About bank
Bridgewater Bank, a Canadian bank, is recognized as one of the largest membership service organizations in Alberta. Specializing in residential mortgages and deposit products, Bridgewater Bank serves clients across Canada, offering competitive financial solutions through its select network of brokers. With a commitment to expert service and tailored banking solutions, Bridgewater Bank caters to the needs of its diverse clientele, including new Canadians and established residents alike, providing them with the tools they need to manage their money, invest in their futures, and achieve their life goals.
Based in Calgary, the company manages a portfolio exceeding $3.3 billion in residential mortgages and deposits, catering to over 53,000 accounts across Canada. As a Canadian Schedule I chartered bank with deep roots in Western Canada, it was established in 1997 as a wholly-owned subsidiary of Alberta Motor Association (AMA), the largest membership service organization in the province.
Key features
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Competitive Residential Mortgages. Bridgewater Bank offers competitive rates and terms on residential mortgages, catering to the diverse needs of its clients.
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No Online Access. Unlike many traditional banks, Bridgewater Bank does not offer online access to its services, providing a more personalized approach to banking through its network of brokers.
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Investments and Savings Accounts. In addition to residential mortgages, Bridgewater Bank provides investment and savings account options, allowing clients to grow their money and achieve their financial goals.
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Member of CDIC. As a member of the Canada Deposit Insurance Corporation (CDIC), Bridgewater Bank provides added security and peace of mind to its clients by insuring eligible deposits, up to the maximum limits established by the CDIC.
Pros and cons
Pros
Cons
Bridgewater Bank requirements
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Canadian Residency. Applicants must be Canadian residents, residing in Canada on a permanent basis.
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Age Requirement. Applicants must be over the age of majority in their province or territory of residence. The age of majority varies by province, typically ranging from 18 to 19 years old.
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Existing Banking Relationship. Applicants must have an existing chequing or savings account with a Canadian financial institution. This requirement ensures that applicants have a history of managing banking relationships and may be subject to verification by Bridgewater Bank.
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Proof of Identification. Applicants will likely need to provide valid identification documents, such as a driver's license, passport, or provincial identification card, to verify their identity and residency status.
Access on the go
Bridgewater Bank does not offer online banking or mobile apps for its customers. Unlike many traditional banks that provide digital banking platforms for convenient access to accounts and services, Bridgewater Bank operates through a different model. Instead of online banking, Bridgewater Bank primarily relies on its network of brokers to facilitate banking transactions and provide personalized service to its clients.
While the absence of online banking and mobile apps may be perceived as a limitation by some customers who prefer digital banking conveniences, Bridgewater Bank compensates by emphasizing direct interaction and personalized assistance through its broker network. Clients can access a wide range of banking services and products, including competitive residential mortgages and deposit accounts, by working with Bridgewater Bank's experienced brokers.
Bridgewater Bank products
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Mortgages. Bridgewater Bank provides competitive residential mortgages to help individuals achieve their homeownership goals. Whether purchasing a new home, refinancing an existing mortgage, or investing in a property, Bridgewater Bank offers flexible mortgage options with competitive rates and terms.
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GICs (Guaranteed Investment Certificates). Bridgewater Bank offers GICs as a secure investment option for clients looking to grow their savings over a fixed period. GICs provide guaranteed returns and are available in various terms, allowing clients to choose the option that best suits their investment goals and timeline.
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Savings Accounts. Bridgewater Bank offers savings accounts to help clients manage and grow their money while providing easy access to funds when needed. With competitive interest rates and flexible account features, Bridgewater Bank's savings accounts provide a reliable option for individuals looking to save for short-term goals or emergencies.
Bridgewater Bank services
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Advice. Bridgewater Bank provides personalized financial advice to help clients make informed decisions about their banking and investment needs. Whether it's selecting the right mortgage product, planning for retirement, or managing savings and investments, Bridgewater Bank's expert advisors offer guidance tailored to each client's unique circumstances and goals.
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Brokerage. Bridgewater Bank works closely with a network of brokers to facilitate mortgage transactions and provide personalized service to clients. Brokers act as intermediaries between clients and the bank, helping clients navigate the mortgage process and find the best financing options to suit their needs.
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Services for Seniors. Bridgewater Bank recognizes the unique financial needs and challenges faced by seniors and offers specialized services to support them. Whether it's retirement planning, accessing home equity, or managing finances in later life stages, Bridgewater Bank provides tailored solutions and expert guidance to help seniors make the most of their financial resources.
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Calculators. Bridgewater Bank offers online calculators to help clients estimate mortgage payments, assess affordability, and plan for their financial future. These interactive tools provide valuable insights and information to assist clients in making informed decisions about their mortgage and financial planning needs.
Which associations does Bridgewater Bank belong to?
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CDIC (Canada Deposit Insurance Corporation). Bridgewater Bank is a member of the CDIC, which provides deposit insurance to eligible deposits held at member financial institutions in case of insolvency. This membership ensures that Bridgewater Bank's clients have their deposits protected up to the maximum limits established by the CDIC.
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CBA (Canadian Bankers Association). Bridgewater Bank is also a member of the CBA, which represents banks operating in Canada. The CBA advocates for the banking industry's interests, promotes financial literacy, and engages in public policy discussions to support a strong and stable banking sector in Canada.
Bank reliability
Bridgewater Bank is considered reliable within the Canadian banking sector. Bridgewater Bank adheres to regulatory standards and provides financial products and services that meet the needs of its clients. With its membership in the Canada Deposit Insurance Corporation (CDIC) and its commitment to expert service and personalized financial solutions, Bridgewater Bank has built a reputation for reliability and integrity in serving its clientele, including new Canadians and residents of Alberta.
Editorial opinion
Additional resources
- How to PayOff Bridgewater Bank Debt
- Bridgewater Bank Customer Reviews
