Personal Finance

USD savings account

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  • Feb 23rd, 2013 2:12 pm
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Deal Addict
Sep 19, 2009
2280 posts
991 upvotes
Toronto

USD savings account

Hi everyone,

I'm looking for some information about USD savings accounts. I'm currently with ING and it is not that bad.

Pros:
- cash withdrawals from atm
Cons:
- no possibility to deposit cash
- no checks
- very low interest rate (0.50%)
- lack of guarantee

I would be interested in some other options available but I cannot find much. I am aware of Hubert's "American Dream"account which has a higher interest rate (0.75%) and it is guaranteed but the only possible transactions are wire transfer charged at $22.50 each.

Any advice and suggestions will be greatly appreciated.
3 replies
Deal Addict
User avatar
Oct 4, 2004
4349 posts
1588 upvotes
Vancouver
Depends what you're trying to do and the amount of the money. Interest isn't that important to me (I mean the difference between 0.25% is $2.50 for every $1000/year), so this is what I do:

Link ING with CIBC USD account, store cash primarily with ING. The link can be down with a direct deposit form from the bank, no cheque required. Deposits/withdrawals in USD can be done at most CIBC ATMs (look for the USD signs). Withdrawals (cash or EFT to ING) are charged at $0.75 flat. No interest, no monthly fees.

That Hubert account is a true "savings account." I guess they want you to put money in there and never take it out. Yikes, pretty useless if they charge $22.50/wire + no possibility to link the account.
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Deal Addict
Sep 19, 2009
2280 posts
991 upvotes
Toronto
lhsonic wrote: Depends what you're trying to do and the amount of the money. Interest isn't that important to me (I mean the difference between 0.25% is $2.50 for every $1000/year), so this is what I do:

Link ING with CIBC USD account, store cash primarily with ING. The link can be down with a direct deposit form from the bank, no cheque required. Deposits/withdrawals in USD can be done at most CIBC ATMs (look for the USD signs). Withdrawals (cash or EFT to ING) are charged at $0.75 flat. No interest, no monthly fees.

That Hubert account is a true "savings account." I guess they want you to put money in there and never take it out. Yikes, pretty useless if they charge $22.50/wire + no possibility to link the account.
I have about $60k and the account is linked with a Scotia Bank USD account (no fees as long as I keep $200 balance). You are probably right about the interest, the difference would be only $150 per year. More important would be the guarantee.
Deal Addict
Oct 24, 2009
2477 posts
1102 upvotes
lhsonic wrote: Link ING with CIBC USD account, store cash primarily with ING. The link can be down with a direct deposit form from the bank, no cheque required. Deposits/withdrawals in USD can be done at most CIBC ATMs (look for the USD signs). Withdrawals (cash or EFT to ING) are charged at $0.75 flat. No interest, no monthly fees.
You can also link ING to the RBC USD esavings account with no fees and no minimum balance plus one free transaction/month. I haven't found much more convenient for USD savings than ING, I used to have USD in Ally but moved money out of there a few months ago and now they're gone.

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