Types of ATB deposits
For clients willing to keep their money at a bank safely, there is a wide range of deposit products at ATB.
- Registered Retirement Savings Plans (RRSPs) from ATB allow you to save for your retirement. Contributions to your RRSP don’t count as taxable income. Income earned on your RRSP isn’t subject to taxation until you decide to withdraw funds.
- Tax-Free Savings Accounts (TFSA) allow you to earn interest on the money deposited on a tax-free basis. There are no minimum balance requirements, and the annual contribution limit is $6,000.
- Registered Education Savings Plans (RESPs). To save for your child’s education, you can open registered education savings account at ATB. RESPs allow you to hold the funds you deposit, financing received with government grants, and investment products like GICs and mutual funds.
- Registered Disability Savings Plans (RDSP). For clients with disabilities, there are registered disability savings plans at ATB. You can combine your contributions to your RDSP with government grants and bonds as well as investment securities.
- USD Investment Savings Accounts. To help clients grow their US funds, ATB offers USD investment savings accounts with competitive interest rates ranging from 1.45% to 2.20%. The minimum investment to get started with such an account is $1,000 USD.
- Guaranteed Investment Certificates (GICs) assume a 100% guarantee of your original investment amount and return. You can hold GICs at an RRSP, TFSA, or RESP.
- Chequing accounts from ATB allow using the funds you deposit for everyday banking operations. Depending on your banking needs, you can choose either a minimal or unlimited number of transactions included.
- Savings accounts. With savings accounts from ATB, you can earn interest on the money deposited. These accounts feature no monthly fees.
Requirements
To apply for any of the deposit products from ATB, you must be an Alberta resident of at least 18 years old. In addition, to open a bank or investment account, you will need to provide documents verifying your identity.
If you are a landed immigrant, a foreign worker, or an international student, be sure to provide one piece of ID from List A and a second piece — either from List A or from List B. Foreign workers must also provide a work permit and a letter from an employer in Alberta. International students must provide confirmation of enrolment and a valid study permit.
Pros and cons
Deposit products from ATB Financial have certain advantages:
- A wide range of options to choose from
- Up to 2.40% interest rate with high-interest savings accounts
- Growing your earnings on a tax-advantaged basis with accounts like RRSP, TFSA, RESP, or RDSP
- An opportunity to hold a mixture of cash deposited and investment securities in accounts like RRSP, TFSA, RESP, or RDSP
The disadvantages are:
- Minimum monthly balance requirements to waive monthly fees
- Fees for requesting money through Interac e-Transfer
- Fees for global transfers
How to make a deposit?
You can deposit funds at an ATB branch near you or at an ATB ATM. Alternatively, you can deposit a cheque through the ATB Personal app or ATB Business app by taking a picture of it.
If you have ATB reward points, you can use them as a cash deposit or contribution to your investment account.
