Several Canadian banks and other financial institutions offer a savings or chequing account that holds US dollars in Canada; TD, for one, calls its own “Canadian-based U.S. accounts”. The first table lists each institution’s account, its interest rate and its fees from the institution’s page, with a link to that page. An account at a bank in the United States is a different product, covered under cross-border banking below.
Which Canadian banks offer a US-dollar account?
Each row is taken from the institution’s page, and some of the institutions say their rates are subject to change without notice.
| Bank | Account | Interest rate | Fees | Source |
|---|---|---|---|---|
| BMO | BMO U.S. Dollar Premium Rate Savings Account and BMO U.S. Dollar Primary Chequing Account | U.S. Dollar Premium Rate Savings Account: 0.050% interest rate | U.S. Dollar Premium Rate Savings Account: monthly account fee based on Plan limits, transactions based on Plan limits, $0 monthly savings requirement. U.S. Dollar Primary Chequing Account: no fee for the account, no minimum balance requirements for the account, chequing account fee and minimum balance based on Plan limits | BMO's page |
| CIBC | CIBC US$ Personal Account | Regular Interest by daily closing balance, tiered: 0.05% up to $2,999.99; 0.05% from $3,000 to $9,999.99; 0.10% from $10,000 to $24,999.99; 0.25% from $25,000 to $59,999.99; 0.25% on the portion of balances $60,000 and over; CIBC says the rate shown in the highest tier is only earned on the portion of the daily balance at or above that tier | Monthly fee $0; no transactions included, $0.75 US each (effective January 16, 2027: one free transaction per month, $3.00 US for each additional transaction, free transfers to personal CIBC bank accounts and personal lines of credit accounts, excludes Interac e-Transfer Service); paper statements monthly $2.25 US each month | CIBC's page |
| Desjardins | US Dollar Build-Up Savings Account | Tiered by balance: 0.05% on $0 to $99,999; 0.10% on $100,000 to $499,999; 0.15% on $500,000 or more | Regular transactions are free if the monthly balance is kept at US$1,000 or more; below US$1,000 you pay for each transaction; fees are in US dollars | Desjardins's page |
| EQ Bank | EQ Bank US Dollar Account | 2.50% on every US dollar | No everyday banking fees; deposits, electronic funds transfers and linked accounts free; no minimum balance; International Money Transfers powered by Wise carry the fee charged by Wise | EQ Bank's page |
| National Bank | National Bank USD Progress Account | Progressive tiers by balance: 0.000% from $0, 0.000% from $1,000, 0.000% from $2,000, 0.010% from $5,000, 0.100% from $10,000 (balances $0 to $4,999.99 earn 0%; $5,000 minimum balance to generate interest); interest is calculated at the end of each day and paid monthly | Fees are charged in USD. At National Bank branches withdrawals, transfers and withdrawals for bill payment: no fee; bill payments USD 2/bill; cheques USD 1.25/cheque; preauthorized debits USD 1.25/transaction; paper statements by mail USD 2.50/month/account; online statement free; bank drafts in foreign currency USD 9.00/draft for USD 5,000 or less and USD 12.50/draft over USD 5,000 | National Bank's page |
| RBC | RBC U.S. High Interest eSavings (savings); RBC U.S. Personal Account (chequing) | RBC U.S. High Interest eSavings: 0.250% | RBC U.S. High Interest eSavings: monthly fee free; 1 debit included per monthly cycle; $3.00 each over the monthly limit; cheques are not permitted. RBC U.S. Personal Account: $3 per month USD; 6 debits per month, $1.25 each thereafter | RBC's page |
| Scotiabank | Scotia U.S. Dollar Daily Interest Account (savings) | Tiered interest, calculated on daily closing balance, up to 0.05% | Monthly account fee $1 USD or $0 (waived by holding $200 USD or more in the account every day for the entire month; no monthly account fee for seniors); two free debit transactions per month, then $1.25 USD each | Scotiabank's page |
| Simplii Financial | Simplii USD Savings Account | 2.80% annual rate | No monthly service fees; no minimum balance required | Simplii Financial's page |
| Tangerine | Tangerine US$ Savings Account | 0.10% on every dollar, in effect since February 23, 2026 | $0 monthly fee; $0 minimum balance; no unfair fees or service charges (Tangerine's wording) | Tangerine's page |
| TD | TD U.S. Daily Interest Chequing Account; Borderless Plan (U.S. dollar account) | TD U.S. Daily Interest Chequing Account: 0.010% on every tier from $0 to $60,000 and over; Borderless Plan: 0.000% on every tier | TD U.S. Daily Interest Chequing Account: monthly fee $0; transaction fee $1.25 U.S. each; $1,500 U.S. minimum monthly balance for no transaction fees. Borderless Plan: monthly fee $4.95 U.S., no monthly fee with $3,000 U.S. or more at the end of each day in the month; unlimited transactions included | TD's page |
| Wealthsimple | Wealthsimple USD account (up to 8 USD savings accounts) | 2.5% for Core clients, 3% for Premium clients, 3.5% for Generation clients; core and premium clients who direct deposit $2,000+ CAD get an extra 0.5% on their USD savings accounts. Annualized, calculated daily, paid out monthly, subject to change. | No monthly fees, transfer fees or balance requirements; no minimum account balance. | Wealthsimple's page |
A dash means this table shows no figure for that bank.
Checked against each bank's page on October 19, 2026.
Several of the rates are tiered by balance; where the institution says which part of the balance earns each rate, its row gives that wording. What it takes to open an account, including the ID, is on opening a bank account.
What can each account do?
Some of these accounts take US-dollar cheques or cash withdrawals, and others move money mainly by transfer to the institution’s other accounts; this table gives each one’s own description.
| Bank | What the bank says the account can and can't do | Source |
|---|---|---|
| BMO | On the U.S. Dollar Primary Chequing Account BMO lists no extra fee for USD cash withdrawals from a BMO ATM in Canada with an eligible Canadian Chequing Account, and BMO Global Money Transfer from a U.S. dollar account; the U.S. Dollar Premium Rate Savings Account can be included in any bank plan, with one monthly plan fee | BMO's page |
| CIBC | Write U.S. dollar cheques and withdraw U.S. funds from any CIBC Banking Centre or CIBC U.S. currency ATM in Canada; make real-time cross-border transfers between your Canada-based accounts and the CIBC Bank USA Smart Account | CIBC's page |
| Desjardins | Interest calculated daily and paid monthly; transfers between accounts in US or Canadian dollars; cheques and teller transactions included; Desjardins Debit Card not included; US dollars can be withdrawn at the caisse | Desjardins's page |
| EQ Bank | Joint accounts, bill payments, pre-authorised payments, Interac e-Transfer and cheques are not permitted on the account; funds move between a linked external account or the Personal Account; transfers to a US dollar account held in the United States or another country use the International Money Transfer service powered by Wise; the account is not currently available in Quebec; interest paid monthly in US dollars | EQ Bank's page |
| National Bank | Opening an account in US dollars can only be done at a branch. National Bank lists the account as suited to travelling to the United States and making cheques in USD. Transactions cannot be carried out at ABMs, through National Bank online or with a debit card at points of service; transactions can be tracked in National Bank online | National Bank's page |
| RBC | RBC U.S. High Interest eSavings: free online transfers to other RBC deposit accounts in your name, 24/7; Interac e-Transfer, Interac and PLUS ATM access and cross-border debit are not available. RBC U.S. Personal Account: a U.S. dollar chequing account; cross-border debits and PLUS System ATM use in Canada, the U.S. and elsewhere are not available; personalized cheques carry fees | RBC's page |
| Scotiabank | No fee for U.S. dollar drafts (issuing a draft may count towards the debit transaction limit); debit transactions include cheques, pre-authorized payments, cash withdrawals and account transfers | Scotiabank's page |
| Simplii Financial | Deposit USD and non-USD cheques by mailing them in; transfer funds between Simplii CAD and USD accounts; send U.S. dollars to the U.S.; Global Money Transfer to over 130 countries; order a bank draft or money order; receive an incoming wire. No cash deposits or withdrawals, no ATM access and no point-of-sale capability at this time | Simplii Financial's page |
| Tangerine | Save US funds; Canadian dollars can be transferred in and US dollars out | Tangerine's page |
| TD | Transfer funds between your TD Canada Trust Canadian and U.S. dollar accounts online through EasyWeb or the TD app; cheques payable in U.S. currency must be deposited to an eligible U.S. dollar account (cheques must be drawn on a Canadian financial institution); the Borderless Plan includes U.S. bank drafts and basic cheques at no additional cost | TD's page |
| Wealthsimple | Up to 8 USD savings accounts. Fund by transferring USD from another Canadian financial institution, a USD wire transfer, a linked USD bank account or another Wealthsimple account. Wealthsimple says that right now you can't deposit or withdraw physical cash, spend USD from the Visa Platinum Prepaid card, or send and request e-transfers from the USD account, and direct deposit to it is not available yet. | Wealthsimple's page |
Checked against each bank's page on October 19, 2026.
What is cross-border banking?
TD describes cross-border banking as a way to manage money between the U.S. and Canada for people who travel, live, work or shop across the border. It separates Canadian-based U.S. accounts, such as its U.S. Daily Interest Chequing Account, from U.S.-based accounts such as TD Complete Checking, which are at TD Bank, N.A., its wholly-owned U.S. subsidiary. RBC’s U.S. accounts are at RBC Bank (Georgia), N.A., a subsidiary of Royal Bank of Canada, and CIBC’s at CIBC Bank USA. The table gives each bank’s U.S. account, how money moves between it and the Canadian accounts, and the U.S. bank’s own words on deposit insurance.
| Bank | US account and the US bank that holds it | Moving money between the two | Deposit insurance at the US bank | Source |
|---|---|---|---|---|
| CIBC | CIBC Bank USA Smart Account, offered by CIBC Bank USA, a wholly-owned subsidiary of CIBC; no monthly fee for unlimited transactions | Transfer funds in real time between your Canadian and US CIBC accounts | Deposits in the CIBC Bank USA Smart Account are insured up to the applicable limits by the Federal Deposit Insurance Corporation (FDIC) | CIBC's page |
| RBC | RBC U.S. Direct Checking, an account of RBC Bank (Georgia), N.A.: annual fee $39.50 a year with eStatements or $59.50 a year with paper statements, or $3.95 a month with eStatements or $5.95 a month with paper statements | Free transfers between your Canadian and U.S. RBC accounts; RBC's U.S. bank accounts page says free transfers up to $25,000 between your RBC Royal Bank and your RBC Bank U.S. accounts | RBC Bank (Georgia), N.A.: Member FDIC | RBC's page |
| TD | TD Complete Checking, a checking account from TD Bank, America’s Most Convenient Bank; monthly maintenance fee can be waived in three ways; $0 minimum opening deposit; the account can only be opened in a TD Bank, America’s Most Convenient Bank location | Through TD Global Transfer, Visa Direct ($2,500/day) or International Bank Transfer ($10,000/day) to move money between your accounts | TD Bank, N.A. is a Member FDIC; accounts issued by TD Bank, N.A. are not insured by Canada Deposit Insurance Corporation | TD's page |
A dash means this table shows no figure for that bank.
Checked against each bank's page on October 19, 2026.
TD says accounts issued by TD Bank, N.A. “are not insured by Canada Deposit Insurance Corporation”. Whether an account outside Canada has to be reported is on T1135 foreign property.
US-dollar accounts for a business
Several banks offer a US-dollar account for businesses that make and receive payments in US dollars; the table gives each one’s account and fees, and its rate where it pays one, in the bank’s words.
| Bank | Business US-dollar account | Source |
|---|---|---|
| BMO | BMO Business Premium Rate Savings Account in U.S. dollars: 1.10% up to $59,999.99; 2.00% from $60,000.00 up to $500,000; 2.30% from $500,000.01 up to $5,000,000; 2.40% from $5,000,000.01 up to $50,000,000; no interest paid above $50,000,000.01; no monthly fee | BMO's page |
| CIBC | CIBC U.S. Dollar Current Account: monthly fee $8.00 US, all fees charged in U.S. dollars; transactions $1.00 US for each self-service transaction and $1.25 US for each full-service transaction | CIBC's page |
| Desjardins | Build-Up Savings Account for Businesses (CAN$ or US$); a $7 management fee applies to the Build-Up Savings Account, and the US dollar version has the same fees as the chequing account but in US dollars | Desjardins's page |
| EQ Bank | EQ Bank Business US Dollar Account: 2.50% interest on every dollar; no monthly fee or minimum balance; opened after a Business Account | EQ Bank's page |
| National Bank | National Bank business USD account: no foreign exchange fees; transaction fees are based on your transactions, with a minimum of $8 US per month if transaction fees total less than this amount in a month | National Bank's page |
| RBC | RBC U.S. Dollar Business Account: $9 USD monthly fee, which applies only if the minimum daily balance falls below $2,500 USD; debits/cheques $1.25 U.S. each; credits/deposits $1.25 U.S. each | RBC's page |
| Scotiabank | Business Investment Account in U.S. dollars (CAD or USD): interest 2.75% on $25,000 to $1,999,999 and 3.05% on $2,000,000 and over, 0% under $25,000, no monthly fee; Basic Business Account is available in both Canadian and U.S. Dollar accounts | Scotiabank's page |
| TD | TD U.S. Dollar Business Basic Account: monthly account fee $7 U.S.; 5 transactions and 5 deposit items included; cash deposit fee $2.50 U.S. per $1,000 U.S. deposited; transaction fee $1.25 U.S. each and deposit item fee $0.22 U.S. each beyond the included number; interest 0.000% on every tier (rates as of January 13, 2026) | TD's page |
Checked against each bank's page on October 19, 2026.
Choosing and opening a business account is on business bank accounts, and savings for a business in Canadian dollars on business savings.
What does converting between Canadian and US dollars cost?
One bank’s page, for example, says a transfer from its Canadian-dollar account into its US-dollar account converts the funds, and a transfer back converts them again (the bank’s page). The Bank of Canada’s exchange rates are indicative only and may differ from the rates financial institutions give; how a bank’s rate compares is on currency exchange.
- The CAD to USD rate: the CAD to USD exchange rate.
- Each bank’s service for sending money abroad, and what it costs: international money transfers.
- Money transfer businesses, which FCAC lists among the ways to send money to other countries: ways to send money abroad.
- A wire into or out of the account, and each bank’s wire fees: wire transfers.
- Converting inside a brokerage account, the method known as Norbert’s Gambit: Norbert’s Gambit.
Are US-dollar deposits covered by CDIC?
CDIC’s list of eligible deposits includes “Deposits in Canadian or foreign currency”. If a member institution fails, CDIC covers eligible deposits up to $100,000 in each category, principal and interest together, with every category counted on its own. The categories, and which institutions are members, are on CDIC deposit insurance.
Desjardins’s page describes the protection for its Quebec caisses: In Quebec, the Autorité des marchés financiers (AMF) protects insurable deposits up to CAN$100,000 per person, per deposit category; each Desjardins caisse in Quebec and the Fédération des caisses Desjardins du Québec are authorized deposit institutions. Accounts at a U.S. bank are covered under cross-border banking above.
Related pages
Sources
The figures and rules on this page come from these sources, last checked against them between September 14, 2026 and September 25, 2026. How we check facts.
- BMO: Us prem savings
- BMO: Usd chequing
- BMO: Business premium rate savings
- cdic.ca: What's covered — CDIC
- CIBC: Us personal account
- CIBC: Fees and details
- CIBC: Cross border us banking
- CIBC: Us dollar current account
- desjardins.com: Us dollar account
- desjardins.com: Savings accounts
- desjardins.com: Savings Accounts: Set Money Aside for What Matters - Desjardins
- desjardins.com: Index.jsp
- desjardins.com: Plans
- desjardins.com: Open account
- desjardins.com: Rates
- desjardins.com: Interac e transfer
- desjardins.com: Index.jsp
- desjardins.com: Transaction fees
- desjardins.com: Limits funds on hold authorized transits
- desjardins.com: Direct deposit enrollment form
- desjardins.com: Find us
- desjardins.com: Direct deposit
- desjardins.com: Accesd
- desjardins.com: International transfers
- desjardins.com: Aide consultez vos cheques.jsp
- desjardins.com: Debit card
- eqbank.ca: Usd
- eqbank.ca: Us dollar account fees features
- eqbank.ca: Usd
- National Bank: Usd
- National Bank: Bank account rates
- National Bank: Accounts
- National Bank: Usd
- payments.ca: Institution numbers and clearing arrangements
- RBC: Us high interest savings account
- RBC: Direct checking
- RBC: www.rbcbank.com
- RBC: Us bank accounts
- RBC: Usd business account
- Scotiabank: Us dollar interest account
- Scotiabank: Business investment account
- simplii.com: Usd savings account
- Tangerine: Savings Account Interest Rates | Tangerine
- Tangerine: Us dollar savings account
- TD: Us daily interest chequing account
- TD: Bank Account Interest Rates | TD Canada Trust
- TD: Cross border banking
- TD: Usd business basic account
- wealthsimple.com: Usd