Toronto-based Equitable Bank is rolling out a new savings account for U.S. dollars.
The Equitable Bank U.S. High Interest Savings Account offers an unlimited number of withdrawals, as well as no lock-in periods or maturity dates, the firm said in a release on Monday. Investors can access the account through select wealth management dealers.
The high interest savings account pays 0.50% per year in interest for Series A and 0.75% for Series F.
“We’re on a mission to simplify the banking experience and give customers the best value possible — and that now extends across currencies,” said Andrew Moor, president and CEO of Equitable Bank, in the release. “We look forward to building on today’s announcement in the coming months with more solutions that increase convenience, access and earning potential on USD assets.”
The new account is available ahead of expanded deposit coverage announced by the Canadian Deposit Insurance Corporation (CDIC).
As of Apr. 30, 2020, CDIC insurance will cover eligible deposits held in foreign currencies at member institutions.