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Bank Accounts

2K views 4 replies 4 participants last post by  james4beach 
#1 ·
I was looking in to opening a new bank account as I need a US dollar account where I can deposit and withdraw funds. I am currently with Tangerine and they are pretty good since there are no fees/high interest on savings but there are some flaws with the US savings account. You aren't able to withdraw or deposit physical US dollars. It all needs to be done electronically so if I wanted to pull out US dollars, I do not have the option.

I'm looking for a free US account that I could open.

Matt
 
#2 ·
I have a U.S. dollar account at Scotiabank because I receive a monthly US Social Security cheque and it can't be automatically deposited outside the U.S. I can deposit and withdraw from it the same as with my Canadian dollar accounts. I'm not charged any fee but that may be because I'm a senior - I don't know what their fees would be if I were younger.
 
#3 ·
TD Borderless is a package that includes a chequing account. The fees are waived if you keep more than $3,000 in it. With this account you can deposit and withdraw USD cash directly at TD Canada Trust branches.

Keep in mind that USD deposits (at any bank) are not eligible for CDIC deposit insurance.
 
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