Types of CTFS deposits
CTFS deposit accounts have no monthly fees and can be opened and managed by phone and online.
- Canadian Tire High-Interest Savings Account (HISA) with no minimum balance gives a 2.40% annual rate.
- Canadian Tire Tax-Free High-Interest Savings Account (Tax-free HISA or TFSA) offers you to grow your money without tax with a high 2.40% annual interest rate.
- Canadian Tire Guaranteed Investment Certificate (GIC) provides a guaranteed high annual interest rate for your term from 3.55% to 4.60%. The terms are 1 to 5 years. The minimum investment is $1,000.
Interest is based on the principal and the term of your GIC. It will be paid on the maturity of your GIC, and you will earn only interest on accrued and unpaid interest (compound interest), which will be calculated annually. You may choose to be paid an annual interest.
Interest is paid by cheque or deposited into your CTFS savings account.
Also, you may open a Canadian Tire Tax Free GIC Account to hold a GIC with all the same conditions but without tax.
Requirements
To be eligible for HISA, TFSA, or GIC, you should:
- Be a Canadian resident (except Quebec)
- Be 18 years of age or older
- Have a valid SIN
- Provide a completed Direct Transfer Authorization Form (DTA Form), including your initial deposit amount
- Provide a completed Declaration of Tax Residence for Individuals form
Pros and cons
Pros
- High rates
- Transparent info about rates and fees at the website
- No monthly fee
- No additional fees GIC
- Tax-free GIC account
- Online banking account
- Telephone support service
Cons
- No chequing account
- In CAD only
- Luck of options
- No welcome offers and bonuses
- Phone customer service is available at limited hours
How to make a deposit?
You can apply online or call at 1-866-681-CTFS (2837).
To make a deposit to an account, simply use an online banking account. In addition, you can transfer funds by phone 24/7. Telephone customer service is acceptable 8 a.m. — 9 p. M. ET from Monday to Friday, 8 a.m. — 6 p.m. ET on Saturday.