*Terms and Conditions for the 1-Year Non-Redeemable GIC Special
**Depending on the series, the dividend floor rate ranges from 4.00% of 6.50%. Dividends are not guaranteed.
High Interest Savings Account:
Interest rates shown are subject to change without notice and are on a per annum basis. Interest is calculated on the closing daily balance and is paid on the last day of each month. Interest is calculated on the closing daily balance and is paid monthly in the same currency as the account for all accounts.
Applicable to the following High Interest Savings Accounts: Non-Registered, TFSA, RRSP and RRIF. Excludes First Home Savings Account (FHSA) HISA.
Cashable GIC:
Interest rates shown are subject to change without notice and are calculated on a per annum basis, interest is paid at maturity or date of withdrawal. No interest is payable when it is redeemed within the first 90 days. Redemptions after 90 days of the investment’s start date are not subject to an early redemption fee. Redemptions are only allowed on the full amount of the investment.
Non-Redeemable GIC:
GIC interest rates expressed are annual interest rates and current as of today’s date. Rates are subject to change without notice. Interest is calculated and accrued daily. Interest is paid at maturity unless otherwise specified. The minimum required investment is $100. Applicable to Retail and Business Banking Members.
1Escalator GIC:
Rates subject to change without notice. Available for Registered Plans (TFSA, RRSP and RRIF) only. Not available to Business Members.
3 Year Escalator: Cashable in whole or in part on its anniversary date and 30 days thereafter. At all other times this product is non-redeemable.
5 Year Escalator: Transferrable to a non-redeemable term that is at least one year in length on its anniversary date, or 30 days thereafter. At all other times this product is non-redeemable.
2Raise the Rate GIC:
A minimum investment of $100 is required for both the 3-year and 5-year Raise the Rate GICs.
Both the 3-year Raise the Rate GIC and the 5-year Raise the Rate GIC are non-redeemable over the life of the product.
The initial investment is made at the prevailing rate for the Raise the Rate GIC. Members are eligible to increase the rate once over the life of the 3-year Raise the Rate GIC and twice over the life of the 5-year Raise the Rate GIC.
Rate matching is only available against the comparable GICs offered by Meridian. In order to implement a rate increase, the Member must initiate the request. The rate increase will not be automatically implemented.
After a rate increase has been exercised, the term and maturity date of the GIC remain the same. The effective date of the rate change will be the date on which the Member requested the change. The exception to this is if a Member requests a rate change on December 30 or December 31, the effective date of the rate change will be no later than January 2 of the following year.
Interest is calculated/compounded annually and will be paid annually and at maturity. During the course of the term, if a Member has elected to increase their rate, the annual amount of interest paid for that year will be pro-rated based on the two rates used for that year and the length of the time each rate held. The actual overall yield will be an amount produced by a rate of interest between the two rates.
Interest rates shown are subject to change without notice.
RESP Savings Account:
Interest rates shown are subject to change without notice and are on a per annum basis. Interest on the RESP account is calculated on the minimum monthly balance and paid semi-annually (June and December).
Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA). For more information, visit the FSRA website.
