Scotia iTRADE today introduced the U.S.-Friendly RRSP, a new service for clients who trade U.S. securities in their Canadian dollar registered accounts. These trades will continue to settle in Canadian dollars but an additional retail foreign exchange markup or ‘spread’* will not be charged.
“At Scotia iTRADE, we are continually looking for ways to deliver value to the online investor, and the new U.S.-Friendly RRSP gives customers an opportunity to diversify their holdings in a more cost-effective manner,” said Bob Grant, Managing Director, Online Brokerage, Scotiabank.
For a flat-fee of $30 per calendar quarter, the U.S. Friendly-RRSP:
- Offers no additional retail foreign exchange mark up or “spread”* on trades of U.S. securities;
- Allows clients to continue to trade in their Canadian dollar registered accounts; and
- Is available for all registered accounts including RESPs and TFSAs
“The U.S.-Friendly RRSP complements our current RRSP offering of the No Annual Fee No Minimum RRSP, giving customers a choice of the service they want for their RRSP accounts,” said Mr. Grant. “For customers with trading strategies that include U.S. securities in their registered accounts, they now can trade without the retail foreign exchange markup. For customers not interested in this type of trading, we continue to offer our No Annual Fee No Minimum RRSP.”
Details and more information are available at http://www.scotiaitrade.com/. To open a Scotia iTRADE account, you may go online at http://www.scotiaitrade.com/, call 1-888-769-3723 or visit a Scotiabank® branch.
* For trades in U.S. securities in Scotia iTRADE’s U.S.-Friendly Canadian dollar registered accounts on a single trading day, the foreign currency component will be transacted at the single, benchmark, mid-market rate used by Scotia Capital Inc. to price its holdings of US/Canadian dollar currencies at the end of that trading day (SCI Rate). Scotia iTRADE will not apply its retail markup or “spread” over and above the SCI Rate to the foreign currency component of the trade. Only trades in U.S. securities in the U.S.-Friendly RRSP will be given this preferential foreign exchange rate. Conditions apply. For details, visit http://www.scotiaitrade.com/. For important information on foreign exchange transactions, visit our Help Centre, under the heading “Converting Funds Between Currencies” at http://www.scotiaitrade.com/. A quarterly fee of $30 (plus applicable taxes) per registered account per calendar quarter applies.
Scotia iTRADE (Order-Execution Only Accounts) is a division of Scotia Capital Inc. (“SCI”). SCI is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. Scotia iTRADE does not provide investment advice or recommendations and investors are responsible for their own investment decisions.
Scotiabank is one of North America’s premier financial institutions and Canada’s most international bank. With more than 70,000 employees, Scotiabank Group and its affiliates serve some 18.6 million customers in more than 50 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $526 billion (as at October 31, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit http://www.scotiabank.com/.
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For further information:
Robyn Harper, Scotiabank Media Communications, (416) 933-1093, [email protected]