Deposits disclosure
This Concentra Bank Deposits Disclosure sets out the interest calculations and fees that apply to the GIC, RRSP, RRIF, RESP, RDSP and TFSA deposits held with Concentra. It summarizes certain provisions of the Personal Deposit Agreement or Terms and Conditions (the ‘Agreement') and related forms.
GIC, RRSP, RRIF, RESP, RDSP, and TFSA
| Feature | Fee |
| Cancellation of fixed-term deposit | Within 30 days of purchase or renewal, a deposit may be cancelled, with no interest |
| Cash withdrawals from RRSP/RRIF | $50 per disbursement |
| Cash withdrawals from TFSA Note: fee is effective April 1, 2024 |
$50 per disbursement |
| Accumulated income payment/payment of income to a designated educational institution - RESP | Variable Deposit - $50 transaction charge Fixed Term Deposit - $100 transaction charge, Plus 50% discount of interest earned on each deposit since deposit/renewal date |
| Non-educational withdrawal from RESP variable rate deposits | $50 transaction charge |
| Registered plan transfer-out fee(1) | $50 per disbursement |
| Registered plan pension legislated special withdrawal request | $100 transaction charge, plus 50% discount of interest earned on each deposit since deposit/renewal date |
| Early withdrawal of cashable 1 year fixed deposit | Where redemption is within 30 days of purchase or last renewal date, no interest will be paid. Otherwise, interest will be calculated and paid for the period held at issue rate. |
| Termination of RRSP/RRIF/TFSA plan prior to 1 year | $100 administration fee on accounts closed or funds withdrawn within 1 year of opening, plus 50% discount of interest earned on each deposit since deposit/renewal date |
| RESP inactive plan closure fee | $50 administration fee on closure of an Inactive Plan (as detailed in the RESP Terms and Conditions) |
| Pre-approved redemptions of a non-redeemable fixed deposit prior to maturity(1) | $100 transaction charge, plus 50% discount of interest earned on each deposit since deposit/renewal date |
| GIC pre-approved change of registration/internal transfer fee(1) | $50 per deposit |
| Unscheduled payments from non-redeemable RRIF deposits prior to maturity | $50 transaction charge, plus 50% discount of interest earned since deposit/renewal date. Minimum withdrawal of $1,000 |
| Unscheduled Disability Assistance Payment | $25 transaction charge for early redemption of each fixed deposit, plus 50% discount of interest earned on each deposit since deposit/renewal date |
| Educational assistance payment/post-secondary educational assistance payment from RESP | $25 transaction charge for early redemption of each fixed deposit, plus 50% discount of interest earned on each deposit since deposit/renewal date |
| RESP Canada Learning Bond | When the initial CLB is paid into the RESP, an additional $25 is deposited by ESDC in recognition of expenses incurred by the Promoter with opening the RESP. Concentra will withdraw the $25 as a one-time set-up fee. Both the deposit and withdrawal will be recorded on the client statement. |
| Duplicate registered plan statements | Registered Plan statements are issued on an annual basis; a $25 fee shall apply for any requests to produce duplicate statements or a statement outside the regularly scheduled dates |
| NSF (non-sufficient funds) fee | $50 per instance |
| Duplicate tax slips | Tax slips are issued on an annual basis; a fee of $25 shall apply for any requests to produce duplicate copies outside the regular scheduled dates |
| Provide personal information | $25 fee to provide personal information pursuant to federal or provincial privacy legislation |
| Inactive account charge | Free |
| Transactional research | $150 per hour, with a minimum charge of $150 to research historical information and calculations |
| Standing written instructions RRSP | $25 transaction charge to comply with standing instructions left on file |
(1) Some exemptions or discounts may apply. Contact your financial services representative for more information.
| Registered plan variable cash account deposit | RESP no minimum RDSP no minimum RRSP minimum $100 RRIF minimum $5,000 TFSA minimum $500 |
| Cashable 1 year fixed deposit |
GIC minimum $5,000, maximum $150,000 |
| Fixed-term deposits (non-redeemable and non-transferable prior to maturity) |
GIC minimum $1,000, maximum $150,000 |
Interest calculations
| Registered plan variable cash account deposit | Interest is calculated daily on the total closing balance and paid semi-annually June 30 and December 31, based on the rates per annum, as offered. Interest rates are expressed annually and may vary from time to time. |
| Cashable 1 year fixed deposit | Interest is calculated daily on the total closing balance and paid on maturity or at time of redemption. Interest rates are expressed annually as a percentage of the deposit and are guaranteed for the term of the deposit. You will not earn interest on the maturity date. For interest calculation, the year is treated as 365 days and is compounded and/or paid annually. |
| Fixed-term deposits (non-redeemable and non-transferable prior to maturity) | Interest is calculated daily on the total closing balance and paid annually, on maturity or at time of redemption. Interest rates are expressed annually as a percentage of the deposit and are guaranteed for the term of the deposit. You will not earn interest on the maturity date. Terms of one year or longer, for interest calculation, the year is treated as 365 days for all and is compounded and/or paid annually. |
You acknowledge that, from time to time, we may change interest rates and how we calculate interest. Refer to our website for our current interest rates below.
Deposit renewals
Concentra will notify the Investor of the upcoming renewal of a GIC or fixed-term deposit using the contact information provided to Concentra by the Investor. The Investor must notify Concentra of any changes to its contact information. The Investor will receive this notification 21 days before the last day of the term, if the GIC or fixed-term deposit has a term of more than 30 days, and 5 days before the last day of the term for all GICs and fixed-term deposits.
If Concentra has not received instructions from the Investor on or before the maturity date, Concentra may renew the matured amount for a like term or for such other term as shall have been communicated in advance or such matured amount meets Concentra deposit minimums, at the current rate of interest in effect at the date of maturity.
Fees
Fees are charged on the date that the transaction or event occurs (unless otherwise indicated). See the Rate and Fee Schedule above for all applicable fees.
Concentra will provide you with notice of any changes. This notice may include posting a notice on our Website, through email, mail or by any other method allowed by law as determined by us, at least 60 days before the change comes into effect.
CDIC insurance
Concentra Bank is a member of the Canada Deposit Insurance Corporation (CDIC). Wyth Financial is a trade name of Concentra Bank. Deposits made under Wyth Financial and Concentra Bank are aggregately eligible for CDIC protection up to $100,000, per category, per depositor. You may find a listing of eligible products and more information on our CDIC info page.
Resolving concerns
Tell us about your problem or concern in the way that is most convenient for you. Concentra will always acknowledge your complaint made by phone or in writing. Learn how Concentra resolves complaints in the Complaint Policy located at concentra.ca/complaints-english or concentra.ca/complaints-french. You can obtain more information on the complaint process by using the contact information described below.
Questions
Whether your deposit is a product of Concentra or Wyth, if you have any questions about your Account, please email clientsupport@eqbank.ca, answers@eqbank.ca or call the toll-free telephone number 1-800-788-6311 (option 1) during Concentra’s business hours.
Our commitment to voluntary codes
Learn about the voluntary commitments and codes of conduct that Concentra makes to protect its customers and serve you better at https://www.equitablebank.ca/voluntary-codes-of-conduct-and-public-commitments.