savings account; or
Option 3: Open a USD savings account at Access Credit Union (parent company of Hubert Financial). Here are the benefits of opening a USD Savings Account:
***********************

June 13, 2024
9:03 pm
everhopeful
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Is this the first step in converting everything Hubert to Access products?

June 13, 2024
10:15 pm
Norman1
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I would see it as a start in culling the duds at Hubert.

The rate on the Hubert American Dreams US$ savings account was just ¼%.

June 14, 2024
8:37 am
moneyhelp
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Norman1 said
I would see it as a start in culling the duds at Hubert.

The rate on the Hubert American Dreams US$ savings account was just ¼%.  

Yea, I just checked, the Access US Savings account rate is the same (0.25%) incase anyone is wondering or considering re-opening an account with them. Although its a paltry 0.25% I think its still the highest rate in any bank/credit union in Canada if I'm not mistaken, with the exception of Tangerine promo rates which sometimes apply to the US accounts with them. I remember when I originally opened the US account at Hubert in 2017 their rate was 0.75%!

I just called Hubert and had them transfer my funds to another linked US account I have with RBC and then they'll close the Hubert US account. They said it would take 3-7 business days for the transaction to complete. Once that's done, I think I am going to close my Hubert account entirely since the whole reason I opened an account was to get a US account with a "higher" rate compared to other FI's. Then I would also need to inquire about how I would get the $5 share returned to me when originally opening the account.

June 14, 2024
8:45 am
rhvic
Victoria, BC
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EQ has a very good rate for US$ at 3.00%, so 0.25% is truly very low.

https://www.eqbank.ca/personal-banking/savings/usd

June 14, 2024
8:47 am
moneyhelp
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rhvic said
EQ has a very good rate for US$ at 3.00%, so 0.25% is truly very low.

https://www.eqbank.ca/personal-banking/savings/usd  

Thank you! I'll check them out. Is that a promo rate or their standard rate? Do you have an account with them? How long? Are you happy with them?

I appreciate you!

June 14, 2024
9:25 am
rhvic
Victoria, BC
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EQ's rate has been 3% for many months now. I keep a bit of cash there but had put most of my US$ into better rates at Tangerine GICs a few months back. The EQ account is a good fallback.

June 14, 2024
11:11 am
Nehpets
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moneyhelp said ..... the whole reason I opened an account was to get a US account with a "higher" rate compared to other FI's. ...  

If you have access to TD, TDB8152 Investment Svgs Acct currently pays 4.90% on USD

Info HERE and HERE for rates

Stephen

June 14, 2024
11:24 am
AltaRed
BC Interior
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Nehpets said

If you have access to TD, TDB8152 Investment Svgs Acct currently pays 4.90% on USD

Info HERE and HERE for rates

Stephen  

There are a lot of USD ISAs that pay those rates or better. Every major brokerage has them and the independents often carry ISAs from more than one issuer. DYN6005 at Scotia iTrade currently pays 5.15%. There are also a range of MMFs (money market mutual funds) with similar yields.

That all said, if Moneyhelp wishes to stay with a bank on a direct retail basis, the EQ Bank USD offering is likely the best out there.

June 14, 2024
7:56 pm
moneyhelp
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Nehpets said

If you have access to TD, TDB8152 Investment Svgs Acct currently pays 4.90% on USD

Info HERE and HERE for rates

Stephen  

Thank you for this, I was not aware of these types of accounts. I had a chance to visit the pages, thank you for the links, but what I can't seem to find is, are these accounts treated like a savings account where i can deposit and withdraw whenever i want or is it treated like a non-redeemable GIC?

June 14, 2024
7:57 pm
moneyhelp
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AltaRed said

There are a lot of USD ISAs that pay those rates or better. Every major brokerage has them and the independents often carry ISAs from more than one issuer. DYN6005 at Scotia iTrade currently pays 5.15%. There are also a range of MMFs (money market mutual funds) with similar yields.

That all said, if Moneyhelp wishes to stay with a bank on a direct retail basis, the EQ Bank USD offering is likely the best out there.  

Yea, only because I want the ease of use of being to move money around from my US bank account and my brokerage account when ready to make investment purchases, I'm unfamiliar with ISAs and unsure what kind of flexibility they offer people.

June 14, 2024
11:59 pm
Norman1
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Not sure why one would wish to do that. One could keep US$ in a US$ brokerage ISA held in the brokerage account and withdraw the US$ into the brokerage account from the US$ ISA as needed.

June 15, 2024
12:04 pm
Dean
Valhalla Mountains, British Columbia
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moneyhelp said

Thank you for this, I was not aware of these types of accounts. I had a chance to visit the pages, thank you for the links, but what I can't seem to find is, are these accounts treated like a savings account where i can deposit and withdraw whenever i want or is it treated like a non-redeemable GIC?  

ISAs are very much like a normal SA, but there are a few terms & conditions.

For more details go here , and then scroll down to 'Brochure' and 'Terms & Conditions'.

.
I wouldn't have an investment account, without one ❗ sf-smile

    Dean

P.S.
Just to be clear, ISAs are held 'inside' investment accounts ... they are 'part' of the investment account.

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

June 15, 2024
4:41 pm
AltaRed
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moneyhelp said

Yea, only because I want the ease of use of being to move money around from my US bank account and my brokerage account when ready to make investment purchases, I'm unfamiliar with ISAs and unsure what kind of flexibility they offer people.  

ISAs are held in brokerage accounts. They are bought and sold using the mutual fund system but are actually CDIC insured deposit accounts. They settle T+1 so if you were to buy a USD stock Monday morning for X$, you could immediately sell X$ of the USD ISA for the funds to cover that stock purchase. There is no reason to have a USD bank account if you have a USD ISA in your brokerage account.

June 15, 2024
7:10 pm
moneyhelp
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AltaRed said

ISAs are held in brokerage accounts. They are bought and sold using the mutual fund system but are actually CDIC insured deposit accounts. They settle T+1 so if you were to buy a USD stock Monday morning for X$, you could immediately sell X$ of the USD ISA for the funds to cover that stock purchase. There is no reason to have a USD bank account if you have a USD ISA in your brokerage account.  

I have to find some YouTube videos on this and preferably with Questrade since it is my brokerage. I had visited the TD Bank link Dean provided (thank you) and I can see the minimums and the rates, etc. but since they are bought and sold using the mutual fund system, my US funds would trade as a whole (cash) or are there units (shares)?

And Dean mentions they are held inside investment accounts, I would imagine it would be a separate account among my margin, RRSP, TFSA accounts in Questrade, so I should see a separate account entirely among the rest I own?

In any case, apologies for the dumb questions, I think I need to research some more before committing, as in, how they work, how flexible, since its cash and its like an investment account, then is there a risk of the cash value (book value) can go down just like a mutual fund/stock/ETF?

June 15, 2024
7:58 pm
AltaRed
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It is just another holding within your brokerage account. Questrade may have a number of ISA offerings. Some are priced at $1/unit while others are $10/unit, not unlike a money market mutual fund (MMF) which operates in a similar fashion. None of these vary in NAV (net asset value). They spin out interest circa the end of each month.

A bit of information here https://mrthrifty.ca/investment-savings-accounts-maximize-interest-in-your-brokerage-account/ Folks tend to confuse matters talking about these things by focusing on a specific offering by a specific brokerage than a more generic industry discussion on these offerings.

June 16, 2024
9:33 am
Dean
Valhalla Mountains, British Columbia
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.
OMG, Moneyhelp ❗ sf-surprised

I'm Done Here.

O & O

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

June 16, 2024
10:01 am
moneyhelp
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Dean said
.
OMG, Moneyhelp ❗ sf-surprised

I'm Done Here.

O & O

    Dean

  

Sorry ?

June 16, 2024
10:39 am
Norman1
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AltaRed said
It is just another holding within your brokerage account. Questrade may have a number of ISA offerings. …

Unfortunately, there will be a cost issue with Questrade in particular.

Questrade charges $9.95 per mutual fund trade. People have reported that Questrade does not waive that $9.95 for trades of brokerage ISA's, which are packaged like a mutual fund and would be transacted through a brokerage's mutual fund order system.

In contrast, BMO InvestorLine still does not charge a commission for mutual fund trades. National Bank Direct Brokerage does not charge a commission for mutual fund trades. Scotia iTRADE waives its $9.99 per mutual fund trade for money market funds and ISA's.

Please write your comments in the forum.