What’s a USD financial savings account?
You in all probability have at the very least one common financial savings account designed that will help you put away funds the place you stash your further Canadian {dollars}. A USD financial savings account affords the identical options, nevertheless it holds—sure, that’s proper—American {dollars}. Like different financial savings accounts, it’s not meant for day by day banking and it could 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 one of these account, depositing or transferring Canadian {dollars} is fast and straightforward. And since you management if and when a conversion takes place, you can also 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 change charges and provides 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 if you happen to 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 if 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} if you go to. If in case you have a USD financial savings account, you possibly can earn curiosity in your USD till you’re able to journey.
Maintain extra of your income
Should you’re one of many many Canadians operating a aspect hustle that includes promoting to American prospects, you’ll undoubtedly need to take into account a USD financial savings account. You may obtain a void cheque to have cash direct-deposited in your EQ Financial institution US Greenback Account.
Switch cash between household and mates
With a USD financial savings account, you possibly can usually ship or obtain U.S. funds instantly and skip having to pay international change charges.
Make the change price be just right for you
Except you will have a USD financial savings account, you’re on the mercy of ongoing fluctuations within the change price between Canadian and U.S. {dollars}. The flexibility to carry U.S. {dollars} provides you the ability to change solely when it most advantages you. Plus, you’ll be diversifying your foreign money holdings.
Why must you take into account a USD account at EQ Financial institution?
Whenever you use a USD financial savings account from EQ Financial institution, you’ll lower your expenses and become profitable whereas having fun with quick and handy entry when and the place you want it.