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Why you want a USD financial savings account

What’s a USD financial savings account?

You most likely have no less than one common financial savings account designed that can assist you put away funds the place you stash your further Canadian {dollars}. A USD financial savings account presents the identical options, however it holds—sure, that’s proper—American {dollars}. Like different financial savings accounts, it’s not meant for every day banking and it might not even be accessible by ATM, however having one on the prepared can provide 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 simple. And since you management if and when a conversion takes place, you can also make the transfer when charges are beneficial by merely transferring cash out of your Canadian checking account into your U.S. foreign money one. EQ Financial institution presents aggressive alternate 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 defense 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 case you reside in Canada and receives a commission in Canadian {dollars}, there are occasions when having a USD financial savings account can come in useful—and prevent cash.

Save if you journey to the USA

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. When you have a USD financial savings account, you’ll be able to earn curiosity in your USD till you’re able to journey.

Maintain extra of your earnings

In the event you’re one of many many Canadians working a facet hustle that includes promoting to American prospects, you’ll positively wish to contemplate 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 buddies

With a USD financial savings account, you’ll be able to typically ship or obtain U.S. funds immediately and skip having to pay international alternate charges.

Make the alternate charge be just right for you

Until you might have a USD financial savings account, you’re on the mercy of ongoing fluctuations within the alternate charge between Canadian and U.S. {dollars}. The flexibility to carry U.S. {dollars} offers you the ability to alternate solely when it most advantages you. Plus, you’ll be diversifying your foreign money holdings.

Why do you have to contemplate a USD account at EQ Financial institution?

Once you use a USD financial savings account from EQ Financial institution, you’ll lower your expenses and earn cash whereas having fun with quick and handy entry when and the place you want it.


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