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Scotia U.S. Dollar Daily Interest Account review

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Scotia U.S. Dollar Daily Interest Account
Promotional Rate
N/A
Regular Interest Rate
0.1%
Transaction Fee
2 free transactions (including account transfers) per month, then $1.25 each after
Minimum Balance
$0
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Our verdict

Earn interest on your US dollars and enjoy no monthly fees if you keep a minimum balance of US$200 in your account.

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 US$1 monthly fee.

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Please note: All information about Scotia U.S. Dollar Daily Interest Account has been collected independently by Finder and this product is not available through this site.

The Scotia U.S. Dollar Daily Interest 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 US$1 to maintain your account (though waived with a $200+ daily balance or with the Seniors Discount). In return, you’ll get 2 free debits per month and you’ll enjoy competitive exchange rates on transfers.

How do interest rates work on this account?

The interest rates you’ll earn on your Scotia U.S. Dollar Daily Interest 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 more0.05%
$5,000 – $9,9990.02%
$1,000 – $4,9990.01%
Up to $9990%

What are the benefits of this account?

The Scotia U.S. Dollar Daily Interest Account comes with several benefits:

  • Low monthly fees. You’ll only pay US$1 per month to maintain this account, and waived with a $200+ daily balance or with 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 Scotia U.S. Dollar Daily Interest Account to ensure that it remains active.
  • Competitive exchange rates. You’ll be able to transfer your funds into US dollars and back to Canadian dollars with competitive exchange rates.
  • 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 Scotia U.S. Dollar Daily Interest 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 US$1,000. You won’t earn any interest on any balance that you hold that sits under US$1,000.
  • 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 US$1.25 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.

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How do I open a Scotia U.S. Dollar Daily Interest Account?

Follow these steps to open a Scotia U.S. Dollar Daily Interest Account online:

  1. Go to Scotiabank’s website and find the page for the Scotia U.S. Dollar Daily Interest Account.
  2. Click on the “Book appointment” button at the top of the page or call the toll-free number listed at the bottom of the page.
  3. Gather information to bring to your appointment and be prepared to submit personal details such as your name, address, Social Insurance Number and government-issued ID to prove your identity.

Eligibility requirements

To apply for a Scotia U.S. Dollar Daily Interest Account, you need to meet the following criteria:

  • Be a Canadian citizen or resident who is at least 18 years old (19 in some provinces)
  • 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 Scotia U.S. Dollar Daily Interest 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 Scotia U.S. Dollar Daily Interest Account.

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