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A US dollar business savings account can help grow your surplus USD funds when you don’t need the cash for everyday business needs.

The best USD business savings accounts do not have a monthly fee and you can access your money easily when required.

For your excess cash denominated in Canadian dollars, these business savings accounts are worth checking out.

USD Business Savings Accounts – What To Look For

Generally, you want to earn the highest interest rate possible on your savings. Interest rates can vary significantly on foreign deposits across banks, so you definitely want to shop around in order to compare what’s available.

Other features that make for a great USD business savings account are:

  • No monthly maintenance fees
  • Free transactions (withdrawals, deposits and transfers)
  • Easy access to your cash
  • No minimum balance

CDIC does not currently protect US-dollar accounts or any other foreign currency deposit. Business savings accounts with Canadian dollars are protected up to $100,000.

best us dollar business savings accounts in canada

Best Business US Dollar Savings Accounts

Here are 6 Canadian banks that offer a no-fee USD business savings account and pay reasonable interest rates.

*Note that rates have fallen significantly since writing this post as a result of a fallout from the coronavirus pandemic.

1. Canadian Western Bank USD Business Savings Account

The Canadian Western Bank (CWB) is based out of Edmonton, Alberta, and is a federally-regulated financial institution.

They offer a US dollar business savings account that pays a 0.70% interest rate on your entire balance – the highest flat-rate I could find in Canada.

The account has no monthly fees and you get 4 free transfers per month to a CWB business account.

Note: Withdrawals cost $5 USD each.

Open a CWB USD Business Savings Account

2. Tangerine Business US Dollar Savings Account

Tangerine is the direct banking arm of Scotiabank. They offer a variety of fee-free personal and business accounts and credit cards.

Tangerine’s US dollar savings account pays 0.20% interest on your entire balance which is one of the best flat rates you will find.

There is no monthly fee and no minimum balance.

Note: You will need to have an existing Tangerine Business Savings account as well as a US dollar business chequing account at another bank before you can open a US dollar savings account.

For an in-depth review of Tangerine’s financial products, click here.

Open a Tangerine US Dollar Savings Account

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3. Scotiabank Business Investment Account

The Scotiabank Business Investment Account offers a tiered interest rate on account balances between $25,000 and $50 million.

  • Less than $25,000: 0.00%
  • $25K – $99,999: 0.05%
  • $100K – $249,999: 0.10%
  • $250K – $999,999: 0.15%
  • $1 million – $50 million: 0.20%

There is no monthly fee and you can access your funds at any time.

Note: Transaction fees apply including $5 per cheque issued. Account balances below $25,000 do not earn interest.

Open a Scotiabank Business Investment Account

You can also read our review of Scotiabank Personal Chequing Accounts here.

4. Manulife US$ Business Savings Account

Manulife Bank was Canada’s first branchless bank and is a subsidiary of The Manufacturer’s Life Insurance Company.

Their US$ business advantage account offers 0.25% interest on your entire balance.

Deposits, transfers and withdrawals are free and you can access your account via online banking or telephone. Cheques can also be mailed in.

Note: You must have a US dollar chequing account at another bank before you can open this account.

Open a Manulife Bank US$ Business Savings Account

5. BMO Business Premium Rate Savings Account

This account earns a tiered interest on U.S. dollar account balances up to $5 million as follows:

  • Up to $59,999: 0.10%
  • $60,000 – $500,000: 0.15%
  • $500,000.01 – $5 million: 0.25%

There is no monthly fee and no minimum balance.

Note: Transaction fees apply including $1.25 per branch deposit and pre-authorized credit or EFT, $5 per branch withdrawal and $5 for bill payments.

Open a BMO Business USD Premium Rate Savings Account

6. ICICI Bank US Dollar Business Savings Account

ICICI’s US dollar business savings account offers a 0.25% interest rate.

There’s no minimum balance or monthly fee and you can link your account with up to 3 other business chequing accounts.

ICICI Bank is a subsidiary of ICICI Bank Limited.

Note: Some transaction fees may apply e.g. in-branch withdrawals cost $5 per transaction. Learn more about the bank in this ICICI Bank Canada review.

Open a ICICI Bank USD Business Savings Account

7. HSBC Small Business High Rate USD Savings Account

The HSBC small business USD savings account has no monthly fees and offers a 0.25% interest rate on your entire account balance.

There’s a $0.20 fee per cheque deposit and a $2.50 fee per $1,000 deposited per month in cash.

Note: HSBC also offers business savings accounts for British Pounds (0.05%), Hong Kong Dollars (0.05% and a few others.

Open an HSBC Business USD Savings Account

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Final Thoughts

When I first considered opening a US Dollar Savings Account for my business, I was quite surprised at the paucity of options and the very low-interest rates.

Prepare yourself for a lot of paperwork submission and phone calls when opening this business account.

Compared to your money just sitting idle in an interest-free chequing account, the extra hassle is worth it.

You can also choose to invest your funds using Guaranteed Investment Certificates.

For one of the best CAD business savings accounts in Canada, Try Wealthsimple’s Cash for Business Account.