In this article:
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 app
- From the Home tab, scroll down and tap Open or move account
- Tap Open a new account
- Scroll down and tap USD Savings under Save
- Tap Open account
- Follow the prompts to open your USD savings account
- Log in to your Wealthsimple profile
- From the Home page, select Add account in the top right corner
- Navigate to the Spend and save category
- 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:
USD savings account interest change
On December 10, 2025, the standard USD savings interest rate changed from 2.50% to 2.25%. We've 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 |
| 2.25% | All clients qualify as soon as they open a USD savings account. |
| 2.75% | 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. |
| 3.25% | 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. Your funds will be available in 5 business days to transfer to another Wealthsimple account or withdraw.
You can deposit funds with a:
Frequently asked questions
Are the funds I keep in my USD savings account safe?
The funds you add to your USD savings accounts are held in trust with regulated Canadian financial institutions. At this time, we don't offer deposit insurance or coverage for USD savings 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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