Author Topic: Leaving Canada, what to do with savings?  (Read 832 times)

deathandtaxes

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Leaving Canada, what to do with savings?
« on: January 13, 2020, 02:34:01 AM »
Moving to the USA.

I have substantial savings in cash where I normally rotate between HISA bank promos (2.8-3.3%~) such as: B2B, Simplii, Tangerine, Manulife, etc. I want the funds liquid.

I would prefer to continue milking HISA bank promos and keep most of my savings in Canada as a non-resident. I have no immediate need for money and am happy with the returns. I have no desire to convert it all to USD at this time. HISA returns in the USA are much lower as well.

My question, are most banks still available to non-residents? Has anyone been in a similar situation? Did your banks want to close your account once you notified them of non-residency? Ive read online Simplii does not allow banks to non-residents.

daverobev

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Re: Leaving Canada, what to do with savings?
« Reply #1 on: January 13, 2020, 05:57:42 AM »
Most don't want you to close. Simplii and Tangerine do. But, most won't allow you to open new accounts either.

If you're looking for simple, Oaken have good GIC rates. And you can continue to roll money with them.

https://www.oaken.com/gic-rates/

In short, make sure you open everything you could possibly need before leaving Canada. I would switch most of my money from CAD to USD if I was leaving long term, though.

deathandtaxes

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Re: Leaving Canada, what to do with savings?
« Reply #2 on: January 13, 2020, 11:02:09 AM »
Good idea. And good to know most banks dont allow you to open once you are a non-resident so its best to open now. I just applied for a Oaken account. Their savings is 2.3% which is higher then most saving accounts in the states, such as ally bank.