Using Banks and Bank Accounts/Canadian Banking vs. U.S.
In Canada, just about any kind of savings account earns, at the most 1.2% / 1.35 %, so any investment in banking draws very little interest. My question can a Canadian deposit funds in a US bank and gain a higher rate of interest than this?
And with the default of many financial institutions in the states, who would be the most trustworthy in your opinion to deposit a sum of investment monies in?Can you give me any information on this idea?
My clients do not necessarily utilize the USA for savings deposits so much as to take advantage of tax laws that favor non-resident investors and those simply looking to do transactional work in the USA. Frankly, it sounds to me like you are getting a better return in Canada than you would in the USA. No banks have defaulted in the USA. There have been some that have "failed" in that they did not meet the regulatory standards. Those banks were taken over by more financially sound banks. I don't believe a single depositor has lost his money.