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Offical RFD thread for US Dollar Savings Accounts based in Canada (Updated 2021-NOV-11)

  • Last Updated:
  • Jun 29th, 2022 2:32 am
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Offical RFD thread for US Dollar Savings Accounts based in Canada (Updated 2021-NOV-11)

Things to Note:
- Rates were last updated as of the date in the thread title at the top.
- The order listed is from highest rate to lowest rate. If multiple accounts have the same rate, they will be listed in alphabetical order.
- These accounts are US Dollar accounts available at Canadian Financial Institutions. USA based accounts not listed.
- The rates are assumed to be earned on the full balance starting at $0.01 - Unless specifically mentioned.
- Interest is calculated on the daily closing balance and paid monthly unless stated otherwise.
- Only accounts available to all Canadians (except Quebec) will be listed.

Other Helpful Links:
- Canadian Dollar High Interest Savings Account Rates: HERE
- Canadian Dollar Tax Free Savings Accounts Rates: HERE

NOTE: Short Term Offers will be listed below in the thread summary after this first post (members please update as you see fit, and remove old ones, as I will not actively be updating the thread summary post)

EQ Bank - US Dollar Account
• Rate: 1.40%
• Can push/pull funds to/from USD accounts at other Canadian banks.

First Ontario Credit Union - US Dollar Investment Savings Account
• Rate: 0.5%
Only available to Ontario residents.
• Requires a $25 membership share.

Hubert Financial - American Dreams US Savings Account
• Rate: 0.25%
• Can push/pull funds to/from USD accounts at other Canadian banks.
• Requires a $5 membership share.

Canadian Western Bank - US Dollar Savings Account
• Rate: 0.2%
• $5/transaction..

Manulife Bank - US$ Advantage Account
• Rate: 0.2%
• Can push/pull funds to/from USD accounts at other Canadian banks.
Must be opened with an advisor.

Simplii Financial - USD Savings Account
• Rate: 0.1%

Tangerine - US Dollar Savings Account
• Rate: 0.1%
• Can push/pull funds to/from USD accounts at other Canadian banks.
• Sometimes you can get a promo rate that will beat the interest paid by any other Canadian USD account.

ATB - US Dollar Savings Account
• Rate: 0.05% (0.1% if balance > $5000)
Only available to Alberta residents.

CIBC - US$ Personal Account
• Rate: 0.05%
• $0.75/transaction.

RBC - US High Interest eSavings
• Rate: 0.05%
• 1 free transaction/month at teller or RBC ATM, then $3/transaction. Free unlimited internal transfers to RBC accounts in the United States for those with RBC Bank USA accounts as well.

1Q - USD Savings Account
• Rate: 0.03%

*Ideal Savings – “US Dollar Savings Account” – Rate: 0.00% (0.00% > $100 and 0.00% > $5,000 – applies to whole balance)
-- Note: Must purchase $5.00 credit union share when opening first account with the credit union.

*Scotiabank – “US Dollar Daily Interest Savings” – Rate: 0.00% (0.01% > $1,000, 0.025% > $5,000, 0.05% > $10,000)
-- Note: Interest rate only paid on part of balance that is with-in that tiered portion. Only included this account on the list because it has no monthly fee with $200 minimum balance, and it has chequing privileges with first two transactions free.


NOTE: THIS IS A WORK IN PROGRESS. IF YOU KNOW OF OTHER ACCOUNTS YOU WOULD LIKE LISTED PLEASE POST BELOW IN COMMENTS. THANKS
Last edited by Shawguy on Jul 12th, 2022 11:23 pm, edited 20 times in total.
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Thread Summary
Do you see info that's inaccurate or out of date? Or do you know of a decent Canadian USD account that's missing from this list? Hit the Edit button below this thread summary and update it yourself.

Short-Term USD Offers

• Simplii Financial: 1.65% through September 30, 2022. If you already have a Simplii USD account, you can still get this offer by calling in.

Best Non-Promotional USD Rates

EQ Bank - US Dollar Account
• Rate: 1.4%
• Can push/pull funds to/from USD accounts at other Canadian banks.

Canadian Western Bank - US Dollar Savings Account
• Rate: 0.8%
• $5/transaction.

First Ontario Credit Union - US Dollar Investment Savings Account
• Rate: 0.75%
Only available to Ontario residents.
• Requires a $25 membership share.

ATB - US Dollar Savings Account
• Rate: 0.25%
Only available to Alberta residents.

CIBC - US$ Personal Account
• Rate: 0.25%
• $0.75/transaction.

RBC - US High Interest eSavings
• Rate: 0.25%
• 1 free transaction/month, then $3/transaction.

Manulife Bank - US$ Advantage Account
• Rate: 0.2%
• Can push/pull funds to/from USD accounts at other Canadian banks.
Must be opened with an advisor.

Hubert Financial - American Dreams US Savings Account
• Rate: 0.1%
• Can push/pull funds to/from USD accounts at other Canadian banks.
• Requires a $5 membership share.

Simplii Financial - USD Savings Account
• Rate: 0.1%

Tangerine - US Dollar Savings Account
• Rate: 0.1%
• Can push/pull funds to/from USD accounts at other Canadian banks.
• Sometimes you can get a promo rate that will beat the interest paid by any other Canadian USD account.

1Q - USD Savings Account
• Rate: 0.03%

Scotiabank - US Dollar Daily Interest Account
• Rate: 0% (0.01% on portion > $1000, 0.025% on portion > $5000, and 0.05% on portion > $10 000)
• The $1/month fee is waived with a $200 minimum balance.
• This account has chequing privileges.
• Two free transactions/month, then $1.25/transaction.

Related Threads

Top High Interest Savings Accounts

Top Tax Free Savings Accounts
90 replies
Deal Fanatic
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May 11, 2014
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Nice job @Shawguy !

Ones you can add...

**1Q – “1Q Savings Account US$” – Rate: 0.45%

**ATB - "US Dollar Savings Account" - Rate: 0.05% (0.10% > $5000)
--Note: Free in-branch withdraws and transfers and electronics transfers between Canadian dollar ATB Accounts. $5.00 per cheque

Only added ATB because there is a decent promo at the moment that started April.
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Thanks @xgbsSS

Updated
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Sr. Member
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Oct 14, 2017
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Thank you for this great thread. I got a buncha USD sitting @ Meridian CU @ 0.025%

I'll be looking into First Ontario Credit Union.
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kthxbye wrote: Thank you for this great thread. I got a buncha USD sitting @ Meridian CU @ 0.025%

I'll be looking into First Ontario Credit Union.
Glad it helped
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Great thread. Listing number of no-fee withdrawals can help. Say idea how many no-fee withdrawals, if any, at First Ontario?
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Not sure if you want to include investment savings accounts like, for example, TD’s offering TDB8152, currently paying 1.2%.
[OP]
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updated Dec 11/19
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Member
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This is perfect, just as soon as I was looking for something like this. A list of highest U.S. savings account. Thanks a lot!

P.s. so far Tangerine seems to have the most competitive short term GICs.
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There's also Vancity for BC residents. USD account is marketed as a chequing account, but earns some modest daily interest that edges out Scotiabank. No monthly fee, no minimum balance. One free in-branch withdrawal and one free cheque per month. 70¢/50¢ each otherwise. https://www.vancity.com/Banking/Chequin ... /USDollar/

<$5k: 0.05%
$5k-25k: 0.1%
$25k-60k: 0.15%
$60k: 0.2%
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Do we have a list of USA based account? Or is there a thread that's tell how to create a USA based account in Canada?
Thanks.
torontodragon
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Wow that was quick. I checked yesterday and it was still 1.50 at that time. Lol

Edit...on the account page it says 1.25 but on the rates page is 1.50. It is likely 1.25 so I changed it but... There is a discrepancy
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Shawguy wrote: Wow that was quick. I checked yesterday and it was still 1.50 at that time. Lol

Edit...on the account page it says 1.25 but on the rates page is 1.50. It is likely 1.25 so I changed it but... There is a discrepancy
huh weird! We'll have to keeP an eye out!
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torontodragon wrote: Do we have a list of USA based account? Or is there a thread that's tell how to create a USA based account in Canada?
Thanks.
The cross-border banking and CC's megathread is what you are looking for.

Your access to various rates will depend on how much effort you're willing to put into this. Consider that some require residency, some require SSN, some require at least ITIN, some require going to their branch physically, and some require filling out a PDF :lol: these FI's also may change their rules any time, so best to follow that thread.

Most are more interested in the US CC's they can get with a US deposit account primarily used to pay CC's, but for HISA's & CD's (US equivalent for GIC's) you can find anything under the sun.
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titaniumtux wrote: The cross-border banking and CC's megathread is what you are looking for.

Your access to various rates will depend on how much effort you're willing to put into this. Consider that some require residency, some require SSN, some require at least ITIN, some require going to their branch physically, and some require filling out a PDF :lol: these FI's also may change their rules any time, so best to follow that thread.

Most are more interested in the US CC's they can get with a US deposit account primarily used to pay CC's, but for HISA's & CD's (US equivalent for GIC's) you can find anything under the sun.
Thanks for the info.
torontodragon
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Updated today March 21, 2020.
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[OP]
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Updated July 24, 2020.

Only change Tangerine down from 0.25 to 0.20 (Appears that happened in April)
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Dec 20, 2018
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At these rates, I'm basically going to buy treasuries and govt bonds once my tangerine promo ends in Nov

Glad I earned over 10k in tangerine interest for my USD over the last year !

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