Compare CIBC US Personal Account & Meridian US Dollar Chequing Account
Compare CIBC US Personal Account &. Meridian US Dollar Chequing Account
The CIBC US$ Personal Account allows you to deposit, withdraw and save in USD. You can manage your US $ funds easily with this chequing account. Click here to get started.
The Meridian Credit Union offers another similar chequing account. It is a US Dollar Chequing Account. You can do online, mobile, in-branch, and telephone banking. Open this account now.
Are you confused about which one is the best chequing account for you? Let us explore both and do a comparative analysis.
1. CIBC US$ Personal Account
WELCOME OFFER
Presently CIBC is not offering introductory benefits or opening cash bonuses on this chequing account.
FEATURES
- Eligibility
| a. | You must be a Canadian resident. |
| b. | You are a major as per the age of majority set by your province. |
| c. | You have a valid Government ID, like Passport, Driving License, etc. |
- Interest Rate:
- You get an interest rate of 0.25% on every dollar
- Bank calculates this interest daily and paid to you monthly
- Minimum Balance:
- You are not required to keep any minimum balance
- Transactions:
- For every transaction, you will pay US$0.75
- Monthly Fees:
- There is no monthly fee
CIBC US$ personal account Benefits
2. U.S. Dollar Chequing Account – By Meridian Credit Union
WELCOME OFFER
Presently Meridian Credit Union is not offering any introductory benefit or an opening cash bonus.
FEATURES
- Eligibility
| a. | You must be a Canadian resident. |
| b. | You are a major as per the age of majority set by your province. |
| c. | You have a valid Government ID, like Passport, Driving License, etc. |
- Interest Rate:
- This account offers tiered interest rates on every U.S. dollar. See the table below:
| Balances | Interest Rate |
| $0 – $4,999 | 0.025% |
| $5,000 – $24,999 | 0.05% |
| $25,000+ | 0.10% |
- Minimum Balance:
- There is no requirement for any minimum balance
- Transactions:
- For every transaction, you will pay $1
- Monthly Fees:
- There is no monthly fee
Meridian US$ Chequing Account Benefits
COMPARATIVE ANALYSIS
| Parameters | CIBC US$ Personal Account | US Dollar Chequing Account – By Meridian Credit Union |
| Monthly Fee | $0 | $0 |
| Interest Rates | 0.25% | 0.025% – 0.10% |
| Minimum Balance | Not applicable | Not applicable |
| Transactions | $0.75 | $1 |
Out of the four parameters mentioned above, the CIBC US$ Personal Account scores were higher among the two. There is a tie in the other two.
OPINION of Expertbyarea.Money
The CIBC US$ Personal Account offers you a higher interest rate (0.25% p.a.). The cost of making each transaction is $0.75, which is also comparatively less.
US Dollar Chequing Account–By Meridian Credit Union offers a lower interest rate (a maximum of 0.10% p.a.) and charges a higher transaction fee ($1 each).
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