SBI Bank Canada is offering a new USD savings rate promotion: 2.50% on new deposits to its USD Super Saver Account until December 31, 2019. The offer applies to new customers and existing customers who do not have a USD Super Saver Account.
With the U.S. Federal Reserve indicating an imminent reduction in interest rates U.S. banks are reducing their savings account interest rates. While the SBI Bank Canada offer is lower than the recent Tangerine offer, it is in line with the highest savings account interest rates currently offered by any U.S. bank !
If you do open an account make sure to maintain a minimum balance of $2,000 to avoid a monthly $12 administration fee.
As a reminder, USD deposits are not insured by the CDIC. For a primer on deposit insurance coverage in Canada, read our article.
The offer ends July 31, so you will need to move quickly to take advantage.
Click here for more details.
SBI Canada Bank is a wholly owned subsidiary of State Bank of India, the largest bank in India and majority owned by the Government of India. SBI Canada Bank, a Canadian chartered bank, was established in 1982 and has 6 branches (all in Ontario and British Columbia).
Don’t worry — Mr. Thrifty has you covered.
Check out our recent column for a how-to guide.
Of course, for Canadians with U.S. Dollars a savings account is only one component of a sound banking plan. If you travel frequently to the U.S. or spend money in U.S. Dollars, check out our articles on U.S. Dollar Bank Accounts and Credit Cards for Canadians and How to Save Money When Exchanging Currency, for additional ideas on how to make the most out of your hard-earned money.
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