Personal Finance

Best US Dollars saving

  • Last Updated:
  • Feb 23rd, 2020 1:44 pm
[OP]
Newbie
Nov 20, 2018
30 posts
5 upvotes

Best US Dollars saving

Hello everyone,

I am currently have a Borderless US account with TD. In the last 3~ months they decided to change their rate Pouting Face to 0% no matter whatever balance you have. I got quite upset because I did not know about that. I would like to move my money out to a different bank.

May I know are there any suggestions with great rates?

I usually do 1 or 2 transactions once in a blue moon. Plus I am not planning to take out the money anytime soon.

Thanks Person With Folded Hands
19 replies
[OP]
Newbie
Nov 20, 2018
30 posts
5 upvotes
Unfortunately I am not a new client to Tangerine anymore but their rate is still better than TD for sure. Do you know how can I transfer my fund to Tangerine?
Member
Mar 7, 2008
278 posts
53 upvotes
Weirdobbt wrote: Unfortunately I am not a new client to Tangerine anymore but their rate is still better than TD for sure. Do you know how can I transfer my fund to Tangerine?
Add TD USD account into Tangerine (as external account like CAD account). After that, you can pull/push USD at Tangerine.
Deal Addict
Sep 11, 2006
1579 posts
388 upvotes
Tangerine for sure if you can get the promotion. 2.75% is the best rate that's offered for USD savings (for something like up to $1MM) without hoops probably anywhere in the world right now. I actually wonder why they want USD deposits so much as to offer it (maybe they're sending it to Scotia?)
Newbie
Feb 24, 2017
57 posts
27 upvotes
TD has a US dollar savings account. Its called the TD US daily interest chequing account. You should consider that if you just want to earn some interest.
Newbie
Feb 24, 2017
57 posts
27 upvotes
TD also offers a US dollar Investment Savings account with very good rates if you're looking to just park money.
Deal Addict
Jan 21, 2018
2157 posts
2069 upvotes
Vancouver
Forget TD and any of the major banks. Aside from occasional short-term promos, their interest rates are pathetic, and US$ rates especially so.

Normally promos don't include US$ accounts, but as mentioned above, Tangerine does extend their short-term promo rates to US$ accounts. It's worth checking in with them to see if you can get the promo. YMMV - Tangerine's algorithm for deciding if you get a promo is throwing darts randomly at a dartboard. :)

Aside from that, I think Canadian Western Bank has the best GIC rates for US$.
Sr. Member
May 28, 2007
906 posts
297 upvotes
Keep the lowest cost U.S. account at a bricks and mortars bank so you can move the money back and forth for when you need to withdraw some. The TD US daily interest chequing account doesn't have any minimum balance requirements and cost $1.25/debit. Then you can either put the rest of it into TDDI in a U.S. HISA (TDB8152 offering 0.95%) or link it to a Tangerine U.S. savings account. The Tangerine U.S. savings account doesn't pay much interest (0.45%), but you can just leave a tiny amount in the account to keep it active and put the rest of it scattered into different terms in their U.S. GICs offering from 1.00-2.10%. That's what I did since I found Tangerine offers the best U.S. GIC rates. When you need U.S. currency, just move it from the Tangerine to the TD U.S. account and go to the bank branch to withdraw it. They closed my TD U.S. daily interest chequing account after a while of non-activity because I left a balance of zero in there after moving the money out to TDB8152 and to Tangerine, but whenever I'll need the money, I'll just reopen the account so I can move the money to it. I would suggest leaving a token amount in there, like $1-10, to keep the account open and it doesn't cost anything until you take money out of it ($1.25/debit). Just move $1 into it once or twice a year from Tangerine to keep it active.
Deal Fanatic
Oct 7, 2007
6283 posts
2553 upvotes
RCML27 wrote: Keep the lowest cost U.S. account at a bricks and mortars bank so you can move the money back and forth for when you need to withdraw some. The TD US daily interest chequing account doesn't have any minimum balance requirements and cost $1.25/debit. Then you can either put the rest of it into TDDI in a U.S. HISA (TDB8152 offering 0.95%) or link it to a Tangerine U.S. savings account. The Tangerine U.S. savings account doesn't pay much interest (0.45%), but you can just leave a tiny amount in the account to keep it active and put the rest of it scattered into different terms in their U.S. GICs offering from 1.00-2.10%. That's what I did since I found Tangerine offers the best U.S. GIC rates. When you need U.S. currency, just move it from the Tangerine to the TD U.S. account and go to the bank branch to withdraw it. They closed my TD U.S. daily interest chequing account after a while of non-activity because I left a balance of zero in there after moving the money out to TDB8152 and to Tangerine, but whenever I'll need the money, I'll just reopen the account so I can move the money to it. I would suggest leaving a token amount in there, like $1-10, to keep the account open and it doesn't cost anything until you take money out of it ($1.25/debit). Just move $1 into it once or twice a year from Tangerine to keep it active.
Excellent post with great information. Thanks for taking the time to detail out a well-thought out strategy. I posted a similar question in a different thread but didn't get the answer I was looking for at that time. Thanks again.
[OP]
Newbie
Nov 20, 2018
30 posts
5 upvotes
mouseswimming wrote: Add TD USD account into Tangerine (as external account like CAD account). After that, you can pull/push USD at Tangerine.
Thanks I wasn't sure what to do. May I know is Tangerine is the only bank that can push and pull like that? So far I have been only push funds out from Tangerine to TD and that's it.
Shadow Rider wrote: Tangerine for sure if you can get the promotion. 2.75% is the best rate that's offered for USD savings (for something like up to $1MM) without hoops probably anywhere in the world right now. I actually wonder why they want USD deposits so much as to offer it (maybe they're sending it to Scotia?)
I just finished calling with Tangerine but sadly they rejected me. They said the 2.75% is ONLY for new clients Loudly Crying Face 2.75% is such a great rate.
aspiretobegreat wrote: TD also offers a US dollar Investment Savings account with very good rates if you're looking to just park money.
May I know are you referring to TDB8152 like @RCML27 has mentioned? May I know since it's an investment is there a fee like MER?
Scote64 wrote: Forget TD and any of the major banks. Aside from occasional short-term promos, their interest rates are pathetic, and US$ rates especially so.

Normally promos don't include US$ accounts, but as mentioned above, Tangerine does extend their short-term promo rates to US$ accounts. It's worth checking in with them to see if you can get the promo. YMMV - Tangerine's algorithm for deciding if you get a promo is throwing darts randomly at a dartboard. :)

Aside from that, I think Canadian Western Bank has the best GIC rates for US$.
I know right? Their rates are really pathetic. I hate TD right now. Thanks for the info, Canadian Western Bank's rate is pretty good. They offer 0.95% for 90 days while Tangerine is 1.00%. I really really wish Tangerine would have approve me for 2.75%.
Sr. Member
User avatar
Dec 6, 2017
651 posts
322 upvotes
Manitoba
Just opened an account in Tangerine for some US funds that I have been sitting on.

One thing to note is the account is not insured by CDIC.
one more deal and I'm out * involuntary tick*.... :twisted:
[OP]
Newbie
Nov 20, 2018
30 posts
5 upvotes
RCML27 wrote: Keep the lowest cost U.S. account at a bricks and mortars bank so you can move the money back and forth for when you need to withdraw some. The TD US daily interest chequing account doesn't have any minimum balance requirements and cost $1.25/debit. Then you can either put the rest of it into TDDI in a U.S. HISA (TDB8152 offering 0.95%) or link it to a Tangerine U.S. savings account. The Tangerine U.S. savings account doesn't pay much interest (0.45%), but you can just leave a tiny amount in the account to keep it active and put the rest of it scattered into different terms in their U.S. GICs offering from 1.00-2.10%. That's what I did since I found Tangerine offers the best U.S. GIC rates. When you need U.S. currency, just move it from the Tangerine to the TD U.S. account and go to the bank branch to withdraw it. They closed my TD U.S. daily interest chequing account after a while of non-activity because I left a balance of zero in there after moving the money out to TDB8152 and to Tangerine, but whenever I'll need the money, I'll just reopen the account so I can move the money to it. I would suggest leaving a token amount in there, like $1-10, to keep the account open and it doesn't cost anything until you take money out of it ($1.25/debit). Just move $1 into it once or twice a year from Tangerine to keep it active.
Thank you very much for your information. It's very helpful. For TDDI, If I use Tangerine to pull funds from TD that considers a transaction which will costco $1.25 right?

Is 0.95% for TDB8152 a fixed rate/gain that I'm going to get for sure or I have to consider other fees? I'm trying to debate between that with GIC with Tangerine for 90 days for 1%.

These money are not really mine therefore I don't really to risk it. I wish they are mine lol One day I may have to go to TD and get a draft to take all of them out.
[OP]
Newbie
Nov 20, 2018
30 posts
5 upvotes
TehRFDAnomaly wrote: Just opened an account in Tangerine for some US funds that I have been sitting on.

One thing to note is the account is not insured by CDIC.
Hushed Face thanks for the head up
Did you open as a new client?
Sr. Member
User avatar
Dec 6, 2017
651 posts
322 upvotes
Manitoba
Weirdobbt wrote: Hushed Face thanks for the head up
Did you open as a new client?
Yap. Just waiting on the mini-deposit to come through and to finish linking my USD account to this one.
one more deal and I'm out * involuntary tick*.... :twisted:

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