What are the rates for USD savings accounts in Canada?
Interest rates for USD savings accounts in Canada are generally low, reflecting the current low-interest-rate environment. They are typically around 0.10% - 0.25%, depending on the bank.
It's essential to compare rates and account features from various banks to find the best option that suits your financial needs and goals. Always check the latest rates directly with the banks, as they can change frequently.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.40% | 850 |
| 25,000 | 3.50% | 875 |
| 25,000 | 3.60% | 900 |
| 60,000 | 3.90% | 2,340 |
| 60,000 | 4.00% | 2,400 |
| 60,000 | 4.10% | 2,460 |
| 140,000 | 4.40% | 6,160 |
| 140,000 | 4.50% | 6,300 |
| 140,000 | 4.60% | 6,440 |
| 340,000 | 4.90% | 16,660 |
| 340,000 | 5.00% | 17,000 |
| 340,000 | 5.10% | 17,340 |
Is it good to have an USD savings account?
A USD savings account in Canada can be a smart financial tool if you frequently deal with USD, travel to the US, or invest in US markets. However, it's essential to weigh the advantages against the potential drawbacks, such as lower interest rates and fees. Assess your financial needs and compare the offerings from different banks to determine if a USD savings account is right for you.
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Details of companies offering the financial services:
EQ Bank
Web-site: https://www.eqbank.ca/
Scotia iTRADE
Web-site: https://www.scotiaitrade.com/
Bank Of Montreal
Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6
Contact center: 877-225-5266
Phone: 416-867-5000
Web-site: http://www.bmo.com/main/personal
Swift code: BOFMCAM2
Stock code: BMO
BSB: 001
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004