Best U.S. Dollar Chequing Accounts In Canada For May 2024

Besides having absolutely no fees to speak of (not even on transactions and transfers), the EQ Bank U.S. Dollar Account is a great option for banking in U.S. currency because it has the highest annual percentage yield one can generate when compared to any other U.S. dollar account on this list.

• Earn 3.00% interest on U.S. dollar balances.
• Must open an EQ Bank Savings Plus Account to open a U.S. Dollar Account.
• Send money abroad through the EQ Bank app.
• No monthly fees.
• No minimum balances.
• No transaction fees.
• CDIC insured up to $100,000.
• Money must be transferred to the Savings Plus Account or an account at another bank before it can be used toward purchases on your EQ Bank Card or withdrawn as cash.
• Wise charges a fee to send USD abroad through the EQ Bank app based on the current exchange rate, how much you are sending and how you are sending it.

The lack of monthly fees and minimum deposit requirements and a relatively high APY make the Meridian Credit Union U.S. Dollar Chequing account an attractive option—but only if you don’t need to conduct many transactions.

Meridian Credit Union is the third largest credit union in Canada, giving its users access to its network of 43,000 thousand ABMs nationwide. Its U.S. dollar account offers notably higher interest rates than its competitors on balances, especially if they are on the higher side.

It’s worth mentioning that, regardless of your balance, you will pay a dollar for each self-service transaction—including ABM withdrawals, bill payments, electronic transfers, telephone banking and pre-authorized debits. As a result, the Meridian Credit Union U.S. Dollar Chequing Account is probably best for those that are seeking a higher interest on a no-monthly-fee account, but do not execute many transactions on a regular basis.

• No monthly fees.
• No minimum balance requirement.
• Interest earned on every dollar:
  • 0.025% on balances $0 to$4,999
  • 0.05% on balances $5,000 to$24,999
  • 0.10% on balances over $25,000
• Regardless of bank balance, $1 is charged for every transaction.
• Banking services available online, via mobile device, in-branch and over the telephone.
• The account can be opened online.
• Cheques available.
• Debit card available.
• ABM network of 43,000.
• Unlimited deposits.
• While anyone who lives or works in Canada can join, branches are located in Ontario only.
• Also offers a U.S. dollar credit card.

CTBC could be the best U.S. Dollar Chequing account for you if you are a British Columbia or Ontario resident and plan to keep a minimum of $1,000 in your account. With this minimum deposit, the low monthly fee of $5 is waived and so are the fees for five monthly ABM debit transactions a month.

• Low monthly fee.
• Must maintain a $1,000  minimum if you want to avoid a monthly fee and to waive the withdrawal fees on five  monthly debit transactions a month. $0.50 debit transaction fee for each additional debit .
• Interest calculated on the daily closing balance and paid monthly:
  • $0.00  to  $999.99 = 0.00%
  • $1,000.00  to  $2,999.99 = 0.01%
  • $3,000.00 and over = 0%
• No ABM fees for CTBC Bank of Canada and The Exchange network ABMs.
• An option for a monthly statement or passbook (but not both).
• Must be a British Columbia or Ontario resident to be eligible for the account.

The National Bank USD Progress Account does not cost anything to open or maintain, making it a great choice if you don’t want to worry about the cost of opening an account. You can also earn relatively high interest on any balance over $5,000 in your account.

One drawback of this account, however, is the inability to conduct transactions online or at an ABM. While you can monitor your transactions through online banking, you will need to use branch services to conduct them. This means the National USD Progress Account is probably best for those who have easy access to a National Bank branch and prefer in-person transactions.

The National Bank USD Progress account pays interest on your account balance over $5,000. However, all your transactions will need to be conducted in-person at a branch for this account.

• No monthly fee.
• No monthly minimum balance to maintain.
• $5,000 minimum balance in order to start generating interest:
  • Over $5,000 – .01%
  • Over $10,000 – 0.1%
• Transactions cannot be carried out at ABMs, through your online bank or with a debit card at points-of-service.
• Online banking can only be used to track services and not to conduct transactions.
• Transactions must be conducted in-person at a National Bank of Canada branch.
• While there are branches in most provinces, they are concentrated in Quebec.
• Overdraft protection available on approved credit.
• Free online statements.
• Transaction fees:
  • $1.25 per pre authorized debit
  • Monthly fee of $2.50 for a passbook
  • Bill payment service $2.00 per transaction
  • Bank drafts in foreign currency:
    • $5,000 or less: $9.00 per draft
    • Over $5,000: $12.50 per draft
• Personalized cheques offered.
• Access to cheque images is free.
• $1.25 per cheque.

The low monthly fee and the free 12 transactions that are included each month make the UNI Financial Corporation $US Build-Up Savings Account a good bet if you are in New Brunswick. Although you won’t be earning interest on your balance, the money you save from the free monthly transactions could more than make up for what you might have earned on interest.

• With the basic plan, 12 transactions are included a month.
• Excess Transactions:
  • Counter withdrawals and transfers: $1.25
  • Bill payment at the counter: $2.25
  • Automated services (online or ABM): $1.25
  • Pre Authorized payment: $1.25
• Free online statements.
• Cheques available.

The Affinity Credit Union U.S. Chequing account may be your best U.S. dollar account option if you are a resident of Saskatchewan.  Not only does it offer  some  interest on your balance, this chequing account does not charge monthly fees and there is no minimum balance to maintain.

The Affinity Credit Union U.S. Chequing account mirrors that bank’s  regular chequing account, only it is in U.S. dollars instead of Canadian and ABM withdrawal and overdraft protection is not available.  Other details include:

• No monthly fee.
• No minimum deposit.
• APY  of 0.01% on balances up to $25,000.
• Transaction fees
  • Interac e-Transfer: $1
  • Processed cheque or staff-assisted debit: $1
  • Staff-assisted bill payment: $1.25
  • ABM withdrawals outside Canada: $5
•  Free online statements.
• Free deposits.
• Cheque images are included in monthly statements.
• For Saskatchewan residents only.

The TD U.S. Daily Interest Chequing Account could be for you if you spend time in the U.S. and want to be able to access TD branches on both sides of the border. This combined with the ability to transfer between your accounts, in addition to a dedicated support line for cross-border banking, makes the T.D. U.S. Daily Interest Chequing Account the most comprehensive choice on our list.

The choice with the most services. If you maintain  a  minimum monthly balance of $1,500, there are no transaction fees.

Other details include:

• No monthly maintenance fee.
• No transaction fees with a minimum balance.
• 0.1% APY.
• Ability to transfer funds between your TD Canada Trust account  and your U.S. Dollar account online through online banking or the TD app
• TD has a bank presence in both Canada and the U.S.
• No transaction fees if you have the minimum monthly balance of $1,500 in your account at the end of each day . Otherwise, transactions are $1.25.
  • A transaction is defined as withdrawals from your account including ABM withdrawals, cheques, bill payments, purchases using your debit card and pre-authorized payments.
• Free online statements.
• Other services:
  • With their Borderless plan, you can conduct banking transactions in the U.S.
  • U.S. dollar credit card
• Anyone living or working in Canada can open an account.