What is the Scotia US Dollar Daily Interest Account?
The Scotia US Dollar Daily Interest Account is a USD-denominated chequing/savings hybrid offered by Scotiabank to Canadian residents. It is held by the Canadian entity, with funds remaining in Canada and CDIC coverage on eligible deposits up to CA$100,000-equivalent.
Scotia also operates US-side banking through Scotiabank International (which has presences across Latin America and the Caribbean) but does not run a US-resident retail bank comparable to BMO US or TD US. Cross-border features for Canadians are limited to integration with their Canadian-side products.
Fees, balances, and interest
Based on Scotia's published rate sheets as of mid-2026:
| Item | Amount | Notes |
|---|---|---|
| Monthly fee | USD$1.00 (or $0 with min balance) | Waived with USD$200 minimum daily balance |
| USD interest rate | Tiered, modest | Daily accrual on positive balances |
| USD wire incoming | USD$15–17 | Standard SWIFT |
| USD wire outgoing | USD$40–60 | Higher for larger amounts; depends on destination |
| Free transactions | 2/month | Additional transactions charged USD$1.25 each |
Always verify current rates on Scotiabank's official site before opening.
Where it wins
- Lowest minimum balance for fee waiver. USD$200 to avoid the USD$1/month fee is the most accessible among major Canadian banks. Suitable for low-balance USD holders.
- Daily interest accrual. Small but real — better than zero on the standard tier.
- Branch service across Canada. Deposit USD cash and cheques in person.
- Scotia iTrade pairing. Compatible with Scotia iTrade for Norbert's Gambit (though Scotia iTrade has a $9.99 commission per leg).
Where it falls short
- No US-resident sibling account. Unlike RBC, TD, and BMO, Scotia does not have a US-resident bank that integrates with this Canadian USD account. Snowbirds who want a US debit card need to look elsewhere.
- Conversion spread is bank standard. 2.5–3% above mid-market on USD ↔ CAD inside the account.
- Modest interest only. EQ Bank USD Savings typically pays multiples on USD balances above USD$5,000.
Who it makes sense for
- Existing Scotia customers wanting a low-friction USD parking option.
- Low-balance USD holders who can't or won't keep USD$2,500–$3,000 to waive other banks' monthly fees.
- Canadians paid in USD occasionally who don't need a US debit card or US-resident features.
Best alternatives
- EQ Bank USD Savings — higher USD interest, no monthly fee.
- Wise USD account — best for cheap mid-market conversion.
- RBC US Personal Account — see our RBC review.
- TD US Dollar Daily Interest Chequing — see our TD review.
Related guides
- Best USD bank accounts: full comparison
- Norbert's Gambit: convert at mid-market
- Wise vs RBC USD→CAD
- Methodology
Scotiabank US Dollar Daily Interest Account FAQ
Yes, held by Scotiabank's Canadian entity. CDIC coverage applies on eligible deposits up to CA$100,000-equivalent. Funds remain in Canada.
USD$1.00 per month, waived with a USD$200 minimum daily balance — the most accessible fee-waiver threshold among major Canadian banks.
No, unlike RBC (with RBC Bank Georgia), TD (with TD Bank N.A.), and BMO (with BMO US/formerly Harris), Scotiabank does not operate a US-resident retail bank for Canadians. Snowbirds wanting a US debit card need a separate solution.
Yes, on a tiered schedule. The rate is modest but accrues daily. For higher yield consider EQ Bank USD Savings or a USD GIC.
Standard Scotia retail conversion rate, roughly 2.5–3% above mid-market. To convert cheaply, use Norbert's Gambit or Wise.