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High Interest Savings Account Promotional Rate Terms and Conditions

High Interest Savings Account
Promotional Rate Terms and Conditions
  1. Offer: Meridian Credit Union (“Meridian”) is offering a high interest savings account (“HISA”) promotional interest rate of 3.85%, in addition to the posted interest rate on Eligible Deposits made into Eligible Accounts from October 1, 2024 to December 31, 2024 (the “Offer”).
  2. Offer Period: The Offer is valid starting October 1, 2024, and is valid until December 31, 2024. Meridian reserves the right to extend or shorten the Offer Period at its sole discretion.
  3. Eligibility:

a Eligible Accounts: The Offer is only available on the following account types:

  • HISA (non-registered)
  • Tax-Free Savings Account (“TFSA”) HISA
  • Registered Retirement Savings Plan (“RRSP”) HISA
  • Registered Retirement Income Fund (“RRIF”) HISA

b Eligible Deposit: A deposit is only deemed eligible if the funds being deposited into the Eligible Account has not been on deposit in any account type with Meridian within the last 180 days of opening the Eligible Account.

To be eligible for the Offer:

  • One account type must be opened during the Offer Period and
  • The same account type cannot have been held by the Member during the preceding 180 days from the date the Eligible Account is opened; and
  • Only one Eligible Account is allowed per Member during the Offer Period; and
  • An Eligible Deposit must be made into the Eligible Account.
  1. Total Promotional Rate: The total promotional interest rate is calculated by adding the promotional interest rate of 3.85% (“Promotional Rate”) to Meridian’s Eligible Account posted interest rate, as displayed on Meridian’s website (“Posted Rate”) (collectively, the “Total Promotional Rate”). For example, Eligible Account Posted Rate of 1.65%, plus Promotional Rate of 3.85% is equal to the Total Promotional Rate of 5.50% (Please note, example uses interest rates current as of October 1st, 2024).
  2. Promotional Period: The Offer is available to Retail Banking Members on Eligible Deposits made into the Eligible Account for 122 days (approximately 4 months) from the date the Eligible Account is opened. This means that the Promotional Rate would only be offered for a period of 122 days after the Eligible Account is opened.
  3. Application of Promotional Rate: Eligible Members will receive the Promotional Rate on Eligible Deposits made to the Eligible Account during the Promotional Period to a maximum Eligible Account balance of $1,000,000 Canadian per Member. Subject to the limits and qualifications outlined in these Terms and Conditions, the Total Promotional Rate is calculated on the closing daily balance of the Eligible Account and is paid monthly on Eligible Deposits made during the Promotional Period to the Eligible Account. Any change to the Posted Rate will result in a corresponding change to the Total Promotional Rate. The Promotional Rate and Posted Rate are annualized rates and may change at any time without prior notice.

Other Terms

  1. After the Promotional Period ends, being 122 days after the opening of the Eligible Account, all balances held in the Eligible Account will earn interest at the Posted Rate payable on the Eligible Account.
  2. The Promotional Rate will end at the end of the Promotional Period calculated based on the Eligible Account opening date. For example, if a Member opens an Eligible Account on October 1, 2024, the Promotional Rate will be paid only until January 31, 2024, on the Eligible Account.
  3. All deposits made to an RRSP HISA and a TFSA HISA are subject to the limits imposed by the Canada Revenue Agency (CRA). The Member understands and acknowledges that it is their responsibility to know their own individual contribution limits.
  4. Subject to the imposed CRA limits on RRSP and TFSA HISAs, the Promotional Rate will be paid on Eligible Deposit balances in the Eligible Account, up to a maximum Eligible Deposit of $1,000,000 Canadian during the Promotional Period.
  5. If an amount greater than $1,000,000 Canadian is deposited into an Eligible Account during the Promotional Period (not including interest), the excess amount over $1,000,000 Canadian will be transferred to a separate, additional HISA account, within the same registered contract number if applicable. The funds in the second account will earn interest at the Posted Rate and are not eligible to earn the Promotional Rate.
  6. This Offer cannot be combined with any other promotional offers unless Meridian, at its sole discretion, defines otherwise.
  7. If Meridian is unable to run this 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.
  8. Meridian reserves the right at its absolute discretion to withdraw this 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 earlier, or to extend, the Offer Period, at its absolute discretion.
  9. 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 this Offer.
  10. 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.
  11. To the extent that the 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.
  12. In consideration of this Offer provided by Meridian, the Member agrees through their participation in this Offer, to irrevocably and unconditionally release, discharge and forever hold harmless Meridian, its directors, officers, employees, agents, representatives, affiliates, successors and assigns (collectively, the “Released Parties”) from any and all claims, demands, actions, causes of action, suits, debts, dues, accounts, bonds, covenants, contracts, liabilities, losses, damages, costs, expenses, and compensation of any kind whatsoever (collectively “Claims”), whether known or unknown, which the Member, or any person claiming through or on behalf of the Member, now has, or may hereafter have, arising out of or in connection with this Offer or any associated transaction, service, or product provided by Meridian.
  13. By participating in this Offer, the Member agrees to indemnify, defend, and hold harmless the Released Parties from and against any and all Claims, including legal fees and expenses on a full indemnity basis, that may be brought against or incurred by any of the Released Parties as a result of or in connection with this Offer, any actions or omissions of the Member, or any breach by the Member of the terms and conditions governing this Offer. This indemnity shall survive the termination, completion or expiry of the Offer between Member and Meridian.
  14. Participation in this Offer is your acknowledgement that you have read these terms and conditions and you agree to be bound by these terms and conditions.
  15. Notice of the Offer including these terms and conditions are deemed to be provided on the day it is posted to the Meridian website.