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$USD Svgs Acct Offer 2019 09 10
September 10, 2019
12:37 pm
Nehpets
Ontario
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Email received today:

You can now save your US funds with a great interest rate and no fees, with an Ideal Savings US Savings Account.
more ideal points
100% deposit guaranteed without limit
No monthly Fee
Interest is calculated on closed daily balance and paid monthly
No chequing privileges
Rate subjected to change without notice
Daily interest on balances of $100 or more
All transactions must be in US dollars; no conversion to US currencies
3 Free withdrawals – $3 thereafter

our U.S savings account rates
Balance $0 to $100.00 ..... 0.00%
$100.01 to $5000.00 ........ 0.10%
Over $5,000.01 ................. 1.00%

Stephen

September 10, 2019
3:07 pm
rhvic
Victoria, BC
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The very low rate on the first $5000 makes this very unattractive indeed.

Alternatives include 0.75% at Hubert, or 0.8% at Tangerine, on all US$ deposits. So if you just have a few thousand to deposit, forget Ideal.

September 10, 2019
3:13 pm
gamgam
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Tangerine is 0.45% on USD deposits

September 10, 2019
3:18 pm
AltaRed
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https://ads.scotiabank.com/ADS/Download/942/en A series available in Scotia iTrade brokerage accounts. Bought and sold as mutual funds, but are actually deposit accounts. CDIC insured to CDIC limits.

Also available as DYN5000 (CAD) and DYN5001 (USD).

September 10, 2019
5:50 pm
Oscar
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What's the difference between A DYN 5000 and a DYN 6000 ?

September 10, 2019
6:17 pm
Norman1
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The difference is the issuer.

DYN5000 is issued by CDIC member ADS Canadian Bank. DYN6000 is issued by CDIC member Bank of Nova Scotia.

September 10, 2019
7:16 pm
Oscar
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Thanks Norman1 .

September 11, 2019
9:13 am
moneyhelp
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AltaRed said
https://ads.scotiabank.com/ADS/Download/942/en A series available in Scotia iTrade brokerage accounts. Bought and sold as mutual funds, but are actually deposit accounts. CDIC insured to CDIC limits.

Also available as DYN5000 (CAD) and DYN5001 (USD).  

Thank you for this info.

One thing I noticed after reading the product knowledge page is that it states "Offered exclusively through Advisors", so I'm wondering if I don't have an investment account with Scotia and I only want to open this account to park some USD cash I have, will Scotia allow it?

September 11, 2019
9:59 am
AltaRed
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A Scotia branch FA might be able to offer it if you have investment accounts with a branch FA. I've never dealt with a bank FA.

September 11, 2019
11:59 am
Doug
British Columbia, Canada
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moneyhelp said

Thank you for this info.

One thing I noticed after reading the product knowledge page is that it states "Offered exclusively through Advisors", so I'm wondering if I don't have an investment account with Scotia and I only want to open this account to park some USD cash I have, will Scotia allow it?  

That's just saying that it's only available through an independent network of broker dealing firms. If you have a self-directed discount brokerage account (i.e., Scotia iTRADE), that counts.

I have held both DYN5000 (ADS Canadian Bank) and DYN6000 (Bank of Nova Scotia) in multiple Scotia iTRADE accounts, registered and non-registered, since 2014. sf-cool

Some points to remember:
- Interest is calculated on the daily closing balance, but accrues and pays monthly. So, remember that if you sell your entire holding, leaving no units, part way through the month, you forfeit that month's interest payment (since you no longer hold anything);
- You "deposit" or "withdraw" funds via the "Trade" screen of Scotia iTRADE's Scotia OnLine interface. Each unit is valued at $1.00 and the transaction is processed at end of day and settles the following business day; and,
- Despite having a "fund code," unlike some mutual funds that hold principally these HISAs, this is an investment savings account held beneficially for you by your brokerage firm or trust company through CDS. As such, redemptions are not subject to broker-dealer short-term or frequent trading fees as may be the case with mutual funds/ETFs that hold HISAs like PSA and CSAV.

Cheers,
Doug

September 11, 2019
5:27 pm
Norman1
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One will need an account, not necessarily with ScotiaBank, that can hold mutual funds.

The underlying Bank of Nova Scotia US$ account for DYN5001 is not available directly. Instead, deposits to the account have been packaged as mutual fund units by their mutual fund company 1832 Asset Management LP.

One will need to go through a full-service investment dealer, a discount broker, or a mutual fund dealer to buy units of DYN5001 through the mutual fund system Fundserv.

September 11, 2019
5:36 pm
Norman1
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There isn't supposed to be loss of partial month interest with the ScotiaBank ADS ISA's.

According to the ADS FAQ, interest is also paid at the time of redemption:

How is interest calculated and paid?

Interest is calculated daily on the opening balance of the account, excluding the date of purchase and is paid monthly on the last Friday of each month, or if the last Friday of any month is a holiday, on the immediately preceding business day. … Interest is calculated daily and credited to the ISA account monthly or at the time of withdrawal or transfer. For partial months, interest is prorated for the number of days the funds are invested.

September 12, 2019
7:31 am
Norman1
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TD Asset Management provides a similar product TDB8152, a US$ investment savings account with parent Toronto-Dominion Bank.

Current rate is 1.45% per annum. $1,000 minimum. $5 million maximum.

Full details at TDAM: Additional Solutions.

September 12, 2019
12:27 pm
AltaRed
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Every brokerage has their in-house ISAs, or access to a pseudo in-house ISA. Both USD and CAD. These have been around for quite a long time and mostly fall into line with similar/same interest rates.

Please write your comments in the forum.