Personal Finance

US Cash, where to save?

  • Last Updated:
  • Mar 9th, 2015 7:06 pm
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[OP]
Member
Apr 22, 2010
321 posts
9 upvotes

US Cash, where to save?

If you have US cash lying around and want to put it in a bank, what's the best way to do it? Opening an account here in Canada from TD, BMO, Scotia or Royal Bank and sign up for the US Dollar CC? Or is it better to go across the border and open one at Banner Bank or BoA?

I want to avoid the annual fees in the Canadian Cross Border accounts if possible and would like a US CC. Any suggestions?
8 replies
Sr. Member
Apr 28, 2014
675 posts
175 upvotes
Oakville, ON
Infinitii wrote:
Mar 5th, 2015 1:13 pm
If you have US cash lying around and want to put it in a bank, what's the best way to do it? Opening an account here in Canada from TD, BMO, Scotia or Royal Bank and sign up for the US Dollar CC? Or is it better to go across the border and open one at Banner Bank or BoA?

I want to avoid the annual fees in the Canadian Cross Border accounts if possible and would like a US CC. Any suggestions?
The problem with US Dollar CC issued by Canadian banks, is that they usually have an annual fee in the range of $30-$35. You would have to spend quite a bit in order to realize enough savings on foreign exchange to pay for that fee.

Also, USD savings accounts offered by the Canadian banks usually charge a fee per withdraw in the range of $0.75 to $1.00.

If Banner Bank or BoA will allow you to open an account as a Non-Resident, it may be the better choice.
Deal Expert
Aug 2, 2001
16065 posts
6227 upvotes
TD offers a US Dollar account with their Select Service (or has it changed names again?) package. This package is 29.95/month or free if you maintain $5000 in the account. I believe they also offer a USD Visa, but not sure if you can get that Visa AND the Infinite for no fee (I thought you only get fees for one Visa waived).

When you have their select service package you also get a discount exchange rate.
[OP]
Member
Apr 22, 2010
321 posts
9 upvotes
Anyone here able to open an account successfully from Banner Bank or BoA without a US address?
Jr. Member
Jul 20, 2013
196 posts
20 upvotes
Infinitii wrote:
Mar 5th, 2015 2:37 pm
Anyone here able to open an account successfully from Banner Bank or BoA without a US address?
Banner Bank, yes. The Point Roberts location is the one you will have the most success since 90% of their clients at that location are Canadians anyways. Some Banner Bank branches further away from the northern border might not be able to do this, so it's pretty much a crapshoot the further away from the border. That being said however, if you live in the West Coast, they are an option.

Not sure with BoA though, they may know how to open accounts for non-US residents, but it's pretty much a crapshoot.
Deal Fanatic
Oct 7, 2007
5434 posts
1946 upvotes
TrevorK wrote:
Mar 5th, 2015 2:29 pm
TD offers a US Dollar account with their Select Service (or has it changed names again?) package. This package is 29.95/month or free if you maintain $5000 in the account. I believe they also offer a USD Visa, but not sure if you can get that Visa AND the Infinite for no fee (I thought you only get fees for one Visa waived).

When you have their select service package you also get a discount exchange rate.
The terms on this AI package effective March 2nd require a min monthly balance of US$3k in the Borderless account to waive fees.
Sr. Member
Apr 13, 2003
513 posts
245 upvotes
Scarborough
At BMO if you have x number of dollars in your main account (x depends on the plan you select) your monthly fees are waived. Just open an USD secondary account under the same plan. I don't pay a cent to deposit/withdraw USD at BMO.
Deal Addict
User avatar
Sep 29, 2007
2044 posts
183 upvotes
Mississauga
I gave up on the US$ CC since I don't I use it that much anyway. I stashed my US$ cash in Scotiabank daily interest savings account. It comes with 2 monthly debit transaction. Monthly fee is $1, but waived with $100 ADB. I'll just use my Amazon Visa card for US$ purchases. One bonus I found is I can link the SCB savings account to my Paypal account and use it for funding. That's how I used my TD US$ CC anyway so this works for me.
[OP]
Member
Apr 22, 2010
321 posts
9 upvotes
Would the only reason one would go to the states and open an account there/get a US cc be to gain a credit history/have a large sum of US dollars to save?

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