How snowbirds can earn more on their USD
If you’re one of many Canadians who likes to escape the frozen tundra and fly south for the winter, a USD account is a smart complement to your existing banking strategy. Keep reading to find out how you can reap the benefits of the EQ Bank US Dollar account.
EQ Bank US Dollar Account at a glance
- Earn high interest on your USD savings
- Keep your USD in USD – no unnecessary conversions when transferring funds
- Make as many USD to USD transfers within Canada as you need to – for free
- Purchase USD with your CAD Savings Plus Account at one of the best exchange rates in the Canadian market**
- No minimum balance or monthly fees – keep more of your USD
Earn more on your USD with a great interest rate
Let’s start with the most obvious point - the EQ Bank US Dollar Account boasts a high interest rate so your US funds can compound, just like their Canadian buddies. If you’re a snowbird, or if you just visit the US frequently, take advantage of a high-interest USD savings account (like ours) and let your US funds earn interest while you’re waiting for your flight. When you’re ready to take off and need US cash, simply transfer to your USD account at another financial institution to withdraw. The best part? Your funds stay in USD the whole time, unlike some other banks that may require converting to CAD first, subjecting your hard-earned funds to a potential hit.
Say goodbye to foreign exchange woes
When it comes to your money, conversion markups can be a bit of a party crasher, so why invite them on the trip? Our exchange rate for USD is one of the best in the Canadian market**, allowing you to get more out of your money. While some other banks require you to convert your USD to CAD before you transfer it, we allow you to either keep those funds in USD when you transfer to another USD account, or transfer directly from USD to another currency using our International Money Transfer service, powered by Wise. With many popular destinations, your money can arrive within a day, or even instantly!
The bottom line? If your lifestyle requires US funds on a regular basis, you could be leaving money on the table. Open an EQ Bank US Dollar Account online for free today to minimize savings-draining currency exchange fees and start earning more!
**Based on research conducted by Equitable Bank comparing non-cash foreign currency exchange rates for transfers where no physical foreign cash is exchanged from Tangerine, Royal Bank of Canada, Bank of Nova Scotia and TD Canada Trust. Research is based on the sum of the exchange rate spread using publicly available information taken from public websites on January 21, 2022. Foreign currency exchange rates are subject to change at a moment’s notice. Rates can only be guaranteed at the time the purchase or sale is conducted.