We calculate interest on each Savings Account daily, on its closing balance at the end of each day. Interest rates are annual rates. If balance tiers apply to your Savings Account, the rate for the day is the rate for the tier into which the closing balance falls, and that rate applies to the whole of the closing balance. For example, if the first tier covers balances up to $9,999.99 and the next tier covers balances of $10,000 or more, and your closing balance is $20,000, the rate for the second tier applies to the full $20,000 for that day. If a single rate applies to your Savings Account, that rate applies to the whole of the closing balance. Each Savings Account is calculated separately.
Interest is paid monthly. Interest rates may differ by type of Savings Account, such as registered, non-registered or business, and by balance tier. You acknowledge that interest rates may change at any time and without prior notice. We will post the new rate on our Website no later than the day the change takes effect.
Interest on your Account(s) will be reported for tax purposes in the manner required by law. Current interest rates, and any balance tiers, for each type of Savings Account are available on our Website or by emailing us at help@wealthonebank.ca.
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