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.

💡 At a glance: Monthly fee US$1.00, waived with a US$200 minimum daily balance (or free if you're 60+). Interest is tiered up to about 0.05%, starting once your balance reaches US$1,000. Two free debit transactions per month, then US$1.25 each; no fee for US dollar drafts. Outgoing SWIFT wires carry the usual bank fee — see the table below.

Fees, balances, and interest

Based on Scotia's published rate sheets as of mid-2026:

ItemAmountNotes
Monthly feeUSD$1.00 (or $0 with min balance)Waived with USD$200 minimum daily balance
USD interest rateTiered, modestDaily accrual on positive balances
USD wire incomingUSD$15–17Standard SWIFT
USD wire outgoingUSD$40–60Higher for larger amounts; depends on destination
Free transactions2/monthAdditional transactions charged USD$1.25 each

Always verify current rates on Scotiabank's official site before opening.

Where it wins

Where it falls short

Who it makes sense for

How to open the Scotiabank US Dollar account

  1. Check that it fits. The Scotia U.S. Dollar Daily Interest Account is a USD savings/parking account, not a full chequing account — there's no US debit card or US routing number.
  2. Apply. Existing Scotiabank customers can add it through online banking; new customers can apply on scotiabank.com or in a branch with government photo ID and their SIN.
  3. Keep US$200 in the account to waive the US$1.00 monthly fee — or skip the fee entirely if you're 60 or older.
  4. Fund it. Deposit USD cash or cheques at a branch, or transfer USD in. To move CAD in cheaply, convert first with Norbert's Gambit or Wise instead of Scotia's retail FX.

Bottom line: the Scotia U.S. Dollar Daily Interest Account is the cheapest big-bank way to hold USD — a US$1.00 fee that's easy to waive and no minimum to open the account. It won't earn you real yield (about 0.05%) or give you a US debit card, so treat it as a low-cost parking spot and pair it with Norbert's Gambit or Wise whenever you actually need to convert between USD and CAD.

Best alternatives

Related guides

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.