What’s a USD financial savings account?
You in all probability have at the very least one common financial savings account designed that can assist you put away funds the place you stash your additional Canadian {dollars}. A USD financial savings account affords the identical options, but it surely holds—sure, that’s proper—American {dollars}. Like different financial savings accounts, it’s not meant for day by day banking and it might not even be accessible by ATM, however having one on the prepared can supply many advantages.
Take, for instance, the EQ Financial institution US Greenback Account. With this kind of account, depositing or transferring Canadian {dollars} is fast and straightforward. And since you management if and when a conversion takes place, you may make the transfer when charges are beneficial by merely shifting cash out of your Canadian checking account into your U.S. foreign money one. EQ Financial institution affords aggressive trade charges and offers you 1.40% curiosity (on the time this text was written). And, as with different EQ Financial institution accounts, your funds are eligible for cover from the Canada Deposit Insurance coverage Company (CDIC), as much as CAD$100,000 per insured class, per depositor.
What are the advantages of a USD financial savings account?
Even in the event you reside in Canada and receives a commission in Canadian {dollars}, there are occasions when having a USD financial savings account can turn out to be useful—and prevent cash.
Save while you journey to america
With two-thirds of Canadians residing inside 100 kilometres of the U.S. border, worldwide crossings are commonplace—and also you’ll want U.S. {dollars} while you go to. When you’ve got a USD financial savings account, you’ll be able to earn curiosity in your USD till you’re able to journey.
Preserve extra of your income
Should you’re one of many many Canadians working a facet hustle that entails promoting to American clients, you’ll positively wish to think about a USD financial savings account. You’ll be able to obtain a void cheque to have cash direct-deposited in your EQ Financial institution US Greenback Account.
Switch cash between household and associates
With a USD financial savings account, you’ll be able to typically ship or obtain U.S. funds straight and skip having to pay international trade charges.
Make the trade fee be just right for you
Until you’ve got a USD financial savings account, you’re on the mercy of ongoing fluctuations within the trade fee between Canadian and U.S. {dollars}. The power to carry U.S. {dollars} offers you the facility to trade solely when it most advantages you. Plus, you’ll be diversifying your foreign money holdings.
Why must you think about a USD account at EQ Financial institution?
Once you use a USD financial savings account from EQ Financial institution, you’ll get monetary savings and earn a living whereas having fun with quick and handy entry when and the place you want it.
