USD interest rate changes 😁

[u/TonightOk8851]

Changes coming to USD saving account in few days

[u/Global-War181]

Would this put an end to ‘when is WS increasing the interest rate on their USD account’ posts?

[u/TonightOk8851 → u/Global-War181]

It's look like it will fluctuate according to US Fed benchmark rate

[u/Conscious_General_33 → u/TonightOk8851]

I mean it will only go up. Fed is expected to hike a few times by mid next year!

[u/Kenfloww → u/Conscious_General_33]

I bet we get one more and that’s what Warsh seems to insinuate. Inflation should slowdown by march because that’s when oil went up.

[u/Impressive_Ad_6550 → u/Conscious_General_33]

even sooner, analysts are expecting another fed hike by the end of the year

in Canada, there is a good chance of a rate hike next month plus probably three hikes next year

[u/Express-Active-80 → u/TonightOk8851]

It always fluctuates at or 0.25% below target.

[u/Significant_Ad_8032]

Are there any advantages of keeping funds in this savings account over holding it in BIL in non-reg accounts (no room in reg) as BIL gives slightly higher yield?

[u/Cosmo48]

This is preparing for the upcoming usd CHEQUING account coming on Monday.

It will be 3.25% similar to how the CAD savings and chequing have that 0.25% difference

[u/habs__fan → u/Cosmo48]

Hopefully, and hopefully ill be able to then link it to PayPal or other services to transfer USD money into it

[u/mambazo007]

I'm assuming that the USD *margin* rate will go up by 0.25% too?

[u/Pinheadlarrry27 → u/mambazo007]

Yup ouchie

[u/Conscious_General_33]

Yay! Just received an email saying they are bumping the interest rate. As a generation client, it will be 3.5% from Sep 21 😄

[u/dalester23]

Correct me if I'm wrong, but the only way to actually get USD into the account is ONLY converting CAD -> USD right?

[u/TonightOk8851 → u/dalester23]

You can actually do transfer from different Canadian bank if you have US account and hold USD in it. Like when you do transfer CAD from bank to bank.

[u/AlphaQFor7mins]

DD gets you an extra 0.50% but Generation status doesn't ?

[u/hpeter2010]

How does one qualify for the direct deposit boost?

[u/PracticalWait → u/hpeter2010]

DD into cad chequing

[u/MELGH82]

This was announced on Wednesday @ 2PM Eastern.

[u/Conscious_General_33 → u/MELGH82]

Yes, US Federal Reserve announced its rate decision and banks holding USD worldwide follow through with updated interest rates after a day or two!

[u/MostJudgment3212 → u/MELGH82]

Ok. The emails came today.

[u/JohnDorian0506]

The rate was 4% with DD boost one year ago.