Overview
A USD savings account allows you to hold USD funds, earn interest, and deposit funds from a linked USD bank account.
Some features available for CAD chequing accounts aren't available yet for USD savings accounts, including direct deposit, automated pay, bill pay, virtual and physical spending cards, and joint accounts.
Account requirements
To open a USD savings 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 savings account
To open a USD savings account, follow these steps:
- Log in to the Wealthsimple mobile app
- From the Home tab, scroll down and tap Add an account
- Tap Open a new account
- Select USD savings from the accounts menu
- Follow the prompts to open your savings account
- Log in to your Wealthsimple profile
- From the Home page, scroll down and select Add an account
- Select the Spending & Savings tab
- Choose USD savings
- Follow the prompts to open your USD savings account
Interest rate and tax considerations
Money in your USD savings account earns interest. You have to report this kind of account for your taxes. Review the interest rates and how you qualify for them below:
On December 23, 2024, the standard USD savings interest rate changed from 3.25% to 3.00%. We have updated the rate after the US Federal Reserve cut its benchmark rate.
There’s nothing you need to do, this change happens automatically.
|
Interest rate* |
How you qualify |
|
3.00% |
All clients qualify as soon as they open a USD savings account. |
|
3.50% |
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. |
|
4.00% |
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 savings account
You can fund your USD savings account with USD funds held with a Canadian financial institution. Your funds will be available in 5 business days to transfer to another Wealthsimple account or withdraw.
You can deposit funds with a:
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