US$ Disney Savings Account

[NikP]

Where does everyone save for their up and coming Disney trips? I have a US$ account at both BMO and CIBC. The interest rate for savings is basically nonexisitant. Does anyone use a US$ ING account? I have heard that they have a good interest rate. Any comments are appreciated.

Thanks NikP

 

[Fellowship9798]

I have an ING USD account. The interest rate on the USD account now is about 3.5% I think and they offer reasonable exchange rates for transferring money in. I've had ING savings accounts for about 7 years and I've got no complaints. You still need an external account at your own bank to link the ING accounts to so you can easily transfer money in and out, but overall I like ING and keep my savings there where they actually earn some interest!

 

[calgarygary]

First break out your crystal ball to deside whether Cdn. dollar is going up or down. If we had put our money into a US account after our trip in 2002 for our trip in 2005 we would have taken a beating.

 

[BitsnBearsMom]

Our savings account is a big ol' water cooler water bottle

I make dh empty his pockets nightly and I roll it and count it up when it's full and that amounts to our 'extra' spending money. Last October we had over $1000 just from change.

So far I have another $250 rolled in the jar which I'll put into my CIBC US account for August!

 

[NikP]

I have an ING USD account. The interest rate on the USD account now is about 3.5% I think and they offer reasonable exchange rates for transferring money in. I've had ING savings accounts for about 7 years and I've got no complaints. You still need an external account at your own bank to link the ING accounts to so you can easily transfer money in and out, but overall I like ING and keep my savings there where they actually earn some interest!

How do I sign up for an ING account. Do you have a link to their website?

 

[Applemomma]

Our savings account is a big ol' water cooler water bottle

I make dh empty his pockets nightly and I roll it and count it up when it's full and that amounts to our 'extra' spending money. Last October we had over $1000 just from change.

That;s pretty much what we're doing! Only ours is a Winnie the Pooh bank that any found money (ie. under the couch), lottery $2 winnings, and anything in our pocket smaller then a loonie goes into. I'm off work seasonally though but the minute I get back to work part of my pay will be going automatically into that Pooh

 

[LdnCpl]

We have a $US savings account at TD Canada Trust. I went in,set it up so that I can access it online(where I do all my banking) and every week I transfer whatever I can afford from my Cdn account over to my US account. All done electronically, no hassles.

 

[calena]

We have a $US savings account at TD Canada Trust. I went in,set it up so that I can access it online(where I do all my banking) and every week I transfer whatever I can afford from my Cdn account over to my US account. All done electronically, no hassles.

I have a US dollar account at Scotiabank, but they won't let me transfer online. I have to go into the bank because of the exchange etc. That is basically the only reason I ever deal with a teller anymore. Years ago I had a US account at BMO... all our accounts were there then. Anyway, I had a US cheque and I wanted to take the money to go because I was heading south. They would not let me; said I needed a 30 day wait or something. What was so annoying was I had had that account for years and the cheque was from my parents and I had never had hassles before. So, I shut down that account and all our accounts there and moved to Scotia. Now when I deposit a cheque into my US account I don't worry about it.

My parents live in the US and always give us US$ for birthdays, anniversaries, etc, so I just put it into the US account and take it with on holidays. Then I don't worry about the exchange so much, but it does kill me to realize that now when they give me $1,000 it is only 'worth' about $1,150 and at one point that would have been worth $1,500! We also use credit cards in the US.

The ING sounds like a good option. Do you have to keep a US account open in a local branch to transfer money into it?

Deb

 

[F4disneyfan]

We use our US dollar account at TD that is all we use.

 

[KerriMc]

I too bank at TD Canada Trust and have US acct that I just transfer to on-line!

Kerri

 

[DutchsMommy]

I have a US dollar account at Scotiabank, but they won't let me transfer online. I have to go into the bank because of the exchange etc. That is basically the only reason I ever deal with a teller anymore. Years ago I had a US account at BMO... all our accounts were there then. Anyway, I had a US cheque and I wanted to take the money to go because I was heading south. They would not let me; said I needed a 30 day wait or something. What was so annoying was I had had that account for years and the cheque was from my parents and I had never had hassles before. So, I shut down that account and all our accounts there and moved to Scotia. Now when I deposit a cheque into my US account I don't worry about it.

My parents live in the US and always give us US$ for birthdays, anniversaries, etc, so I just put it into the US account and take it with on holidays. Then I don't worry about the exchange so much, but it does kill me to realize that now when they give me $1,000 it is only 'worth' about $1,150 and at one point that would have been worth $1,500! We also use credit cards in the US.

The ING sounds like a good option. Do you have to keep a US account open in a local branch to transfer money into it?

Deb

Mainly the reason for holdiong a US personal cheque is because if it happened to bounce on the other end it can takes weeks to come back to the CDN bank. Generally, if you have a history in either your CDN or USD accounts and generally sufficient $$ to cover in case of NSF there should be no hold. However, it is at the discretion of the Bank as they really are giving you the $$ in good faith that the cheque will clear. If you think about it - you could (not *you* personalyl of course) deposit a cheque for a large sum, take most or all of the $$ out, close the account and then the cheq is returned and you are no where to be found. Don't think it doesn't happen. Really, it is the bad people out there who make it difficult for the rest of us. IF the funds are in a money order or certified cheque then they are like cash and available immediately.

As for online transfer - I would be surprised if BNS does not offer this. To my knowledge, most other FIs do. Generally it is a bit different than the tsf from one CDN acct to another - meaning you cannot see it right away. Often it is an electronic request that is picked up by a Bank employee behind the scenes, completed and will then show up in a few hours or a day at most. Often, the cost of developing a system to automatically convert CDN to USD and vice versa is too expensive compared to the # of people using the service.

My only wish is that CDN banks could dispense small USD bills through the ABM - that is the only reason I visit the branch any more.

 

[bunnyfoo]

I just have a regular high-interest savings account (Canadian funds) from PC Financial. I believe the interest rate is 4% on amounts over $1,000 + a small bonus on your anniversary (of opening the account). I transfer money in there every month from my account automatically so usually I don't even notice it's missing. It's surprising how a little each month adds up over time

When I go on trips, I just use my credit card to pay for most things. For cash purchases, I buy US cash from the bank and get travellers' cheques from CAA. Do you have a friend or family member who works at a bank? Banks usually give their employees a discount on US cash.

I also have a change jar too and that adds up really quickly too! I sometimes add to it when I skip my daily tea or when I pack my lunch.

My only wish is that CDN banks could dispense small USD bills through the ABM - that is the only reason I visit the branch any more.

Could you get larger bills from the ATM and then go to the bank to exchange for smaller bills?

 

[DutchsMommy]

Could you get larger bills from the ATM and then go to the bank to exchange for smaller bills?

I would if they dispensed larger bills. To my knowledge CDN ABMs do not offer USD cash at all. Sorry - should have qualified that remark LOL.

 

[F4disneyfan]

I would if they dispensed larger bills. To my knowledge CDN ABMs do not offer USD cash at all. Sorry - should have qualified that remark LOL.

You used to be able to pull US funds out of ING machines in the crappy tire stores.

 

[sammi]

You can take out US cash in quite a few CIBC ATM's!

 

[bunnyfoo]

I would if they dispensed larger bills. To my knowledge CDN ABMs do not offer USD cash at all. Sorry - should have qualified that remark LOL.

RBC and CIBC machines have US$. They'll usually say at the top of the machines whether or not they dispense US$ and what kind of bills they give. I think I've seen the CIBC machines with $20 and $50 not sure about RBC but I haven't used either before.

 

[mollyseven]

I have 4 ING accounts that I access all via the internet. I transfer money to and from my ing accounts to my td canada trust acct. I don't understand how you would get the usd$ out when needed as you have to transfer the money to another account to get it...so wouldn't they just be converting it to cdn again and then transferring it to my t.d account??? I guess you would have to have a usd account at your regular bank and then have ing transfer it to that account and then go to your bank and withdraw the money???
It's easier for me to just save up in my ing savings account and then when we go away transfer that to my td account and withdraw us funds at the bank.....I try not to use my credit card while away as I always get screwed on the rate of exchange through the credit card co. I just us my Mastercard for paying the hotel and maybe a few expensive dinners.
I love the ING though it's a great way to save, and you can have them transfer money from your other banks weekly to help you save...50 dollars a week out and you don't even notice it gone...simple.

 

[PrincessNED]

To the OP - Combine the two USd accounts to the CIBC acct and open an investors edge account at CIBC. Then buy the USD Money market fund - Current yield ( interest rate) is 4.38% . You can transfer the funds between the USD account and the USD money market online.

The minimum to start the USD Money Market is only $500. and it pays the interest monthly.

When you are ready for your trip sell what you need out of the USD money market and have funds sent back to the USD account and you can buy the Travalers cheques/cash you need in USD. It only takes a day for funds to be redeemed from the USD money market

This is how we save for our US trips and what I advise my clients ( I'm a financial adviser at CIBC).

 

[PrincessNED]

Re USD cash from the ATM's - Some CIBC machines do dispense USD currency ( $20's I believe).

The machine will have a logo on it- which off the top of my head looks like and american flag - I'll check in the morning - Our office has one ATM ( out of 3) that dispenses USD.

 

[NikP]

To the OP - Combine the two USd accounts to the CIBC acct and open an investors edge account at CIBC. Then buy the USD Money market fund - Current yield ( interest rate) is 4.38% . You can transfer the funds between the USD account and the USD money market online.

The minimum to start the USD Money Market is only $500. and it pays the interest monthly.

When you are ready for your trip sell what you need out of the USD money market and have funds sent back to the USD account and you can buy the Travalers cheques/cash you need in USD. It only takes a day for funds to be redeemed from the USD money market

This is how we save for our US trips and what I advise my clients ( I'm a financial adviser at CIBC).

What are the service charges associated with this account that you suggest?