What are the benefits of CI Direct Investing's High-Interest Savings Account?
- Earn 2.75% 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.
When are monthly interest payments processed? Interest payments are processed by the 7th business day of the month
What is the best use for this account? We recommend our savings account for those situations where keeping the client's money safe is of the utmost importance - like when saving to buy a house or a car.
Are fees charged on the balance held in the savings account? CI Direct Investing's High-Interest Savings Account is completely free. In other words, we will not charge your Financial Planning Service Fee or the Management fee.
How long will it take to withdraw money from the savings account? The client's withdrawal request will be processed within 3 business days after receiving the request.
Is the client's money protected? Of course! CI Direct Investing's custodian (CI Investment Services) 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 the 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.
Can the client use this savings account for their 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.
How many Savings Accounts can the client open? Each client can open one Savings Account.
Can the client open a Joint Savings Account? Only Individual accounts are eligible at this time.