Types of CWB deposits
- Savings accounts:
- Summit Savings Account with no monthly fee and free transfers between other CWB accounts. The interest rate is 1.250% for any balance without a minimum balance. Transaction, ATM withdrawal fee of $5 is applied. The fee for Interac e-Transfer is $1.
- Flex Notice Account without a monthly fee and maximum deposit limit give flexible access to funds. You can make a deposit anytime and use two withdrawal notice options — 31 or 93 days. The interest rate is linked to prime.
- USD Flex Notice Account has the same conditions as CAD Flex Notice Account but allows saving in American dollars.
- US dollar savings account with an interest rate of 0.8% offers free transfers between CWB accounts without a monthly fee. No minimum balance is required. The transaction fee for withdrawal is $5.
- Registered Savings Accounts and GICS (Guaranteed Income Certificates): Tax Free Savings Accounts (TFSA) and GIC, Registered Retirement Savings Plans (RRSPs) account and GICs, Registered Retirement Income Fund (RRIF) account and GICs, Registered education savings plan (RESP) offer great interest rates and different types of GICs.
- Chequing accounts: Standard Chequing Account, Apex® Account, US Dollar Chequing Account, Gold Leaf PLUS® Account, Youth Account, Student Account, CWB Prestige™ without a monthly fee or with an opportunity to waive it. Free unlimited transaction options are provided.
Requirements
To be eligible for a CWB account, you should:
- Be a Canadian resident
- Be the age of majority in your province or territory
- Have a valid Social Insurance Number (SIN) or driver's license (optionally)
- For a Flex Notice Account, you need to maintain a minimum balance of $25,000
- For Gold Leaf PLUS Account, you should be over 57
- For the Youth Account — be at the age between 0 and 18
- Eligibility requirements apply to qualify for CWB Prestige benefits. Contact the nearest branch for further information.
Pros and cons
Pros
- No monthly fee options
- Easy-to-use transfers and deposits
- The good interest rate for USD account
- Special offers for youth, students, seniors
- Great choice of GICs and access to all main types of registered savings plans
Cons
- Minimum balance required options
- Transaction fees for non-CWB accounts operations and ATM withdrawal fees may be applied
- Other fees may be charged
- No specific information about eligibility criteria on the website
- Some accounts are unavailable to apply online
How to make a deposit?
You may open a savings account at the banking office, online, by phone, or by filling in the short form at the website under the wanted product. Then, enter your contact information and click the «Connect with CBW» button to get a call from the Relationship manager.
If you are already a CWB client, log into your online banking to open additional accounts. You may also contact your branch or email [email protected].
Online application is not available for US dollar, and Flex Notice accounts.
Transfer funds from your CWB account to contribute to your CWB savings account anytime — easily and free through online banking.
To transfer money between your CWB accounts:
- Log in to your online banking account.
- Select «Move Money» — «Transfer between accounts».
- Choose the accounts to transfer from and fill in an amount. You can choose the frequency and date of your transfer.
- Click «Continue» and «Confirm».
