Scotia US Daily Interest account: A Detailed Review

Piyush Singh

26.05.23

4 minute read

The Scotia US Dollar Daily Interest Account is perfect for Canadians frequently traveling to the United States or working with US companies. It is a cross-border bank account that lets you earn interest in US dollars at a tiered rate, starting at 0.1% daily for 1000 USD¹.

However, you are liable to pay 1 USD as maintenance fees, if your savings drop below the 200 USD daily limit. Also, transferring your savings from your Scotiabank USD account to a CAD account regularly can incur you significant losses due to the foreign exchange rates.

If you want to avoid them, you could take a look at cost-effective alternatives such as Wise.

Table of Contents
What are the key features of a Scotia US Daily Interest account? How can I open a Scotia US Daily Interest account? Fees and transfer limits What are the pros and cons of having the Scotia US Daily Interest account? Meet Wise - the multi currency alternative to banks Frequently asked questions about Scotiabank US accounts

What are the key features of a Scotia US Daily Interest account?

Here are the key features of a Scotia US Daily Interest account²:

It provides tiered interest based on daily account closing fees - The higher the closing amount in your account at the end of day, the higher the interest you earn.
Nominal monthly account fee of 1 USD per month, which is also waived off if your daily closing balance is above 200 USD.
2 free debit transactions per month.
No charges to purchase US dollar drafts from that account.
Competitive foreign exchange rates allow you to earn more interest if you convert USD to CAD.
Free paperless recording.

How can I open a Scotia US Daily Interest account?

If you are wondering how to open a US account at Scotiabank, you will have to :

Book an appointment with your nearest Scotiabank branch online.¹³
Get on call with and book an appointment with one of Scotiabank’s advisors.
On the day of your appointment, you must visit your Scotiabank branch with the following documents³

a. One valid primary piece of government-issued identification, with signature and such as:
- Passport
- National ID or Voter's card
- Military ID card
- Driver's license
- Permanent Residence card
b. One secondary piece of identification from the following documents listed below:
- An additional primary piece of identification
- Birth certificate, credit or debit card, tax ID card
- Employee ID or letter from your employer stating the legitimacy of your employment
c. Proof of address, such as:
- Utility bill
- Bank account statement
- Copy of lease or a letter from landlord stating the legitimacy of your rental agreement
Note: If you are a non-resident customer, a reference letter or a current account statement from a reputable bank is required.

Please note that while these are the most commonly required documents, the bank can make additional requests if deemed necessary.

d. The account application form¹⁴

Note: Make sure to read Scotiabank’s Personal Financial Services Agreement¹⁵ for all the details on having an account with Scotiabank.

Complete the documentation and collect and pin your card⁴.

Besides the documentation, there are two eligibility criteria you must be aware of as part o Scotiabank US account requirements:

You must be a Canadian citizen or a resident over 18 years of age
You must be opening an individual account under your own name.

Fees and transfer limits

Here are the fees for Scotia US Dollar Daily Interest Savings Account⁵:

Type of Fee	Cost for clients
Monthly account fees:	1 USD for daily closing balance below 200 USD
Paperless transactions / withdrawals	No fees
Transactions with paper statements	No fees
Purchase of USD drafts	No fees
Transactions with paper statements and cheque image return	2.50 USD per month
Debit transactions (after 2 free transactions per month)	1.25 USD per transaction

There are no transaction limits, but you are only allowed 2 free debit transactions per month, after which you have to pay 1.25 USD per transaction⁶.

These transactions can be cheques, bill payments, cash withdrawals or account transfers. You are not allowed to make any ATM withdrawals or debit purchases.

What are the pros and cons of having the Scotia US Daily Interest account?

Here are some pros and cons of opening a Scotia US Daily Interest account:

Pros	Cons
Earn interest in USD, amounting to more money.	No interest if the balance held in the account is less than 1000 USD
2 free debit transactions per month	No online application
No minimum deposits to keep the account active	Monthly fees of 1 USD incurred, if you fail to maintain the 200+ USD daily account balance or are not eligible for the Seniors Discount
No fee for US dollar drafts	1.25 USD per debit transaction after free limit runs out
Enables automated deposit of paycheck or pension	No ATM withdrawals - Only teller-assisted debits allowed from the account
	Higher exchange rates - since the bank earns money from the markup in exchange rates¹²

Meet Wise - the multi currency alternative to banks

If you want to try out another option for transferring your funds regularly from USD to CAD or vice-versa and save money while doing so, you should definitely check out Wise.

Wise is an international money transfer services provider that helps you send money to 80+ countries. It also allows you to hold money in 40+ currencies and you can convert your funds at the mid-market rate, with no hidden fees.

Wise customers are also eligible to receive transfers from other people in 10+ currencies⁷.

Wise allows Interac e-Transfers too - another reason why you might want to check them out.

Here’s how much it would cost you to use Wise for CAD-USD transfers:

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Frequently asked questions about Scotiabank US accounts

Is there a way to reach out to the Scotiabank customer service?

Yes. Scotiabank is available 24/7 to answer questions regarding your banking, borrowing, and investing needs, on call. You can also visit one of their branches.¹⁷

For General Inquiries⁹

1 (800) 4SCOTIA (1-800-472-6842) — toll-free
(416) 701-7200 (for customers in the Greater Toronto Area / outside Canada and in the United States—call collect through your local operator)
1 (800) 645-0288 (relay services for the deaf and otherwise hearing impaired)

Mobile Banking Support Line⁹

1 (877) 908-8866

TeleScotia Telephone Banking⁹
1 (800) 267-1234 (English)
1 (800) 575-1212 (French)

You can find the full list of contact numbers here.¹⁶

Can I apply online for this account?

You can only open a Scotia US Daily Interest account by visiting a Scotiabank branch (you can book an appointment at your nearest branch online) or by talking to them via call on this number: 1-800-747-3208¹⁰.

How many free withdrawals are allowed on this account?

You can benefit from up to 2 free debit transactions¹¹ on a Scotia US Daily Interest Account. These transactions can be cheques, bill payments, cash withdrawals or account transfers; no ATM withdrawals or debit purchases are allowed.

Sources:

Sources last checked on: 26 May 2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.