Tangerine US Dollar Account Review 2022

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by Enoch Omololu


Advertiser Disclosure

Tangerine’s US Dollar Savings Account can be used to hold and grow your US dollar funds pending when you need them.

Like the other savings and chequing products offered by the bank, you do not pay monthly account fees and there are no minimums to watch out for.

While the savings interest rate you earn is only 0.10%, it beats what is being offered by several big banks as of this writing.

This Tangerine US Dollar Account review covers its benefits, pros, cons, and alternatives.

TL;DR: Tangerine’s US Dollar Savings personal account pays a regular 0.1% interest. While this rate is higher than RBC and BMO USD accounts, you can earn significantly more with the recently introduced EQ Bank US Dollar Account.

Tangerine US Dollar Savings Account

You can open a personal or business USD account at Tangerine and earn a “decent” rate on your money.

Features of the personal USD account include:

  • No minimum account balance
  • No monthly account fee
  • An interest rate of 0.10%
  • Easy access to USD GICs
  • Eligible for CDIC protection

Brand new Tangerine clients can earn a 2.00% promotional rate for 5 months when they meet the eligibility requirements.

After the promotional period ends, the interest falls to 0.10%.

If you are planning on opening a Business Tangerine US Dollar Savings Account, there are a few extra steps you need to take.

You must have a USD business chequing account at another financial institution so you can easily transfer funds between this account and the one you open with Tangerine. You are also required to first open a Tangerine Business CAD Savings Account.

The business USD account offers a higher interest rate of 0.20%.

Related: Best Tangerine Credit Cards.

Pros and Cons of Tangerine USD Savings Account


When you open your first savings account, you earn an excellent 2.00% savings rate for 5 months, after which the rate becomes 0.10%.

There is no minimum monthly balance required to keep the account fee-free, and you can transfer USD between your linked bank accounts free of charge.

If you do not plan on using your USD funds anytime soon, you can also open a Tangerine USD GIC account if the rates are better.

When the GIC matures, it is paid back into your USD savings account.


The regular 0.10% is significantly lower than what you earn from Tangerine’s online bank competitors like EQ Bank, ICICI, and Canadian Western Bank.

It took me more than 3 months to open a Tangerine USD business account. The paperwork required was not straightforward and responses from the bank were particularly slow.

Lastly, you cannot make bill payments or send Interac e-Transfer directly from your USD account.

Related: Tangerine Savings vs EQ Bank Savings Plus Account.

Tangerine vs. EQ Bank US Dollar Accounts

EQ Bank’s new U.S. Dollar Account offers the best savings rate for USD funds at 1.25%. This is 10x what you earn with a Tangerine US Dollar Account.

The main features of the EQ Bank US Dollar Savings Account are:

  • No monthly account fees
  • Non-promotional 1.25% interest rate on every dollar
  • Free USD transfers between linked USD accounts in Canada
  • Free CAD transfers from your EQ Bank Canadian dollar account to your USD account
  • Access to cheaper international money transfers using Wise
  • CDIC protection

Before you can open an EQ Bank USD Account, you must first open a free EQ Bank Savings Plus account. This account is denominated in Canadian dollars and offers a high-interest rate.

Tangerine USD Account vs. Alternatives

The table below compares Tangerine’s USD offering with that of RBC, BMO, and EQ Bank.

FeaturesTangerine US Dollars Savings AccountEQ Bank US Dollar Savings AccountRBC US High Interest Savings AccountBMO USD Premium Rate Savings Account
Interest rate0.10%1.25%0.25%0.05%
Monthly fee$0$0$0$0 (included with other bank plans)
Minimum balance requirement$0$0$0$0
Free transfers to linked accountsYesYesYesBased on transactions included with bank plan
Free Interac e-TransfersNoNoNoNo
Free debit paymentsN/AN/A1 per monthly cycleN/A
Physical branchesNoNoYesYes

Frequently Asked Questions

How do I get my US Dollar funds from Tangerine?

You can transfer your USD funds to a USD chequing account at another financial institution and withdraw your money that way.

Can I send money through Interac e-Transfer from Tangerine Savings?

No, you need to open a Tangerine Chequing account if you want to send email money transfers or pay bills.

What types of savings accounts does Tangerine offer?

Tangerine Bank has general savings, TFSA, RRSP, US$, RRIF, and Children’s Savings accounts.

Related: Best Business USD Business Accounts.

Tangerine US Dollar Account Review 2022


The Tangerine US Dollar Account pays a competitive savings rate on your USD funds. This review covers its pros, cons, and alternatives like EQ Bank.

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Get a free chequing account and a *$350 cash bonus*

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No monthly or minimum balance is required.

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Free reloadable prepaid card and budgeting app.

Up to 2% cash back on all purchases and 10% at brand partners.

1.20% savings interest on your entire account balance.

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Get one of the highest savings rates in Canada ($150 bonus)

1.65% interest on every dollar.

Up to 150x interest more than other banks.

Combines savings and chequing account features.

Get a $150 cash bonus when you set up a payroll direct deposit.

No monthly fees and free unlimited transactions and Interac e-Transfers.

Best no-fee cashback credit card with $100 bonus

Earn 2% unlimited cash back in three spending categories.

Get a $100 welcome bonus with $1,000 spending in first 2 months.

0.5% unlimited cash back on all other purchases.

1.95% low balance transfer rate and insurance coverage benefits.

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

5 thoughts on “Tangerine US Dollar Account Review 2022”

  1. Hi Enoch, can I use this Tangerine USD account to pay for online shopping which requires payment in USD?

    • @Dan: I don’t think so. You will need a USD credit card or a USD chequing account for that.

  2. Hello Enoch, Tangerine charges $10 annual inactivity fees for $CDN accounts. Does Tangerine also charge an inactivity fee for $USD Savings accounts?

  3. If I open a Tangerine USD chequing account, can I link it to my Tangerine debit card and use it in the United States to take money out of ATMs or to pay using my USD account?

    • @Ryan: I am not sure as I only have a Tangerine USD savings account and do not have a debit card.

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