Meridian Rate Scoop

Mortgage:

On approved credit, rates are subject to change without notice. Quoted rate is based on blended payments of principal and interest and is the regulatory Annual Percentage Rate if there is no cost of borrowing other than interest. Interest is calculated half-yearly for fixed rates, and monthly for variable rates, not in advance. Additional premiums may apply in cases of extended amortizations, non-owner occupied, or other instances where application details may warrant it. The interest rate with variable rate mortgages will fluctuate with Meridian Prime Rate, which is currently 4.95%. Where applicable, the Bank of Canada qualifying rate is 5.25%. Builder's pricing applies to posted rates, not to promotional or special rates. For commercial mortgage rates, please speak to your Commercial Relationship Manager.

A High Ratio mortgage is applicable in cases where a borrower places a down payment of less than 20% when purchasing a residential property with a purchase price of under $1,500,000. The borrower must also be eligible for and purchase mortgage default insurance and meet all applicable conditions. Renewals are ineligible. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000 and under $1,500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. Mortgage Rates are applicable to Retail Members Only.

Cashable GIC:

GIC interest rates expressed are annual interest rates and current as of today’s date. Meridian will redeem a cashable term deposit prior to the maturity date. 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. Interest will be paid to the date of redemption as stated by the predetermined interest rate. 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.

(1) Escalator GIC:

Rates subject to change without notice. Available for Registered Plans (TFSA, RRSP and RRIF) only. Not available to Business Banking 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.

(2) Raise 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.

High Interest Savings Account (HISA):

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.

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.

*Depending on the series, the dividend floor rate ranges from 4.00% to 6.50%. Dividends are not guaranteed.