Types of Coast Capital savings accounts
At Coast Capital Savings you can open a High-Interest Savings Account. Such an account features a competitive 1.25% interest rate and two free monthly transactions included, all for a zero monthly fee. Additional transactions will cost you $5 per transaction, and sending e-Transfers will cost you $1.50 each.
How to open a Coast Capital savings account?
You can apply for a Coast Capital High-Interest Savings Account online — just click the “Apply now” button on the product description page and proceed with an application form.
When applying, you will need to provide the following information:
- Whether you already have a Coast Capital Savings account
- Your email
- Your phone number
- Whether you need a joint account
- Whether Coast Capital will be your primary financial institution
- Promo code (if any)
- The intended use of the account
- Your personal information (including your first name, middle name, last name, gender, date of birth, and social insurance number)
During the application process, the system will offer you to add a chequing account at no additional cost.
Next, create a 7-digit Personal Access Code (PAC), and continue with your application. You will also need to specify:
- Your address
- Your employment information (including your employment status, occupation, and your employer’s name)
- Whether you are a tax resident or a citizen of the United States
- Whether you are a tax resident of a jurisdiction other than Canada or the United States
- Whether you are a politically exposed person (PEP) or the head of an international organization (HIO)
At the last step of the application process, review all the provided information and click “Submit” to finalize your application.
Requirements
To open a Coast Capital High-Interest Savings Account, you must be a Canadian resident at the age of majority in the province you live in.
If you are new to Coast Capital, be ready to provide a social insurance number.
New applicants must also purchase $5 in Membership Equity Shares — a one-time investment giving you a say in how Coast Capital is doing business.
Pros and cons
Here are the advantages of a Coast Capital High-Interest Savings Account:
- A zero monthly fee
- A competitive interest rate
- Two free monthly transactions included
- Insurance coverage of eligible deposits by CDIC
- Ding-free access to The EXCHANGE® Network ATMs
- Easy account management through online and mobile banking
Still, there are certain disadvantages to be aware of:
- $5 for each additional transaction
- Additional charges like fees for sending INTERAC® e-Transfers, overdrawing, wire transfers, and more
How to fund a Coast Capital savings account?
You can fund your Coast Capital high-interest savings account in any of the following ways:
- By transferring funds from your other account through Coast Capital digital banking or the Coast Mobile® Banking app
- By depositing a cheque through the Coast Mobile® Banking app
- By making a deposit at any Coast Capital ATM or The EXCHANGE® Network ATM across Canada
- By making a deposit in person at a Coast Capital branch near you
