If you have U.S. income or other sources of U.S. dollars, you can save on the USD to CAD exchange rate by depositing that money into a U.S. dollar account. The Scotiabank U.S. Dollar Daily Interest Account is one of these. Not only does it give you a place to stash your American dollars, it also has a tiered interest rate that goes up based on your daily balance in the account.
This is mostly useful if you also spend U.S. dollars as well, of course, but if you do, using a U.S. dollar bank account is a way to save on exchange rates and fees. You will need to maintain a minimum balance of US$1,000 in order to earn any interest, however, and if your balance drops below US$200, you'll also pay a US$1 monthly fee.
Scotiabank U.S. Dollar Daily Interest Account features
Here's what this U.S. dollar savings account has to offer.
Why You Want It
Earn up to 0.05% with minimum balance + Save on currency exchange fees.
Special Features
- Tiered interest rate depending on balance
- Competitive foreign exchange rates
- No fee for U.S. dollar drafts
Provinces
ALL
Interest Rates
$5,000 - $9,999
0.025%
$10,000+
0.05%
$0 - $1,000
0%
$1,000 - $4,999
0.01%
Features
# Of Free Transactions
2
# Of Free Interac E-Transfers
N/A
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
Scotiabank U.S. Dollar Daily Interest Account rating: 2.4 stars
While U.S. dollar savings accounts have a purpose for Canadians, they're rarely worth getting particularly excited about. The Scotiabank U.S. Dollar Daily Interest Account has the basic features needed for a U.S. dollar account, but it also has a few drawbacks in terms of minimum balance requirements to avoid fees, or to earn any interest. If you have a driving need for a U.S. dollar savings account, this probably isn't going to be your top choice.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of the Scotiabank U.S. Dollar Daily Interest Account
The upsides to the Scotiabank U.S. dollar savings account are pretty straightforward.
Pros
Avoids currency exchange costs
If you receive and spend U.S. dollars, a U.S. dollar bank account will help you avoid the cost of currency conversion, as well as currency exchange fees. This is almost entirely the purpose of these sorts of accounts. They also help avoid unnecessary fees if you use the money in your U.S. dollar account to pay a U.S. dollar credit card, if you have one.
Tiered interest based on daily account balance
The higher your daily balance in the Scotiabank U.S. Dollar Daily Interest Account, the higher the interest you'll earn. This is a tiered system, that ranges from 0% to 0.05%. Unfortunately, to get that top tier 0.05%, you have to maintain a minimum daily account balance of US$10,000.
Free with a minimum daily balance
Finally, this account costs nothing if you maintain a minimum daily balance of US$200. If your balance drops below that at any point, you will pay a US$1 monthly fee. Obviously this isn't a big deal, but is something to keep in mind, if you ever stop using the account. You will get dinged for those niggling little fees if you're not careful.
Also free with a Scotiabank Preferred Package
Scotiabank clients with a Scotiabank Preferred Package have the option of opening a Scotiabank U.S. Dollar Daily Interest Account for free. This means your U.S. funds can earn interest and grow and you don't have to worry about a pesky monthly fee at all. It's a pretty sweet perk for anyone who has some American cash to stash.
The cons of the Scotiabank U.S. Dollar Daily Interest Account
This U.S. dollar savings account has some other failings in terms of fees and interest rates.
Cons
Minimum balance to earn any interest at all
Not only is interest tiered, the lowest tier has a 0% interest rate. If you want to earn any interest on your U.S. dollars at all, you have to maintain a minimum US$1,000 daily balance. And even then, you'll only earn 0.05% interest. To get that top level interest, you need a minimum balance of US$10,000.
Even top tier interest is pretty paltry
Even if you do manage to hit that top interest tier, you'll still only be earning 0.05% interest on your money. If you have US$10,000 sitting around doing nothing, you might be better off investing that money.
Only 2 free transactions per month
People who travel to the U.S. frequently will often maintain a U.S. dollar bank account they can use while travelling south of the border. The Scotiabank U.S. Dollar Daily Interest Account only allows 2 free debit transactions per month, however, after which they are US$1.25 each. If you need a U.S. account with more free transactions, you'll need to find another option.
Scotiabank U.S. Dollar Daily Interest Account alternatives
Speaking of which, here are a few other U.S. dollar bank accounts you might consider.
 |  |  | |
|---|---|---|---|
| Account | EQ Bank US Dollar Account | Tangerine US Dollar Savings Account | BMO US Dollar Premium Rate Savings Account |
| Genius Rating | |||
| Why You Want It | Earn 2.5% interest + Send international money transfers using Wise. | Earn 0.1% interest on every dollar + Keep your USD funds safe with free transactions. | Earn interest on your U.S. dollars + No added monthly fees. |
| Interest Rates |
|
|
|
| # Of Free Transactions | 0 | N/A | See Issuer for Details |
| # Of Free Interac E-Transfers | 0 | N/A | N/A |
| Max Promotion Rate | N/A | 4.5% | N/A |
| Welcome Bonus Value | N/A | N/A | N/A |
| Promo End Date | N/A | October 31, 2025 | N/A |
| Open an account See more EQ Bank products Compare | Learn More See more Tangerine products Compare | Learn More See more BMO products Compare |
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FAQ
Is there a minimum balance required for the Scotiabank U.S. dollar savings account?
There is no minimum balance required to open an account, but you will not earn any interest on your deposit unless your daily balance is US$1,000 or higher. Also, if your balance is lower than US$200, you'll pay a US$1 monthly fee.
Will I earn interest on the money in my Scotiabank U.S. dollar savings account?
If you maintain a daily balance of at least US$1,000, you will earn interest on the money in your Scotiabank U.S. Dollar Daily Interest Account. The interest rate scales up as well, so the higher your balance, the more interest you'll earn.
Does the Scotiabank U.S. Dollar Daily Interest Account have a monthly fee?
If you don't maintain a minimum daily balance of US$200, you will pay US$1 per month for this account.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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