The Tangerine US Dollar Savings Account is made for people who need a place to put some USD they have kicking around – or even deposit some income that comes in as USD. By using this account, you don’t have to convert the money to CAD, which could be a big help if the exchange rates are particularly bad.
For no monthly fee, you can keep all your USD safely stored in a savings account earning a low (but competitive) 0.1% interest rate. You can even take advantage of their customizable Automatic Savings Plans.
Tangerine US Dollar Savings Account features
Below are the main features of a US dollar savings account.
Why You Want It
Earn 0.1% interest on every dollar + Keep your USD funds safe with free transactions.
Special Features
- Automatic Savings Programs to help you save
Provinces
ALL
Interest Rates
Any balance
0.1%
Features
# Of Free Transactions
N/A
# Of Free Interac E-Transfers
N/A
Max Promotion Rate
4.5%
Welcome Bonus Value
N/A
Promo End Date
October 31, 2025
Tangerine US Dollar Savings Account product rating: 4.2 stars
Considering the pretty drab competition that the big Canadian banks put up, the Tangerine US Dollar Savings Account is one of your best options in Canada. All the main features of your account have no fees attached to them, making it much easier to access your funds. You’ll also get a low but competitive interest rate on every dollar.
The downsides of this account are that it’s a pretty niche product, and the interest rates aren’t comparable to what you can get on normal Canadian savings accounts from online banks.
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 Tangerine US Dollar Savings Account
When compared to similar products offered by the big Canadian banks, Tangerine does have a few features that stand out.
Pros
No minimum balances or monthly fee
The standard interest rate you can earn with the Tangerine US Dollar Savings Account applies to every dollar in your account. There are no tiers or stipulations to worry about – just a flat rate on everything. And it’s all for no monthly fee.
Automatic Savings Program
As the name suggests, Tangerine's Automatic Savings Program is a feature that lets you automatically transfer money from your other accounts into your Tangerine US Dollar Savings Account on a regular basis. You can set this up via the app or your online banking account, choosing the amount and frequency that you prefer.
The cons of the Tangerine US Dollar Savings Account
But there are a few places this account could be improved.
Cons
Standard interest rate is only relatively good
Though the 0.1% standard interest rate on this account is impressive when compared to the big bank accounts you can see below, in the grand scheme of things – that’s really a pretty dismal rate. To put it into perspective, if you left $1,000 in the account over a year – you’d only earn $1.50.
No debit card access
If you’re looking for a way to easily spend your U.S. dollars when you’re on the go, you might be out of luck. We couldn't confirm that Tangerine provides any kind of debit card for holders of this account.
Your savings calculator
Want to know how much your stockpile of cash will be worth after some time at Tangerine’s current interest rate?
Play around with our instant savings calculator below:
Savings Info
Tangerine US Dollar Savings Account alternatives
So how does Tangerine’s entry into the US Dollar savings account field hold up when compared to other big banks?
 |  |  | | |
|---|---|---|---|---|
| Account | Tangerine US Dollar Savings Account | EQ Bank Notice Savings Account | Scotiabank Money Master Savings Account | EQ Bank US Dollar Account |
| Genius Rating | ||||
| Why You Want It | Earn 0.1% interest on every dollar + Keep your USD funds safe with free transactions. | Earn up to 2.5% interest + Unlimited withdrawals with advanced notice. |  $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. | Earn 2.5% interest + Send international money transfers using Wise. |
| Interest Rates |
|
|
|
|
| # Of Free Transactions | N/A | Unlimited | 0 | 0 |
| # Of Free Interac E-Transfers | N/A | 0 | 0 | 0 |
| Max Promotion Rate | 4.5% | N/A | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | October 31, 2025 | N/A | N/A | N/A |
| Open an account See more Tangerine products Compare | Open an account See more EQ Bank products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more EQ Bank products Compare |
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FAQ
What’s the Tangerine US Dollar Savings Account good for?
This account is for people who either have a pile of money in USD already, or are earning some sort of income in USD. By depositing USD in this Canadian account, you don’t have to convert to CAD. This can help you avoid losing money in exchange rates. Click here to see more about this account.
What’s the interest rate on the Tangerine US Dollar Savings Account?
Currently, the Tangerine US Dollar Savings Account has an interest rate of 0.1%, which is competitive but not necessarily good.
Do I need to pay a fee for the Tangerine US Dollar Savings Account?
No, the Tangerine US Dollar Savings Account has no monthly fee.
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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