Chequing account
National Bank
National Bank The USD Progress Account
3.2/5 our rating
Best for: Maximizing American Dollars
Opens National Bank's website
- Monthly fee
- $0
- Transactions
- $1.25
- each
Overview
A US dollar account from National Bank for people who hold and spend USD. There's no monthly fee, you can write cheques in US dollars, and it earns a little interest on the minimum balance. You pay per transaction instead, and there's no debit card or ATM access, so it works as a place to keep US dollars rather than as an everyday account.
What we like
No monthly maintenance fee
Earn interest on minimum balance
USD Cheques
Worth knowing
No Debit Card or ATM Access
Low Interest Rates
Pay-Per-Transaction
Fees
Account fees
Monthly fee
$0
eStatement
Included
Transactions
Transaction fee
$1.25
International and currency
International transaction fee
$5.95
Other fees
NSF (non-sufficient funds)
$10
Overdraft protection
$5/month
Overdraft interest
21% annually (if used)
Highlights
Please note that opening an account in US dollars can only be done at a National Bank branch.
At a glance:
Up to 0.100%
Current maximum interest rate1
$5000
minimum balance required to generate interest
Open your account in three easy steps:
Make an appointment
Make an appointment at the branch of your choice.
Meet with an advisor
Talk to one of our experts to get tailored advice.
Start saving
Enjoy the benefits that come with your account!
The USD Progress Account includes:
Transactions2
Online, mobile and telephone banking transactions
- Account inquiries: balances, transaction history, etc.
- eStatements
Branch transactions3
At National Bank branches
- Withdrawals, transfers, withdrawals for bill payment:
- No fee
- Bill payments: USD 2/bill
Other services and features
Cheques and pre-authorized debits
- Cheques:
- USD 1.25/cheque
- Preauthorized debits:
- USD 1.25/transaction
Complementary banking services
- Personalized cheques: According to provider's rates
- Paper statements by mail : USD 2.50/month/account
- Online statement free of charge
- Access to cheque images
- Bank drafts in foreign currency4:
- USD 5,000 or less: USD 9.00/draft
- Over USD 5,000: USD 12.50/draft
Legal
Little details that matter
With the USD Progress Account, transactions cannot be carried out at ABMs, through your online bank or with a debit card at points of service. However, you can track your transactions through National Bank online. Fees for this account are charged in USD. For more information on fees for National Bank's products and services, consult the Fee Guide.
The passbook option has not been available to new clients since May 4, 2015. If you are an existing client who uses a passbook with your account, a $2.50 monthly fee is charged.
TM Progress Account is registered trademark of National Bank of Canada.
® The Interac and Interac e-Transfer are registered trademarks of Interac Corp. Used under licence.
- Interest is calculated at the end of each day on the account balance, at the applicable annual interest rate. They are paid into the account monthly. The applicable annual interest rate is:
- Progressive: the higher the account balance, the more the rate increases according to different tiers. Several rates may therefore apply to the account balance.
- Subject to change without notice.
See current rates in effect according to the different tiers (0% on the first tier between $0 and $4,999.99).
- Transactions carried out using our Automated Services or National Bank online.
- Banking services usually provided at National Bank branches during normal business hours, including deposits, withdrawals, transfers, bill payments, foreign exchange transactions, purchase of travellers cheques or drafts and use of safety deposit boxes.
- For USD bank drafts, applicable fees are in USD.
Deposits in a USD Progress account are covered by the Canada Deposit Insurance Corporation (CDIC). Find out more about the coverage offered by CDIC.