Scotiabank USD Account Overview

With this account, you can benefit from an interest rate that gets higher the more your balance increases.

Scotiabank USD Account

One of the most popular USD accounts for Canadians is the Scotiabank US Dollar Daily Interest account. It's an excellent option for saving US cash or depositing money received in US dollars. You won't have to switch your money into Canadian dollars if you open a Scotiabank USD account, which is a major plus if the exchange rates aren't in your favor.

With this Scotiabank account, you can benefit from an interest rate that gets higher the more your balance increases. Read on to learn everything there is to know about the Scotiabank USD account and how it can benefit you.

How to Create a USD Account With Scotiabank

A Scotiabank US Dollar Daily Interest account must be signed up for by going into a branch or contacting the bank by phone. Here’s how to do so.

Sign up by phone

Call Scotiabank on either 1-800-747-3208 or 1-800-747-3208.

Sign up in a branch

You can book an appointment to open an account using the Scotiabank website to see the nearest branch to you. Use the map link to find your branch.

You can also chat with a live agent online to book an appointment with an advisor.

Key features

Scotiabank offers a smarter way to save your US dollars in an account you can manage easily from your phone or via their online banking and app.

Here are the account’s key features.

  • No monthly account fee with a minimum balance of 200 USD.
  • Two debit transactions per month are free.
  • Interest is calculated using a tiered system based on your daily closing balance, and your interest rate rises as your balance rises.
  • ZERO cost for purchasing US dollar drafts from this account.
  • Each month, you are entitled to two complimentary teller-assisted transactions.
  • Monthly Fees & Interest Rate & Minimum Balance

    Monthly fees:

    Scotiabank charges no monthly fees as long as you maintain a 200 USD balance daily. Otherwise, it is only 1 USD per month.

    Interest rate:

    Account holders benefit from a tiered interest rate that can be as high as 0.05% depending on your account balance.

    Minimum Balance:

    There is no minimum balance for the BMO US dollar account, so $0.


    If you open a new bank account you could benefit from Scotiabank’s Ultimate Package. Here’s how to earn a 300 CAD bonus.

  • Open either an Ultimate Package or a new Preferred Package account before July 29, 2021.
  • Within 60 days after opening your account, complete any two of the following tasks:
  • Make a $50 bill payment using online or mobile banking.
  • Set up and clear at least two separate $50 or more recurring pre-authorized transactions that will each recur monthly for a minimum of three months.
  • Set up and clear at least one qualified automated and recurring direct deposit, such as a payroll or pension, for a minimum of three months.
  • Currency Exchange Using USD Account

    Create your free account

    Sign up for an account at by entering your email address and choosing a password. Your Canadian phone number will be required to be verified. Fill in your personal information, such as your name and address.

    Step 1 image
    Go to the menu

    From the menu, select Exchange Currency. Now enter the details of your currency exchange, depending on your exchange amount further verification may be required.

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    Connect your accounts

    Connect your CAD and USD bank accounts

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    Confirm your details

    Choose the amount and confirm your exchange rate. The entire transaction takes place between your own two currency accounts via EFT

    Step 4 image
    You’re almost done!

    Convert your money! You can see all of your transactions in future by going to the Dashboard and clicking on the Transactions tab.

    Step 5 image

    Other USD Accounts

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