Types of B2B Bank deposits
Financial professionals can offer a variety of B2B deposit products to their clients.
- High-Interest Savings Account (HISA). With a this account from B2B Bank, clients earn competitive interest on the amounts they deposit. The interest rate for balances of up to $500,000 is 1.70%, and for balances over $5,000, the interest rate is 0.30%. Savings accounts involve no monthly fees. In addition, electronic fund transfers, transfers between B2B accounts, and pre-authorized deposits are free of charge.
- Chequing accounts are good for clients’ everyday banking needs. These accounts feature zero monthly fees and free transactions, including — INTERAC e-Transfers®, INTERAC® Debits, electronic fund transfers, transfers between B2B accounts, pre-authorized deposits, and bill payments.
- Guaranteed Investment Certificates (GICs). To help clients earn competitive interest and keep the initial investment secure, financial professionals can offer short-term and long-term non-redeemable GICs from the B2B Bank.
Short-term GICs are available for 30 to 364 days and are eligible for non-registered accounts. Depending on the term, the interest rates for short-term deposits range from 2.000% to 2.750%.
Long-term GICs are available for terms from 1 to 5 years and are eligible for non-registered accounts, RRSPs, and RRIFs. Depending on the term, the interest rates for long-term deposits range from 4.050% to 4.075%.
- Money Maximizer is an investment vehicle to earn interest on the deposited funds based upon posted rates with no fees or service charges. This product is eligible for registered or investment accounts, including TFSAs.
- High-Interest Investment Account (HIIA) is a Fund SERV-accessible account eligible for both non-registered and registered plans. This account provides clients a competitive return at a 2.25%-2.50% interest rate, with no minimum balance requirements.
- Registered accounts. To hold cash, mortgages, GICs, and mutual funds, there is a range of registered accounts at B2B Bank. These accounts include:
- Registered Retirement Savings Plans (RRSPs) to make contributions and grow money tax-free, both individual and spousal, as well as their locked-in variations like Restricted Locked-in Savings Plans (RLSPs), Locked-in Retirement Accounts (LIRAs), and Locked-in Retirement Savings Plans (LRSPs).
- Registered Retirement Income Funds (RRIFs) to convert RRSP savings into retirement income with no opportunity to make additional contributions, both individual and spousal, as well as their locked-in variations like Life Income Funds (LIFs), Prescribed Registered Retirement Fund (PRRIF), Locked-in Retirement Income Funds (LRIFs), and Restricted Life Income Funds (RLIFs).
- Non-registered accounts. There is a range of non-registered account options at B2B Bank, including individual, joint, informal trust, formal trust, estate, corporate, and unincorporated organization accounts. In addition, cash, GICs, and mutual funds are eligible for non-registered accounts.
- Individual Tax Free Savings Accounts (TFSAs). With Tax-Free Savings accounts, clients can grow their savings and investment income tax-free and make tax-deductible withdrawals. In addition, TFSAs are suitable for holding cash, mortgages, GICs, and mutual funds there.
Requirements
To open a deposit product with B2B Bank, you must be a Canadian citizen or permanent resident of at least the age of majority in your province or territory. In addition, applying for a deposit product requires the referral code provided by your financial advisor.
Pros and cons
Here are the benefits of B2B Bank deposit products:
- Guaranteed insurance coverage of eligible deposits
- Online banking options available for clients
- Access to surcharge-free ATMs for clients
The disadvantages are:
- The availability of deposit products through financial advisors only
- The lack of mobile banking app
- Additional charges may apply (stop payment fees, an early closure fee, returned items fee, non-sufficient funds fee, and more)
- Rates may change at any time without prior notice
How to make a deposit?
You can deposit funds into your chequing account in cash or by cheque at an EXCHANGE® Network ATM by transferring funds from your other B2B Bank account or a linked account with another financial institution via online banking.
To deposit funds into your chequing account, you can transfer money from either your other B2B Bank account or a linked account with another financial institution via online banking.
To purchase a GIC, you must have a chequing or savings account and a B2B Bank online banking account.
