Does USA has TFSA saving accounts?

[redBlue 1]

I believe Canada has TFSA(tax free saving accounts) accounts for the last three years or so and I was wondering if they have the same type of account in US banks.I'm not refering to IRA retirement accounts etc...Looking for equvilant of TFSA in USA side.

Thnx

[Udella&Wiz 325]

I believe Canada has TFSA(tax free saving accounts) accounts for the last three years or so and I was wondering if they have the same type of account in US banks.I'm not refering to IRA retirement accounts etc...Looking for equvilant of TFSA in USA side.

Thnx

Do you mean like a regular savings account? We have something called a high performance Money market fund, but it basically functions as our regular savings account and we transfer in and out of it whenever. We don't really get taxed though...maybe we just don't have enough it it regularly to be taxed though

[MacTO 6]

I don't know if other banks do, but Wells Fargo where I have a joint account with my USC wife doesn't have it. I have a TFSA with RBC. It's definitely worth keeping it.

Cheers.

[Lenie7 0]

Nope...I've never heard of such a thing in the U.S. You will always be taxed on any interest gained unless it's a special account such as an IRA or some sort of educational type thing.

I believe Canada has TFSA(tax free saving accounts) accounts for the last three years or so and I was wondering if they have the same type of account in US banks.I'm not refering to IRA retirement accounts etc...Looking for equvilant of TFSA in USA side.

Thnx

[redBlue 1]

I did google it but couldn't find it.I believe USA still hasn't adopted TFSA accounts yet.I do see some college saving and health saving accounts,but not the same thing...

Thnx for all the replies.

[zenaxe 22]

Nope USA doesn't. This is a creature of Canada only.

[BriCar 0]

Canadians save.

Americans spend.

[MacTO 6]

Nope USA doesn't. This is a creature of Canada only.

Thank goodness.

Canadians save.

Americans spend.

Speaking of spend, when Canadian banks encourage their customers to go paperless, American banks say that the regulation hasn't been approved and that it is still a few years away. (Well, that's what the customer service guy with RBC USA told me last time when I asked about paperless.) I have RBC Canadian accounts and an American account, which is very convenient in terms of transferring funds. I've gone paperless with the first for quite some time now, but still receive monthly statements with the latter. Wells Fargo joint account as well.

What a waste of resources...

Edited May 11, 2010 by MacTO

[SapphireDreams 71]

Thank goodness.

Speaking of spend, when Canadian banks encourage their customers to go paperless, American banks say that the regulation hasn't been approved and that it is still a few years away. (Well, that's what the customer service guy with RBC USA told me last time when I asked about paperless.) I have RBC Canadian accounts and an American account, which is very convenient in terms of transferring funds. I've gone paperless with the first for quite some time now, but still receive monthly statements with the latter. Wells Fargo joint account as well.

What a waste of resources...

I've had the opposite experience. I'm completely paperless in the US, including my credit cards. In Canada, they refuse to let me go paperless for my line of credit or credit card. They say that anything 'debt' related must stay paper in Canada - it's such a waste because i don't even open my statements anymore, I pay everything online so I just look at all my accounts online anyways. It's so lame.

[Lenie7 0]

I agree with Sapphire. I am totally paperless on all my bills, credit cards, retirement accounts and bank accounts in the U.S., with the exception of my water bill. In Canada, I could only get paperless on some stuff and although my banking was paperless, I couldn't get an actual statement online (TD Canada Trust). I found that to be strange...

I've had the opposite experience. I'm completely paperless in the US, including my credit cards. In Canada, they refuse to let me go paperless for my line of credit or credit card. They say that anything 'debt' related must stay paper in Canada - it's such a waste because i don't even open my statements anymore, I pay everything online so I just look at all my accounts online anyways. It's so lame.

[trailmix 77]

I think the RBC rep and the Canadian rep are both....not telling the truth

Yes, RBC insisted on sending us a paper statement every month too. My CIBC visa here - they insist on sending a hard copy statement - however in both countries I can have my American Express statement paperless.

ING direct in the U.S. - of course there were no paper statements there.

Just making up their own stuff as they go along

[CDAgirlMI 51]

Canadians save.

Americans spend.

Couldn't agree more.

[OBX 51]

Canadians save.

Americans spend.

[SapphireDreams 71]

I don't know, I don't think it's that easy to generalize. My American husband has saved more money than anyone I've ever met. His friends are all pretty good about saving and investing too. My in-laws are also HUGE savers and they are American as well. Whereas a lot of my Canadian friends do not save a penny, I wasn't a very good saver at all and neither were my Canadian parents.

I'd say there's a lot more spending in America, but I'd say there's still a lot of saving going on too and I think the cost of living in the US is a lot lower, so there's more room to spend, while still saving. In Canada, you're paying a premium for gas and other such things so there's less room to spend more and buy more because it all costs more.

[OBX 51]

I don't know, I don't think it's that easy to generalize. My American husband has saved more money than anyone I've ever met. His friends are all pretty good about saving and investing too. My in-laws are also HUGE savers and they are American as well. Whereas a lot of my Canadian friends do not save a penny, I wasn't a very good saver at all and neither were my Canadian parents.

I'd say there's a lot more spending in America, but I'd say there's still a lot of saving going on too and I think the cost of living in the US is a lot lower, so there's more room to spend, while still saving. In Canada, you're paying a premium for gas and other such things so there's less room to spend more and buy more because it all costs more.

Perhaps it reflects the difference from the smaller community I was living in before moving to NJ. Certainly the cost of living here is much higher than where I was but perhaps not as different from say Toronto. I also find I am bombarded with coupons and offers galore making it so much easier to be tempted. But again maybe that's a NJ thing

As far as saving goes I have had the opposite experience from you. Spending and debt seems to be a normal way of living here, where as I grew up saving and investing from the time I had a job.

Edited May 12, 2010 by OBX