Best USD Savings Accounts in Canada

US Dollar Savings Account Rates in Canada (October 22, 2026)

Rates are sorted highest first. Where the rate depends on your balance, we sort by the rate on US$10,000 and list the tiers. The rate date is the provider’s own “as of” date where its page shows one; otherwise it is the day we checked, October 22, 2026. Accounts whose USD rate did not appear on the provider’s page are listed as “Not published”, so you can see we checked them.

USD term deposits and GICs (not savings accounts)

Enter a US dollar balance in the calculator below to see the yearly interest at each USD account in the table, before tax.

1. Best USD Savings Accounts in Canada by Category

Highest USD savings rate. EQ Bank’s US Dollar Account pays 2.50%, ten times RBC’s 0.250% and 250 times TD’s 0.010%. On US$10,000 for a year, that is US$250.00 at EQ, US$25.00 at RBC, US$20.00 at Manulife Bank, US$10.00 at National Bank, up to US$5.00 at Scotiabank and US$1.00 at TD.

Best rate at a big bank. RBC’s U.S. High Interest eSavings shows 0.250%, but the rate sat next to a display error on RBC’s page, so treat it as unconfirmed until you see it on your own statement. Its limits are tight: one debit a month, then $3.00 each, with no Interac e-Transfer and no ATM access.

Best for frequent withdrawals. TD’s U.S. Daily Interest Chequing Account has a $0 monthly fee and is a chequing account, built for moving money in and out, but pays only 0.010%. Scotiabank’s U.S. Dollar Daily Interest Account allows two debits a month before charging US$1.25 each.

Best for locking in a USD rate. RBC’s 1-year U.S. Dollar Term Deposit special pays 4.00%. On US$10,000, that is US$400.00 for the year, US$150.00 more than EQ’s 2.50%, in return for leaving the money untouched for twelve months.

Not yet comparable. Wealthsimple offers up to eight USD savings accounts with no monthly fee and no minimum, but its USD page and its help article show different rates, so we have not listed one. Tangerine, BMO and CIBC rates did not appear on their pages.

2. Why Hold US Dollars in Canada

You earn or receive US dollars. If you are paid in US dollars, receive US pension or rental income, or sell US investments, a USD account gives that money a place to earn interest in US dollars until you need it.

You spend US dollars. Snowbirds, frequent travellers and people with US bills or property can pay those costs from US dollars they already hold, and keep the balance earning interest in the meantime.

You invest in US stocks. Savings accounts and brokerage accounts are different products: a USD savings account pays interest at a bank, while a broker’s USD account holds US dollars for buying US-listed investments (section 6). Our guide on how to buy US stocks in Canada covers the investing side, and best brokers for US stocks ranks the platforms.

What a USD account is not for. A USD account is built for US dollars you already have or plan to spend in US dollars. For Canadian dollar savings, the best no-fee rate on October 22, 2026 was 2.85%, above the best USD savings rate of 2.50%, so a Canadian dollar account can pay more on money you will spend in Canada.

Taxable or registered. The USD savings accounts in our table are ordinary taxable accounts, so their interest is taxed each year (section 8). To hold US dollars inside a TFSA, FHSA or RRSP, you would use a broker that offers USD in registered accounts (section 6).

3. The EQ Bank US Dollar Account in Detail

Rate. 2.50% on US dollar balances, effective May 15, 2026; EQ’s rates page shows the same figure. For comparison, EQ’s Canadian dollar Personal Account pays 2.75% with pay direct deposit and 1.00% without.

Fees. EQ states that there are no everyday banking fees on the account. That puts it alongside RBC and TD, which charge no monthly fee on their USD accounts, and ahead of Scotiabank’s US$1 a month below a US$200 daily balance. International transfers go through Wise, and Wise charges its own fee.

What EQ’s page did not say. The product page did not mention a minimum balance, and it did not state deposit insurance for the USD account. Equitable Bank, which trades as EQ Bank, is a CDIC member, and CDIC covers eligible deposits in foreign currency. Please confirm in the account agreement that the USD account is an eligible deposit before you hold a large balance.

What it earns. On US$10,000 for a year, 2.50% pays US$250.00, against US$25.00 at RBC’s 0.250% and US$1.00 at TD’s 0.010%. On US$25,000, the gap to RBC is US$562.50 a year (US$25,000 x 2.25%).

Who it may suit. People who already hold US dollars, want them to earn a meaningful rate without everyday fees, and are comfortable banking with an online bank. If you send US dollars abroad often, check the Wise fee for your usual transfer against your current method. Our EQ Bank review covers EQ’s full lineup, and Wealthsimple vs EQ Bank compares the two side by side.

4. Big-Bank USD Accounts: Rates and Fees

The rates. RBC’s U.S. High Interest eSavings shows 0.250%. Manulife Bank’s US dollar Advantage Account pays 0.20%. National Bank’s USD Progress Account pays 0.000% below $5,000, 0.010% from $5,000 and 0.100% from $10,000. Scotiabank’s U.S. Dollar Daily Interest Account pays up to 0.05%, without showing its tiers. TD’s U.S. Daily Interest Chequing Account pays 0.010% on every balance. BMO, CIBC and Tangerine did not show a USD rate.

Fees can exceed the interest. If you take four withdrawals a month from RBC’s U.S. High Interest eSavings, three are extra, which costs $9.00 a month and $108.00 a year ($3.00 x 3 x 12), against US$25.00 of interest on US$10,000. Four debits a month at Scotiabank cost US$2.50 a month and US$30.00 a year (US$1.25 x 2 x 12), against at most US$5.00 of interest. These accounts work best for money you leave alone.

Cross-border packages. TD’s optional Borderless Plan costs US$4.95 a month, or US$59.40 a year, and is $0 with a US$3,000 balance. A package like this pays off only if you use the features it includes; the 0.010% rate on the underlying account will not cover it.

US rates are not the reason for low USD savings rates. TD’s own US prime rate is 7.00%, with a US base rate of 7.50% (effective September 18, 2026), against Canadian prime of 4.45%. Yet TD’s U.S. Daily Interest Chequing Account pays 0.010%. Big-bank USD savings rates do not follow the bank’s US lending rates.

Why people use them anyway. A big-bank USD account sits next to your Canadian chequing account and moves money between your own accounts at the same bank instantly. If you only hold a few hundred US dollars for travel, the convenience can matter more than the rate. For larger balances, the gap to EQ’s 2.50% is hard to ignore. Our bank accounts in Canada hub and best chequing accounts page cover the Canadian dollar side.

5. USD Term Deposits and GICs

RBC’s 1-year special. RBC shows a limited-time 1-year U.S. Dollar Term Deposit special at 4.00%. Its page did not show the special rates for 2- to 5-year terms, and it did not state fees, a minimum deposit or deposit insurance for the product. This is a term deposit: the money is committed for the year, so it is not a savings account and it does not belong in the savings rate table.

What it pays. On US$10,000, 4.00% pays US$400.00 over the year. That is US$150.00 more than EQ’s 2.50% savings rate and US$375.00 more than RBC’s own 0.250% USD savings rate. The trade is access: you cannot spend the money during the term.

When it may fit. A USD term deposit suits US dollars you already hold and will not need for at least a year, such as money set aside for a US purchase more than twelve months away. If there is a chance you will need it sooner, a USD savings account keeps it available.

Other USD GICs. National Bank lists USD GICs alongside its other GICs, with a $500 minimum for its GICs, but no USD rates appeared on its page. No other provider we checked published a USD GIC rate.

Fixed vs variable. A term deposit locks its rate for the term. EQ’s 2.50% savings rate is variable and can change at any time. For Canadian dollar GICs, where the best 1-year rate was 3.85% on October 22, 2026, see our best GIC rates in Canada page, and GIC vs HISA for how to choose between locking in and staying flexible.

Insurance. CDIC covers eligible term deposits, including deposits in foreign currency, at member institutions, and Royal Bank of Canada is a member. RBC’s page did not state coverage for this product, so please confirm it before you commit a large amount.

6. US Investing and USD Accounts at Brokers

Savings account or brokerage account. A USD savings account at a bank pays interest on US dollars. A USD account at a broker holds US dollars that you use to buy US-listed stocks and ETFs, and at some brokers it can sit inside a TFSA, FHSA or RRSP. The two do different jobs, and their fees and protection differ (section 7).

Wealthsimple’s USD account. Wealthsimple lets you add a USD account to a TFSA, FHSA, RRSP, spousal RRSP, LIRA, RESP, non-registered, margin, corporate or crypto account, but not to a RRIF, spousal RRIF or LIF. It costs Core clients $10 plus tax a month after a 30-day free trial, which is $120 plus tax a year ($10 x 12), and it is included for Premium ($100,000 or more in assets) and Generation ($500,000 or more). Its USD savings accounts are a separate product with no monthly fee. Our Wealthsimple USD accounts review covers each one.

Other brokers. The table lists, in alphabetical order, what each broker states about holding US dollars in registered accounts, with its commission on a US stock trade. For the ranked list, see best brokers for US stocks; its US score uses USD in registered accounts and US commissions, as our rating methodology explains.

US withholding tax by account type. US dividends paid to a Canadian resident are taxed at 15% under the Canada-US tax treaty when the broker has your Form W-8BEN on file, and at 30% without it. US-listed securities held directly in an RRSP, RRIF, LIRA or LIF are exempt under the treaty’s article for retirement arrangements. In a TFSA, FHSA or RESP, the 15% is withheld and cannot be recovered as a foreign tax credit. In a non-registered account, you report the gross dividend and can claim a foreign tax credit for the US tax paid. Our guide to US stocks in a TFSA covers the rules in full.

Interest is different. None of this applies to interest a Canadian bank pays on a USD savings account, which is Canadian income (section 8). To add up what a broker costs you each year in commissions and account fees, use our investment fee calculator.

7. Deposit Insurance for US Dollar Deposits

CDIC covers foreign-currency deposits. CDIC insures eligible deposits in Canadian or foreign currency, including GICs and term deposits, at member banks and trust companies. The limit is $100,000 per insured category at each member institution, including interest. The categories are deposits in one name, joint deposits, deposits held in trust, RRSPs, RRIFs, TFSAs, RESPs, RDSPs and FHSAs.

Interest counts toward the limit. CDIC’s $100,000 includes principal and interest, so leave room for a year’s interest when a balance is near the limit. Each member institution has its own coverage, so splitting a large balance between two members keeps each part inside a separate limit.

What the account pages said. None of the USD account pages we checked stated deposit insurance for the USD account itself: EQ Bank, RBC, Manulife Bank, National Bank, Scotiabank and TD. All six institutions are CDIC members. Please confirm in the account agreement that your USD account is an eligible deposit before you rely on CDIC cover.

Wealthsimple. Wealthsimple’s pages did not state CIPF or CDIC cover for its USD savings accounts when we checked. Its Canadian dollar Savings account is protected by CIPF up to $1,000,000, not by CDIC, so do not assume the USD version is CDIC-insured. Our guide is Wealthsimple safe explains its protection by product.

US dollars at an investment dealer. Cash held at a CIPF member investment dealer is protected by CIPF if the dealer fails: $1,000,000 for general accounts (cash, margin, TFSA and FHSA) and a separate $1,000,000 for retirement accounts (RRSP, RRIF and LIF). CIPF does not cover market losses or crypto assets. Our CIPF vs CDIC guide explains how the two protections differ.

Credit unions and other savers. Saven Financial, a credit union division covered by DICO, and Alterna Bank, a CDIC member, list no US dollar account, so their insurance does not come into play here.

8. Tax on US Dollar Interest

Taxed in Canada, reported in Canadian dollars. Interest on a US dollar account held by a Canadian resident is taxable income in Canada, at your marginal rate, like interest on a Canadian dollar account. You report it in Canadian dollars on your return.

A worked figure. This example is hypothetical. Suppose the US dollar interest you report for the year comes to C$500.00. At a 29.65% marginal rate, which applies at $80,000 of taxable income in Ontario in 2026, the tax is C$148.25 (C$500.00 x 29.65%), and you keep C$351.75 (C$500.00 minus C$148.25). Our tax on savings interest table shows marginal rates in all 10 provinces.

Term deposits too. Interest on a USD term deposit, such as RBC’s 4.00% 1-year special, is taxed in Canada the same way as savings interest, at your marginal rate. On US$10,000, the US$400.00 of interest is fully taxable; at 29.65%, tax takes the equivalent of US$118.60 (US$400.00 x 29.65%).

No US withholding on Canadian bank interest. US withholding tax, 15% under the Canada-US tax treaty for US dividends when your broker has your W-8BEN, applies to dividends from US companies. It does not apply to interest a Canadian institution pays on your USD deposit, which is Canadian income.

Registered accounts. None of the banks we checked published a US dollar savings rate for a TFSA or RRSP. If you hold US dollars inside a registered plan, interest is not taxed while it stays in the plan. For US investments in a TFSA, see US stocks in a TFSA.

9. USD Savings vs Other Ways to Hold US Dollars

Savings account. The best fit for US dollars you hold for spending in the next year or so. EQ’s 2.50% is the only rate we found that pays meaningful interest.

Term deposit. A fit for US dollars you will not touch for a year, at a fixed rate. RBC’s 4.00% special is the only USD term rate we could confirm.

Chequing. A fit for US dollars you spend often. Expect almost no interest: TD pays 0.010%.

Brokerage cash. A fit for US dollars you plan to invest. Protection is CIPF rather than CDIC, and interest on cash varies by dealer. See our Wealthsimple review and the international investing hub for the investing side.

10. How to Choose a USD Savings Account

Start with what the US dollars are for. Spending within months points to an account with easy withdrawals. Money held for a year or more can earn more in a term deposit. Money for US investments may belong in a brokerage account.

Compare the rate after fees at your balance. National Bank pays nothing below $5,000. Scotiabank charges US$1 a month below a US$200 daily balance. RBC charges $3.00 for each debit after the first each month. Work out what you would earn and pay for your own balance and withdrawal pattern.

Check the account fee, not just the rate. Scotiabank’s US$1 a month is US$12 a year (US$1 x 12), more than twice the most it pays on US$10,000 (US$5.00). TD’s optional Borderless Plan is US$59.40 a year unless you keep US$3,000. On a small balance, a fee can outweigh a low rate.

Check how money moves in and out. RBC’s U.S. High Interest eSavings has no Interac e-Transfer and no ATM access. EQ sends international transfers through Wise. Make sure the account can send money where you need it, at a cost you accept.

Confirm insurance in the agreement. The USD account pages we checked did not state their coverage, even though the institutions are CDIC members. Remember that the $100,000 limit at each member includes interest.

How we sort this page. Savings lists on WealthScale are sorted by published rate, not by a score. Our rating methodology covers scored rankings, our editorial standards explain how we check figures, and how WealthScale makes money explains our business model.

11. How to Open a USD Account and Fund It

What you will be asked for. Expect to give your legal name, date of birth, Canadian address and Social Insurance Number, because the institution reports your interest to the CRA, and to verify your identity with government photo ID.

Funding with US dollars you already hold. If you receive US dollars, have them paid straight into the USD account where the provider allows it, or move them from another USD account. Wealthsimple notes that direct deposit into its USD accounts is not yet available.

Choose the account holder. CDIC insures deposits in one name and joint deposits as separate categories, so a couple can hold up to $100,000 in each person’s own name and another $100,000 jointly at the same member, including interest. Decide whose name the account goes in before you open it.

Sending US dollars out. Check the route before you need it. EQ uses Wise for international transfers, with Wise’s fee. RBC’s U.S. High Interest eSavings allows one debit a month before charging $3.00 and has no Interac e-Transfer, so plan withdrawals around those limits.

Keep records for tax. Keep each statement that shows the interest paid. You report that interest in Canadian dollars on your return each year, and the statements are your record if the CRA asks.

12. Common Mistakes With USD Savings Accounts

Treating RBC’s 4.00% as a savings rate. It is a 1-year term deposit special. Fix: compare it with other fixed-term options, and compare savings accounts with EQ’s 2.50% and the big-bank rates in our table.

Leaving large US dollar balances at near-zero rates. US$10,000 at TD’s 0.010% earns US$1.00 a year; at EQ’s 2.50% it earns US$250.00. Fix: move idle US dollars to the highest rate you can use, and keep only what you spend in a low-rate account.

Forgetting that interest counts toward the CDIC limit. Fix: keep each category below $100,000 with room for a year’s interest, and split larger balances between member institutions.

Assuming every USD account is CDIC-insured. Wealthsimple’s pages did not state cover for USD savings, and brokerage cash is CIPF-protected, not CDIC. Fix: confirm the protection for the specific account before you deposit.

Leaving US dollar interest off your return. It is taxable in Canada like any other interest. Fix: keep each statement that shows the interest paid and report it in Canadian dollars on your return.

Paying withdrawal fees on a low-rate account. Fix: batch withdrawals, or use a chequing account for US dollars you spend often.

What You Need to Open a USD Savings Account and What You Get

How It Works: Six Steps to a Better USD Rate

1. Check what your US dollars earn now. Find the rate on your statement. At 0.05% or less, US$10,000 earns US$5.00 a year or less.
2. Decide how much you will spend soon. Keep that amount where you can reach it easily, and treat the rest as savings.
3. Compare rates, fees and debit limits. Use the table above for your balance and your number of withdrawals.
4. Confirm insurance and transfer routes. Read the agreement for CDIC eligibility and check how the account sends and receives US dollars.
5. Move your US dollars. Transfer existing US dollars from another account, or have US income paid in where the provider allows it.
6. Keep records for tax. Keep each statement that shows interest paid, and report the interest in Canadian dollars on your return.

10 Strategies for US Dollar Savings

Illustrative Example: US$20,000 Held for Winters in Arizona

Meet the Experts Behind WealthScale

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Sharad is a CPA Ontario member (No. 61040184) and a Certified Public Accountant licensed in Washington and Montana, with more than 15 years in accounting and tax, a Diploma in Banking and Finance and a Certificate in Small Business Finance. He checks WealthScale content against primary sources. WealthScale is independent of his firm, Gondaliya CPA Professional Corporation, and provides general information only, not personal financial, investment, tax or legal advice.

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