Which free / no fees USD Savings account pays the best interest rate?
Aug 15th, 2019 6:20 am
Aug 15th, 2019 8:57 am
I'm honestly curious why there are so many posts on here about piddly things like where to get an extra .2% in interest on savings accounts, or where to save 0.0005 on exchange rates.
Aug 15th, 2019 9:31 am
How do you know how much money OP is talking about? Maybe he has a meaningful amount to invest. Let's not make assumptions about others based on how much we have.seadog83 wrote: ↑Aug 15th, 2019 8:57 amI'm honestly curious why there are so many posts on here about piddly things like where to get an extra .2% in interest on savings accounts, or where to save 0.0005 on exchange rates.
Unless you're routinely doing mid 5+ figure transactions, the differences will amount to a few dollars. Like on 50k, left for a year, the amount of that extra 0.2% is literally $100, fully taxable at your marginal rate. So like $60/year at the end of the day in your pocket. Are you talking large amounts for long periods? Then the far better option is to invest it in ETFs. If it's a more pedestrian amount for a pedestrian time frame, say 8k for 4 months, any fractional percent increases are literally enough to maybe buy a coffee after tax.
Secondly, interest rates have been in the gutter for a decade now. Why are so many people here trying to use them as a mechanism to make money? If you have a large sum, for a long time, you can invest it and make respectable returns. If it's only for a short time, then you simply aren't going to make anything worth writing home about it unless you want to gamble.
Aug 15th, 2019 10:02 am
Aug 15th, 2019 10:20 am
Aug 15th, 2019 10:35 am
Aug 15th, 2019 12:31 pm
You heard my situation now ... and surely I don't care here about extra .2% or where to save 0.0005 on exchange rate etc ... -- I am just asking for some bank accounts that pay decent or better rate than other bank accounts or institutions.I'm honestly curious why there are so many posts on here about piddly things like where to get an extra .2% in interest on savings accounts, or where to save 0.0005 on exchange rates.
Aug 15th, 2019 1:42 pm
Any idea how to transfer USD between Canadian US dollar account like, say, RBC and Tangerine without converting the currency with the lowest cost possible?Scote64 wrote: ↑Aug 15th, 2019 10:35 amThe interest on US$ savings accounts is usually very low.
Tangerine has a deal offering 2.75% on all savings accounts, including US$. That's even better than their 1-year GIC rate, although of course it's a short-term deal that will disappear in January. And unfortunately it's a targeted YMMV deal, so you might not be able to get it.
But if you plan to park your US$ in a 1-year GIC, the best I found recently is Canadian Western Bank (https://www.cwbank.com/en/personal/inve ... d-longterm). Unfortunately their US$ 1-year GIC rate has been dropping like a stone lately, down from 2.9% to 2.0% in just the last 2 months.
Aug 15th, 2019 2:38 pm
Between Canadian US dollar account ... or accounts?
Aug 15th, 2019 2:40 pm
Aug 15th, 2019 3:01 pm
so you want to transfer USD around all USD accounts? very straight forward, remote transfer
Aug 15th, 2019 3:19 pm
Do you know the exact process of triggering this "remote transfer" in Tangerine for example? Is there such a thing that call remote transfer? Or does it just know the source / destination account is a USD account automatically?
Aug 15th, 2019 5:22 pm
Aug 15th, 2019 7:58 pm
Aug 15th, 2019 9:42 pm
Move USD to Hubert, to a brokerage, or to a US based bank account?