EQ Bank: U.S. Dollar Account

Attention Fellow Savers!

EQ Bank’s U.S. Dollar Account, launched last year, has increased its interest rate.

This is an exciting development for anyone wanting to earn higher interest on U.S. Dollar savings.

A few highights:

  • 3.00%* interest on your deposits. The 3.00% interest rate compares favorably to the other U.S. Dollar savings options we track.
  • No monthly fees
  • You can link your EQ U.S. Dollar Account to a Canadian Dollar or U.S. Dollar account at another Canadian financial institution or transfer Canadian Dollars into EQ Bank’s U.S. Dollar Account from your EQ Savings Plus Account.
  • Any currency conversion is done at EQ Bank’s competitive rates.
  • You can transfer USD to a USD bank account in the United States or another country through Wise – an EQ Bank partner – at a very low fee
  • Note that in order to open an EQ Bank U.S. Dollar Account you will need to have an EQ Bank Savings Plus Account.

As noted in our article on deposit insurance, foreign currency accounts are now eligible for CDIC coverage.

See EQ Bank’s website for full details about this exciting new product!

* interest calculated on daily closing balance and paid monthly; rate is per annum and subject to change without notice.

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