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Overview
A USD chequing account (previously called the USD savings account) allows you to hold USD funds, earn interest, and receive USD payments, including payroll, by ACH, realtime payment, or Fedwire. You can also deposit funds from a linked USD bank account.
Some features available for CAD chequing accounts aren't available yet for USD chequing accounts, including automated pay, bill pay, virtual and physical spending cards, and joint accounts.
Account requirements
To open a USD chequing account, you must:
- be a resident of Canada,
- have a valid Canadian phone number, and
- meet the age requirements for your province below
| Province | Age |
|---|---|
| Alberta, Manitoba, Ontario, Prince Edward Island, Quebec, Saskatchewan | 18 |
| British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Yukon | 19 |
Open a USD chequing account
To open a USD chequing account, follow these steps:
- Log in to the Wealthsimple app
- From the Home tab, scroll down to your Accounts
- Tap the add (+) button
- Tap Open a new account
- Scroll down and tap USD Chequing under Save
- Tap Open account
- Follow the prompts to open your USD chequing account
- Log in to your Wealthsimple profile on a laptop or computer
- From the Home page, select Add account in the top right corner
- Navigate to the Spend and save category
- Choose USD Chequing
- Follow the prompts to open your USD chequing account
Interest rate and tax considerations
Money in your USD chequing account earns interest. You have to report this kind of account for your taxes. Interest rates are variable and subject to change. Review the interest rates and how you qualify for them below:
| Interest rate | How you qualify |
|---|---|
| 2.50% | All clients qualify as soon as they open a USD chequing account. |
| 3.00% | Be a qualifying Wealthsimple Premium client or a Core client earning a 0.5% interest rate boost with eligible direct deposits to your CAD chequing account. |
| 3.50% | Be a qualifying Wealthsimple Generation client or a Premium client earning a 0.5% interest rate boost with eligible direct deposits to your CAD chequing account. |
Fund your USD chequing account
You can fund your USD chequing account with USD funds. You can deposit funds with:
- ACH, realtime payment, or Fedwire: Share your US account number and routing number with the sender. If you're sending from a US bank, we recommend these methods because they're typically faster and have lower fees than a wire sent through SWIFT. Funds are typically available as soon as they arrive. See Receive USD funds into your USD chequing account using domestic US rails.
- USD wire transfer sent through SWIFT.
- Linked USD bank account. Funds are available in 5 business days to transfer to another Wealthsimple account or withdraw.
Frequently asked questions
Can I receive direct deposits in my USD chequing account?
Yes. Your USD chequing account comes with a unique US account number and routing number that you can share with your employer or payroll provider. See Receive USD funds into your USD chequing account using domestic US rails.
Are the funds I keep in my USD chequing account safe?
The funds you add to your USD chequing accounts are held in trust with regulated financial institutions. At this time, we don't offer deposit insurance or coverage for USD chequing accounts. To learn more about the different types of coverage we offer for our products, see how we keep your money safe.
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