Finding the Best US Bank Account for Canadian Citizens
Canadians looking to establish a formal existence in the US can find a US bank account for Canadian citizens. Why would Canadian citizens want to open a U.S. bank account? There are several causes why Canadian citizens would like to open bank accounts. For example, ...
Written by
Patrick Findaro
Published on
27 Jul 2023
Table of Contents:
Canadians looking to establish a formal existence in the US can find a US bank account for Canadian citizens. Why would Canadian citizens want to open a U.S. bank account? There are several causes why Canadian citizens would like to open bank accounts. For example, if you own a business, work in the U.S., or own real estate in the U.S. Maybe you visit the U.S. frequently and would want to have an account there. On the other hand, you could be living in the US as a Canadian citizen and having a bank account here would be very convenient.
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Get an American Express Credit Card without SSN with Nova Credit
Nova Credit is on a mission to help millions of people with limited credit history to find financial opportunities that will help them succeed. Using Nova Credit’s technologies, you may be able to translate your international credit data into its U.S. equivalent. That means that they make it possible to apply for credit cards using your credit score from your country of origin. Even if you don’t have credit history in any country, and you’re starting from scratch, they’re here to guide you into building your credit history and giving you an equal opportunity to use the financial system in the U.S. Nova Credit can assist you in applying for an American Express credit card without SSN.
International students and noncitizens can check out the American Express credit card options that Nova Credit recommends applying to without SSN. You can also apply online for the American Express cards that are recommended by Nova Credit. There are different American Express credit cards that Nova Credit recommended you choose from based on your needs.
What are the top US bank accounts for Canadians to consider
EQ Bank
What is EQ Bank and What do they offer? EQ Bank was founded back in 2016 in Toronto and is all online-based. It does not have any actual location nor can you meet someone face to face. However, EQ Bank is known for being the most affordable and offering very competitive rates. EQ Bank offers a field of personal banking and investment accounts including savings accounts, joint savings accounts, US dollar accounts, TFSAs, RSPs, and GICs. It offers international money transfers via Wise, a third-party service. EQ Bank also hosts a mortgage marketplace where you can scan 2,000 plus products from different lenders.
What is the Saving Plus account?
This account offers you 2.5% earnings on funds held in the EQ Bank; the joint savings account is available for up to 3 people in the same account.
EQ Bank Card
This card is linked to the EQ Bank Saving Plus account. Just put some money on the card and start earning at the same rate as the Savings Plus account, in addition to a 0.5% cashback.
EQ Bank GIC
EQ Bank GIC offers rates that are some of the highest interest rates that you can get for GICs in Canada. The EQ Bank GIC is held in a non-registered account and offers a rate of return. The EQ Bank 5-Year GIC offers a 4.70% rate of return and can be held in a registered TFSA or RSP. You can start investing with as little as $100.
Types of EQ Bank GICs include short-term EQ Bank GICs, mid-range EQ Bank GICs, and long-term EQ Bank GICs.
What should I look out for?
There is nothing that you really need to look out for regarding EQ GICs. They are safe investment vehicles that will generate good returns. The only real downside is that they are not the highest-returning GICs on the market, even if they are guaranteed investments.
The bottom line is that EQ Bank offers convenient account choices, with very competitive interest rates, low fees, and unlimited complimentary transfers. However, you may want to look somewhere else if you want in-person service or access to a full suite of banking products and services.
TD Bank
TD Canada Trust is partnered with TD Bank in the US. Their basic account, TD Convenience Checking, is free for anyone 23 or younger, or free with a minimum balance of $100. Canadian clients can open an account by using TD’s Cross-Border Banking services. They can also see the balance of your US-domiciled accounts on your Canadian profile online, but you need to log into the US website to pay bills and regard or change account facts. It’s easy to move US cash online between your own TD accounts in either country, although the transfer may take 1–2 days.
CIBC US
CIBC is partnered with CIBC US. They offer a complimentary checking account, but it’s only functional if you have a US driver’s license, job, and social security number. Instead, cross-border applicants can open a CIBC Bank USA Smart account online, with verification by phone. Fortunately, there’s no monthly fee, and the account includes free bill payments and free incoming wire transfers. Also, Online transfers through your linked Canadian and US accounts are immediate. Also, you can make an account with your US address. No need to start with your Canadian one and edit later. Canadians can open an account over the phone, once you’re set-up, you can easily change to a US address online. You can then seamlessly send money over the border from your Canadian login, usually by the next business day.
BMO Harris
The Bank of Montreal is partnered with BMO Harris in the US. Their basic account, the BMO Harris Smart Advantage account, has no monthly fee if it’s paperless statements and has no minimum balance. It includes unlimited free bill payments and incoming wire transfers. Canadians can open an account over the phone. Once you’re set up, you can easily change to a US address online. You can then seamlessly send money over the border from your Canadian login, usually by the next business day. The account requires a minimum opening deposit of $25. This initial deposit is completed by money order. BMO Harris sends you a package, which you complete and return by mail.
Conclusion
In conclusion, a US bank account for Canadian citizens can be very beneficial whether they live in the U.S. or visit often. In this article, we talked about the best 4 banks that any Canadian citizen can get while in the US and what their benefits are. They all conclude on basically the same plans with little to no differences and may also differ in competitive rates. All 4 banks offer well-organized plans that offer good percentages and cashback. In the end, it is the choice of anyone Canadian or not to see what plan and bank suits them perfectly and fits their banking and financial needs.
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