High Interest Savings Account Frequently Asked Questions
What are the benefits of Assante Connect’s High Interest Savings Account?
- Earn 0.5% interest. No promotional rates.
- No fees. No catch. All transactions are totally free.
- No minimums. Deposit as much or as little as you like.
How is the interest calculated and paid? Interest rates are per year, calculated daily, paid monthly and are subject to change without notice.
Are fees charged on the balance held in the savings account? Assante Connect's High Interest Savings Account is completely free!
How long will it take to withdraw money from the savings account? Your withdrawal request will be processed within 3 business days after receiving your request.
Is my money protected? Of course! Assante Connect's custodian (BBS Securities) is a member of both the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF), which provides limited protection for customer accounts, in case of the custodians’ insolvency for up to $1 million per account type category.
Cash and securities held in your account are protected by the Canadian Investor Protection Fund, within specified limits, for up to $1,000,000 CDN through our third-party custodians, if they were to go insolvent. Visit CIPF to learn more.
What is the best use for this account? We recommend our savings account for those situations where keeping your money safe is of the utmost importance - like when saving to buy a house or a car.
Can I use this savings account for my registered savings (RRSP, TFSA, etc.)? While registered accounts (such as RRSP, TFSA, etc.) do not qualify for this particular account type, we offer similar solutions discussed below.
What is available for registered accounts? We will continue to offer the CI First Asset High Interest Savings ETF, which provides a similar investment option for registered accounts. Note that this option is not presented to you in onboarding at the moment but can be set up upon request.
How many Savings Accounts can I open? Each client can open one Savings Account.
Can I open a Joint Savings Account? Only Individual accounts are eligible at this time.