What is the TD US Dollar Daily Interest Chequing Account?
The TD US Dollar Daily Interest Chequing Account is a USD-denominated chequing account held in Canada through TD Canada Trust. Among TD's foreign-currency options, the TD USD account most Canadians open is the US Daily Interest Chequing. It serves Canadians who receive or pay US dollars and want a parking space that earns at least a small amount of interest, unlike RBC's standard US chequing which pays effectively zero.
It is the most common companion product for Canadians who maintain a TD Cross-Border Banking relationship — TD's US-side personal banking arm. The two products together give Canadian snowbirds and frequent cross-border travellers a fairly complete USD ecosystem.
Fees, balances, and interest
Based on TD's published rate sheets as of mid-2026:
| Item | Amount | Notes |
|---|---|---|
| Monthly fee | $0 | No monthly account fee on this product |
| Per-transaction fee | USD$1.25 | Waived if you maintain a USD$1,500 minimum monthly balance |
| USD interest rate | ~0.01% | TD's posted rate on USD balances — a token yield; verify current rate on td.com |
| USD wire incoming | USD$15–17 | Standard SWIFT incoming |
| USD wire outgoing | USD$40–50 | Higher for amounts over USD$10,000 |
| Free transactions | Limited | Typically 1–2 free per month on basic tier |
| USD cheque deposit | Free | Subject to hold periods |
Always verify current rates on TD's official site before opening — fees update periodically.
Where it wins
- Pays some USD interest. Unlike standard CAD chequing accounts, the TD US Dollar Daily Interest variant accrues interest daily on USD balances. The posted rate is only about 0.01%, so it's essentially a token amount — even a large balance earns just a few dollars a year.
- TD Cross-Border Banking integration. Existing TD customers can link their Canadian and US TD accounts for free same-day transfers. Useful for snowbirds, freelancers paid in USD, and cross-border commuters.
- WebBroker convenience. If you also use TD Direct Investing for self-directed brokerage, USD funds can be moved instantly between the chequing and brokerage USD sides.
- Branch deposits of USD cheques and bills. Walk-in service available at all TD Canada Trust branches.
Where it falls short
- Conversion spread. Moving USD ↔ CAD through the account uses TD's retail conversion rate, which sits at roughly 2.5–3% above mid-market. The account does not get you a better conversion rate than any other TD product.
- Modest interest. The "daily interest" branding sets an expectation the rate doesn't quite meet. EQ Bank's USD savings often pays multiple times the rate.
- Wire fees. Outgoing USD wires at USD$40–50 are expensive for occasional transfers. Wise or Norbert's Gambit beat the bank wire above USD$2,000.
Who it makes sense for
- Existing TD customers who want to keep all banking under one roof.
- Snowbirds with TD Cross-Border Banking on the US side. The combo provides a smooth USD lifecycle.
- Anyone who occasionally deposits USD cheques — most fintech alternatives don't accept paper USD cheques.
It is NOT a good fit for:
- Canadians whose primary goal is converting USD ↔ CAD cheaply (see Norbert's Gambit).
- Canadians wanting to maximise USD interest yield (EQ Bank USD Savings typically wins).
How to open the TD US Dollar account
- Confirm the product. This is the TD U.S. Dollar Daily Interest Chequing Account — a Canadian-held USD chequing account. Snowbirds who also want a US debit card and US routing number usually add a TD Bank (US) cross-border account.
- Apply. Existing TD customers can open it in EasyWeb online banking or the TD app; new customers can apply on td.com or at a branch with government photo ID and their SIN.
- Keep US$1,500 in the account to waive the US$1.25 per-transaction fee — there is no monthly account fee either way.
- 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 rather than TD's retail FX.
Best alternatives
- EQ Bank USD Savings — pays USD interest, $0 monthly fee.
- Wise USD account — US routing number, no monthly fee, mid-market conversion.
- Scotiabank US Dollar account — lowest big-bank monthly fee (US$1.00, waived at US$200).
- RBC US Personal Account — see our RBC review.
- BMO US Dollar account — see our BMO review.
Related guides
- Best USD bank accounts: full comparison
- Norbert's Gambit: convert at mid-market
- Wise vs RBC USD→CAD
- Methodology
TD US Dollar Daily Interest Chequing FAQ
Yes, the account is held by TD Canada Trust with funds remaining in Canada. CDIC coverage applies up to CA$100,000-equivalent on eligible deposits. TD also offers a separate US-resident account through TD Bank N.A. (the US subsidiary) for cross-border banking customers.
$0 monthly fee on this product. Instead, TD charges USD$1.25 per transaction, waived if you maintain a USD$1,500 minimum monthly balance. Premium chequing bundles may waive the fee with other relationship criteria.
No — TD's posted rate is only about 0.01% on USD balances, a token amount. For meaningful USD interest, pair it with a high-interest USD savings option such as EQ Bank USD Savings.
Yes. USD cheques drawn on US banks can be deposited free at TD Canada Trust branches, subject to TD's standard hold periods.
TD's retail conversion rate, typically 2.5–3% above mid-market for amounts under CA$50,000. For cheaper conversion, see Wise (~0.6%) or Norbert's Gambit (~0.07% on Questrade).