Scotia U.S. Dollar Daily Interest Account review
- Promotional Rate
- N/A
- Interest Rate
- 0.01%
- Transaction Fee
- Get 2 free transactions (including transfers) per month, then pay $1.25 each.
- Minimum Balance
- $0
Our verdict
The Scotiabank USD account lets you earn interest on your US dollars and avoid monthly fees with a minimum $200 USD balance.
The Scotia U.S. Dollar Daily Interest Account lets you earn interest in US dollars. You'll start earning interest when you have US$1,000 in savings, though there's no minimum balance required to keep this account open. You can also take advantage of 2 free debits per month for only a monthly fee of $1 USD.
Pros
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Earn tiered interest in USD
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Two free transactions per month
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Free US dollar drafts
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Monthly fee waived with $200+ USD balance
Cons
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No interest paid on balances under $1,000
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Third and subsequent transactions cost $1.25 each
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Cannot apply online (must be in person or via phone)
The Scotiabank USD account is a cross-border account that lets you earn a tiered interest rate on your US dollar savings. You’ll pay a monthly fee of $1 USD to maintain your account (though waived with a $200+ USD daily balance or the Seniors Discount). In return, you’ll get 2 free debits per month and you’ll enjoy competitive exchange rates on transfers.
Scotiabank USD account interest rates
The interest rates you’ll earn on your Scotiabank USD account are outlined below. These rates are paid on the portion of the balance within each tier.
| Balance (USD) | Annual interest rate |
|---|---|
| $10,000 or more | 0.05% |
| $5,000 – $9,999 | 0.025% |
| $1,000 – $4,999 | 0.01% |
| Up to $999 | 0% |
What are the benefits of the Scotiabank USD account?
The Scotia U.S. Dollar Daily Interest Account comes with several benefits:
- Low monthly fees. You’ll only pay $1 USD per month to maintain this account, which is waived with a $200+ USD daily balance or the Seniors Discount.
- Earn interest in US dollars. You’ll earn tiered interest rates in US dollars, which will amount to more money if you decide to transfer your funds into Canadian dollars.
- Two free debits per month. You’ll get 2 free debits per month, which can include cheques, bill payments, cash withdrawals and account transfers.
- No minimum deposits. You won’t need to keep a minimum balance in your Scotiabank USD account to ensure that it remains active.
- Free US drafts. There’s no fee for US dollar drafts purchased from this account.
- Automatic deposits. You can have your pay cheque or pension automatically deposited into your account.
What should I look out for?
The Scotiabank US dollar account comes with a couple of drawbacks:
- No online application. You can only sign up for this account if you call in or sign up by booking an appointment at a branch.
- No interest under $1,000 USD. You won’t earn any interest on any balance that you hold that sits under $1,000 USD.
- Currency exchange rates. You might spend a significant amount on foreign exchange rates if you regularly transfer funds between your US and Canadian account.
- Limited transactions. You’ll only get two free debits per month and after that you’ll be required to pay $1.25 USD per transaction.
- No ATM withdrawals. Only teller-assisted debits are allowed on this account, so it’s not possible to make ATM withdrawals or debit purchases.
Compare Scotiabank with other savings accounts
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How do I open a Scotiabank USD account?
Follow these steps to open a Scotiabank US dollar account online:
- Go to Scotiabank’s website and find the page for the Scotia U.S. Dollar Daily Interest Account.
- Select Book appointment or call the toll-free number listed at the bottom of the page.
- Gather information to bring to your appointment. Be prepared to submit personal details like your name, address, SIN and government-issued ID to verify your identity.
Eligibility requirements
To apply for a Scotiabank US dollar account, you need to meet the following criteria:
- Be a Canadian resident
- Be at least the age of majority in your province or territory (18 or 19)
- Be opening a sole account in your name
Required documents and information
- Your name, residential status and contact information
- Your Social Insurance Number (optional) and date of birth
- Your email address and phone number
How do I deposit or withdraw my money?
Once you put money into your Scotiabank USD account, you can easily transfer it out by visiting a branch in person. You can also transfer your money using an online transfer. You won’t have access to ATM withdrawals, debit purchases or Interac e-Transfers with this account.
You’ll be able to deposit funds into this account by sending them to yourself from your other Scotiabank accounts. You can also sign up for direct payroll or pension deposits. It’s also possible to deposit a cheque into this account or put money in by visiting a branch in person.
How can I get in touch with customer service?
You have a few options available to connect with Scotiabank customer service:
- By phone. Call Scotiabank’s toll-free number to speak with an agent at any time of day or night.
- In person. Visit a branch in person to speak to an agent about your banking needs.
- By email. Send inquiries by email to Scotiabank’s generic email inbox or send a secure message through your online account.
- Through social media. Use Facebook or Twitter to ask any questions you may have about the Scotiabank US dollar account.
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