Types of Meridian savings accounts
Meridian savings accounts offer no monthly fee and minimum balance, no transaction fee options (except for the Interac e-Transfer fee), great interest on every dollar calculated daily and paid monthly, and access to online, mobile, telephone, and in-branches banking.
- High Interest Savings Account offers 2.05% unlimited free transactions.
- TFSA (Tax-free Savings Account) is a high-interest savings account. Tax-free savings within the contribution limit (for 2021 and 2022 is $6,000).
- RRSP (Registered Retirement Savings Plan) is a high-interest savings account. To accumulate tax-deferred with a 2.05% interest rate.
- RRIF (Registered Retirement Income Fund) is a high-interest savings account that manages your retirement funds. Not available online.
- Advantage Savings Account provides one free online and one free other transaction monthly ($1,25 for every transaction over the limit), unlimited free deposits. It is available in a non-registered account, TFSA, RRSP, or RRIF plan with interest rates up to 0.10%. With a balance over $50,000, transaction fees are waived. Unfortunately, it can't be opened online.
- Youth Savings Account is designed for Members under 17 and has unlimited free transactions. It could be opened only at branches.
- Business banking savings accounts: AgriInvest account with an interest of 1.10%, Business Advantage Savings account with a 0.50% rate, Business Advantage Plus Savings account with interest rates up to 2.50% depending on the daily closing balance.
Other fees like $1.5 Interac e-Transfers, $16 incoming wires, $48 Non-sufficient funds (NSF), bank draft, and foreign debit transaction fees may be charged.
Auto-Save is available for all accounts to make savings automatically when you spend or/and get paid. In addition, a Sweep account could be enabled during the application to combine and link chequing and savings accounts.
Requirements
To be eligible for a Meridian savings account, you should:
- Be a Canadian resident
- Be the age over 18 (according to the age of majority in your province or territory)
- Have a valid email address
- Have a valid Social Insurance Number (SIN)
- For a Youth savings account, you should be 17 or under 17 years old
Pros and cons
Pros
- Highly competitive rates
- Transfer funds from chequing to savings account
- Save up with Auto-Save
- No monthly fee, no minimum balance required
- No transaction fee options
- Apply and manage online
Cons
- Only a HISA account could be opened online
- No welcome offers
- No foreign currency options
- Additional fee for Interac e-Transfers
How to fund into a Meridian savings account?
- You may apply for Meridian savings account online by calling the Contact Center at 18665922226 or at one of Meridian's branches.
- If you apply online, you get access to a savings account, become a member of Meridian, and can also set up a Sweep for 5 minutes. A Sweep account allows you to set up a limit of money transferred from your chequing account and HISA.
- You may set up an Auto-Save: every time you use your debit card to make a purchase or withdrawal, you can automatically transfer between $1 and $5 or/, and when you get paid, you can automatically assign a percentage to your savings account.
- You may also make a deposit at your TFSA, RRSP, or RRIF. RRIF option is only available through a branch or a Meridian Wealth Advisor.
- If you are a Meridian member, sign in to Online Banking, and select the needed account type.
