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Terms and conditions for the Business Advantage Plus Boost offer

Meridian Business Advantage Plus Savings Account (BAP) Boost Interest Rate Offer Terms & Conditions

General Terms

1. Meridian Credit Union Limited (“Meridian”) is offering a BAP bonus interest rate offer of 2.50% (the "Offer") for a limited time only available to Business Members who;

  1. do not currently hold and have not previously held a Business Advantage Plus Savings Account within the previous 6 months (the “Eligible Account”); and
  2. open an Eligible Account within the Offer period of September 25, 2023, to December 24, 2023.

2. The Offer will apply to deposits made into the Eligible Account for 152 days (approximately 5 months) beginning on the date the Eligible Account is opened (the "Promotion Period") to a maximum Eligible Account balance of $5,000,000 per Member.

3. Only one Eligible Account is allowed per Member. Once the Member’s Eligible Account qualifies for the Offer, subsequent BAP accounts opened by the Member during the Promotion Period will not earn the Bonus Interest Rate as defined below. Subject to the Offer limitations, only amounts deposited into the Eligible Account during the Promotion Period will earn the Bonus Interest Rate.


Bonus Interest

4. Bonus interest rate is 2.50% for the Eligible Account (“Bonus Interest Rate”)

5. Members will receive Bonus Interest Rate on deposits to the Eligible Account during the Promotion Period. Subject to the limits and qualifications outlined in these Terms and Conditions, Meridian’s BAP posted interest rate as shown on Meridian’s website (the "Posted Interest Rate") and the Bonus Interest Rate are calculated on the closing daily balance and are paid monthly, as a one credit entry, during the Promotion Period to the Eligible Account. Bonus Interest Rate and/or Posted Interest Rate are annualized rates and, notwithstanding anything in this section, Meridian may change the Bonus Interest Rate and/or Posted Interest Rate at any time without prior notice.

6. The Bonus Interest Rate will end at the end of the 152-day Promotion Period. For example, if a Member opens an Eligible Account on September 25, 2023, the Bonus Interest Rate will be paid only until February 24, 2024, on the Eligible Account.

7. After the 152 days, when the Promotion Period ends, all balances will continue earning interest, but only at the Posted Interest Rate payable on the Eligible Account.

8. Interest is calculated daily and paid monthly for both the Posted Interest Rate and the Bonus Interest Rate.


Limitations

9. If an amount greater than $5,000,000 is deposited into an Eligible Account during the Promotion Period (not including interest), the excess amount over $5,000,000 will be transferred to a separate Business Advantage Plus Savings Account. The funds in the second account will earn interest at the Posted Interest Rate only and it is not eligible to earn Bonus Interest Rate.

10. The Offer cannot be combined with other promotional offers unless Meridian, at its sole discretion, defines otherwise.

11. The Offer is not applicable to any other account types, including (but not limited to) chequing accounts, Advantage Savings Accounts (all plan types), or retail accounts.

12. If Meridian is unable to run the Offer as planned for any reason, including infection by computer virus, bugs, tampering, unauthorized intervention, fraud, technical failures, or any other causes beyond the reasonable control of Meridian which corrupt or affect the administration, security or proper conduct of this Offer, Meridian reserves the right at its sole discretion to, without advance notice, terminate or suspend the Offer, in whole or in part, or modify it in any way.

13. Meridian reserves the right at its absolute discretion to withdraw the Offer in whole or in part, or to vary, delete or add to any of these Terms and Conditions at any time and from time to time without notice at its absolute discretion. Meridian reserves the right to end the Offer earlier or to extend the Promotion Period further at its absolute discretion.

14. Meridian reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this Offer to any Member it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer.

15. This Offer may be suspended, modified or withdrawn at any time without notice for any reason including, but not limited to, an error or mistake on behalf of Meridian.

16. To the extent that these Terms and Conditions are inconsistent with any other communication, advertisement, or statement (a "Message") from Meridian, these Terms and Conditions will supersede all other Messages.

17. You agree that you have read and understood these Terms and Conditions and agree to be bound by them. Any notice offered by us with respect to this Offer is deemed to be provided on the day it is posted on our website.