parking US dollars

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
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slim
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parking US dollars

Post by slim »

I have been converting $CAN to $US . Is there anything that this can be parked in for 3 or 4 months?
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AltaRed
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Re: parking US dollars

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slim wrote:I have been converting $CAN to $US . Is there anything that this can be parked in for 3 or 4 months?
Basically nothing as USD MMFs pay essentially zero in distributions. Your broker may have a USD HISA that might pay something. My Scotia iTrade Cash Optimizer account pays 0.35% for idle cash and that is probably as good as it gets for me.
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MALDI_ToF
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Re: parking US dollars

Post by MALDI_ToF »

I use a USD savings account at ING. It gives me 0.5%. Better than nothing.
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AltaRed
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Re: parking US dollars

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Which means about $12.50 in interest for 3 months on a $10k deposit.
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MALDI_ToF
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Re: parking US dollars

Post by MALDI_ToF »

AltaRed wrote:Which means about $12.50 in interest for 3 months on a $10k deposit.
Yep, it sucks. But better than nothing!
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Hammerer
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Re: parking US dollars

Post by Hammerer »

There are some US$ TD E-Funds, on average, you should get a pretty good return.
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Re: parking US dollars

Post by SQRT »

This is a real sore point with me too. I typically have around $50k tied up in USD accounts both in the US and Canada that pay almost nothing. This is money used for USD expenses and needs to be liquid. TD should try a little harder on this one. Their USD "savings" account(in Canada) pays 10bps I think. Their USD checking accounts in the US pay zero.
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adrian2
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Re: parking US dollars

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SQRT wrote:TD should try a little harder on this one. Their USD "savings" account(in Canada) pays 10bps I think.
Actually, double, for their US$ ISA at TDW. Uncork the champagne! :P
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Re: parking US dollars

Post by gsp_ »

Both TD bank US$ savings accounts interest rate is tiered.
$0 to $999.99 0.00 %
$1,000 to $4,999.99 0.05 %
$5,000 to $24,999.99 0.10 %
$25,000 to $59,999.99 0.15 %
$60,000 and over 0.20%
Most of my US$ cash is sitting at ING(0.5%) with a smaller amount in a ENB rate reset pref that pays eligible dividends in US$.

Icici offers the highest HISA rate that I know of at 0.75% but I've heard too many horror stories to bother with them, especially for something not covered by CDIC.
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