Cheque2Cheque
Full Member
Cash: $ 11.80
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Joined: 15 Mar 2005
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Why does ING pay 2.8% interest on a savings account in the U.S. but only 1.5% for US dollar savings accounts in Canada?
Thanks,
C2C
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Sat Apr 02, 2005 11:35 pm |
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xboxundone
Senior Member
Cash: $ 67.83
Posts: 796
Joined: 19 Sep 2004
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low overhead no bank branches etc... most business is done online and no overhead.... the buildings oyu walk into cost the banks money and so do the people inside the buildings cut that out and you can offer better interest rates 
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Sun Apr 03, 2005 12:38 am |
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Cheque2Cheque
Full Member
Cash: $ 11.80
Posts: 55
Joined: 15 Mar 2005
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Yes, but it's the same bank in Canada and the US, right? Why do I only get 1.5% on my U.S. money when you get 2.8%?
Thx!
C2C
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Sun Apr 03, 2005 10:35 pm |
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xboxundone
Senior Member
Cash: $ 67.83
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Joined: 19 Sep 2004
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quote:
Originally posted by Cheque2Cheque
Yes, but it's the same bank in Canada and the US, right? Why do I only get 1.5% on my U.S. money when you get 2.8%?
Thx!
C2C
OHHH I see.... hmmm I don't know why man??... I didn't know the rates were that different in different countries....
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Mon Apr 04, 2005 12:05 am |
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jurand
Member
Cash: $ 0.00
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Joined: 03 Apr 2005
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They don't have the overhead of funding a large B&M office and giving people needless money to be tellers and give out real money.
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Mon Apr 04, 2005 1:09 am |
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Rolo
Yo' Daddy
Cash: $ 309.70
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Location: Colorado/Florida
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quote:
Originally posted by Cheque2Cheque
Why do I only get 1.5% on my U.S. money when you get 2.8%?
Maybe the % is metric!
nyuk nyuk 
"Expect me when you see me."
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Mon Apr 04, 2005 11:01 pm |
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Cheque2Cheque
Full Member
Cash: $ 11.80
Posts: 55
Joined: 15 Mar 2005
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Ahh, thanks Rolo. That explains a lot! 
C2C
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Tue Apr 05, 2005 4:25 pm |
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JPMorgan
Contributing Member
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Location: New York City
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I believe it may have to do with the fact that they are taking a risk with carrying the foreign currency. So, the risk they face in the volitilty of the exchange rate decreases the return they are willing to provide you with.
"Sometimes the answer is easier to find than the right question."
www.theatlasgames.org
www.culturastudio.com
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Mon Aug 08, 2005 5:04 am |
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