# Bank Accounts



## Bechard (Jan 21, 2017)

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


----------



## Karen (Jul 24, 2010)

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.


----------



## james4beach (Nov 15, 2012)

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.


----------



## dotnet_nerd (Jul 1, 2009)

james4beach said:


> The fees are waived if you keep more than $3,000 in it.


"Fees waved if you keep *X* balance" is an oxymoron. 

That is tantamount to a fee, because there's a lost opportunity cost in tying up the $3,000. In your case ~$90/year at say 3% that you might have earned on it invested elsewhere.


----------



## james4beach (Nov 15, 2012)

But there is also an advantage to keeping liquid cash available. I don't think it's the worst thing to have a few thousand dollars sitting, ready to use.


----------

