Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026

Simplii FinancialUSD Savings

Simplii Financial USD Savings Account

Our take: A no-fee way to hold and grow U.S. dollars without opening a separate U.S. bank account, paying 2.80% on every dollar — but it’s a holding account, not a spending one: no cash access, no ATM card and no point-of-sale purchases.

At a glance2.80% on every dollar · $0 fees · $0 minimum balance

View Simplii USD Savings Account

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Our review

If you regularly receive or spend U.S. dollars — from cross-border work, travel, or shopping on U.S. sites — converting every transaction back and forth into Canadian dollars can be expensive. Simplii’s USD Savings Account gives you a place to hold U.S. dollars directly, earn interest on the balance, and move money to and from the U.S. without the exchange-rate hit of a regular CAD account. It’s built purely as a savings and transfer account, though, not a spending account — there’s no debit card access, no ATM withdrawals and no point-of-sale purchases.

At a Glance

Monthly Fee

$0no monthly fee, no minimum balance

Account Type

USD Savings Accountholds and grows U.S. dollars only

Interest Rate

2.80%flat annual rate on every dollar, paid monthly

Minimum Balance

$0no minimum required

Cash/ATM Access

Not availableno cash deposits, withdrawals or ATM/debit access

Money Transfers

Free to 130+ countriesvia Simplii Global Money Transfer

This account holds U.S. dollars, not Canadian dollars — the 2.80% rate applies to your USD balance, and it isn’t directly comparable to the interest rates on Simplii’s (or any other bank’s) Canadian-dollar savings accounts. You also can’t deposit or withdraw cash, use an ATM, or make point-of-sale purchases from this account; it’s designed for holding and transferring U.S. dollars, with a separate Simplii No Fee Chequing Account recommended for everyday CAD spending. Verified against simplii.com on September 17, 2026.

Pros & Cons

Pros

No monthly fee and no minimum balance to open or keep the account
2.80% annual interest rate applies to every dollar, calculated daily and paid monthly
One of Simplii’s better exchange rates when converting between your CAD and USD accounts
Free money transfers to over 130 countries through Simplii Financial Global Money Transfer
Can deposit both USD and non-USD cheques directly into the account
Bank drafts and money orders available through online banking

Cons

No cash deposits or withdrawals, and no ATM access at all
No debit card or point-of-sale purchase capability — this is a holding account, not a spending account
The 2.80% rate is in U.S. dollars, so it isn’t directly comparable to CAD high-interest savings rates
Funding the account requires a transfer from an existing Simplii CAD account or an incoming wire transfer
Rates are posted rather than guaranteed and can change at any time

Who It’s For

Best For

Canadians who regularly receive or send U.S. dollars and want to avoid repeated currency conversion
Existing Simplii or CIBC customers who want a no-fee place to park USD and earn interest on it
Anyone sending money abroad who can use Simplii’s free Global Money Transfer service from a USD balance

Not For

Anyone who needs to spend USD directly with a card or withdraw USD cash, since neither is possible with this account
Savers comparing rates in Canadian dollars, since this account’s 2.80% is a USD rate, not a CAD one
Someone who wants a single all-purpose account, since this only complements — not replaces — a CAD chequing account

Not Sure? Three Accounts People Compare It With

All savings accounts →

Simplii Financial High Interest Savings Account

Simplii High Interest Savings (CAD)

Pick this instead if you want to grow Canadian-dollar savings instead of U.S. dollars.

Fee $0Promo 4.60%Term 5 months

Read review

Simplii Financial No Fee Chequing Account

Simplii No Fee Chequing

Pick this instead if you need everyday spending access with a debit card, which this USD account doesn’t offer.

Fee $0Bonus $300

Read review

EQ Bank Personal Account

Pick this instead if you want a strong everyday CAD rate with full spending access instead of a USD-only holding account.

Fee $0Rate up to 2.75%

Read review

Simplii Financial USD Savings Account

Rate confirmed September 25, 2026

View Simplii USD Savings Account Compare all accounts

Jen, founder of MoneyMint

Reviewed by Jen. We verify every rate, fee and offer term against the financial institution’s own published material before we publish it, and we re-check on a set schedule.

Rates and fees in this review were confirmed on simplii.com on September 17, 2026. Simplii’s posted interest rates and exchange rates can change at any time and are not guaranteed. This is general information, not financial advice — confirm the current rate and terms on Simplii’s own page before you open an account.

Frequently Asked Questions

What interest rate does the Simplii USD Savings Account pay?

As of September 25, 2026, the account pays a flat 2.80% annual interest rate on every U.S. dollar in the account, calculated on the daily closing balance and paid monthly. This is a USD rate, not a CAD rate.

Can I withdraw cash or use a debit card with this account?

No. The Simplii USD Savings Account doesn’t support cash deposits, cash withdrawals, ATM access or point-of-sale purchases. It’s designed purely to hold and transfer U.S. dollars; Simplii recommends its No Fee Chequing Account for everyday spending.

How do I fund a Simplii USD Savings Account?

You can transfer funds from an existing Simplii Financial CAD account (No Fee Chequing, High Interest Savings, or a line of credit), deposit USD or non-USD cheques directly, or send an incoming wire transfer from another financial institution.

Are there any fees on the Simplii USD Savings Account?

No monthly fees and no minimum balance requirement are stated on simplii.com. Currency conversion between your CAD and USD Simplii accounts uses Simplii’s exchange rate rather than a flat conversion fee.

Is my money protected in a Simplii USD Savings Account?

Simplii Financial is a division of CIBC, a CDIC member, and CDIC insures eligible deposits held in Canadian financial institutions, including certain foreign-currency deposits, within CDIC limits. Confirm current coverage details with CDIC or Simplii directly.