High Interest Savings Account New Deposits Promotion – Terms and Conditions

Version Date: August 8, 2024

By opting-in to participate on or before October 30, 2024, you may be eligible to the Coast Capital Savings Federal Credit Union High-Interest Savings Account New Deposits Promotion (the “Promotion”).  

During the Promotion Period, you can earn a 3.55% per annum bonus interest rate on Eligible Deposits of up to CAD 500,000 in your Canadian Dollar Coast Capital High-Interest Savings Accounts (“HISA”). Bonus interest is earned only from the date you opt-in to the Promotion and until the end of the Promotion Period.

Please read these Terms and Conditions carefully as they will explain how the High Interest Savings Account New Deposits Promotion will be applied. 

DEFINITIONS

When used in these Terms and Conditions, the phrases set out below mean the following:

1. “Bonus Interest” means the additional interest earned on Eligible Deposits of up to CAD 500,000 in your HISA during the promotion period. See “EXAMPLES” section below for how Bonus Interest earned on Eligible Deposits is calculated.
2. “Coast Capital” means Coast Capital Savings Federal Credit Union.
3. “Eligible Deposit” means the lower of the New HISA Deposits and the New Deposits, starting from the close of business on August 13, 2024 and until the end of the Promotion Period. If the lower of the New HISA Deposits and New Deposits is negative, the daily Eligible Deposit will be zero.
4. “HISA” means your personal Coast Capital Canadian dollar High-Interest Savings Account(s) and does not include foreign currency, Regular Savings accounts or accounts under a Registered Plan such as (but not limited to) Tax-Free Savings Account, Registered Retirement Savings Plan, Registered Retirement Investment Fund or First Home Savings Account.
5. “HISA balance” means the total value, in Canadian Dollars, of your HISA.
6. “New HISA Deposits” means the change in the daily closing HISA balance, calculated starting from the close of business on August 13, 2024 and until the end of the Promotion Period.
7. “New Deposits” means the change in the daily closing Total Deposits Balance, calculated starting from the close of business on August 13, 2024 and until the end of the Promotion Period.
8. “Primary Member” means the member identified on the account as the primary account holder. All deposit products within the same membership under which a member is identified as the primary member will be considered in the calculation of that member’s New Deposits. For clarity, deposit products within a jointly held membership, under which a member is identified as the primary member, will be considered separate from those within a sole membership when calculating that member’s New Deposits.
9. “Promotion” means this ‘High-Interest Savings Account New Deposits Promotion’ running during the promotion period.
10. “Promotion Period” means August 14, 2024 to November 30, 2024 unless we terminate it at an earlier date. Bonus Interest is earned during the Promotion Period only.
11. “Regular Interest” means interest earned at the standard posted (non-Bonus) interest rate on a HISA based at the rate that applies to the balance tier.
12. “Total Deposits” means the total value in Canadian dollars of all your eligible chequing, savings and term deposit accounts under the same Member Number with Coast Capital during the Promotion Period. For the purpose of calculating the total value, foreign currency account balances will be held at par value.
13. “We,” “our,” or “us” means Coast Capital and its affiliates.
14. “You,” “your,” or “yourself” means you, our member.

HOW TO BE ELIGIBLE FOR THE BONUS INTEREST

To be eligible for the Bonus Interest, you must satisfy the following requirements:

1. You must opt-in to the Promotion by agreeing to these Terms and Conditions on or before October 30, 2024. For clarity, if you opt-in to the Promotion on or after November 1, 2024, you will not be eligible for the Bonus Interest.
2. You must be an individual and a current Coast Capital member.
3. You must hold a personal HISA with Coast Capital. The following accounts are not eligible for the Bonus Interest:
   1. Foreign currency accounts;
   2. Accounts under a Registered Plan such as (but not limited to) Tax-Free Savings Account, Registered Retirement Savings Plan, Registered Retirement Investment Fund or First Home Savings Account;
   3. Personal Holding Company Accounts;
   4. Trust Accounts; and
   5. Accounts held by entities other than an individual (such as Commercial Banking accounts, Small Business Banking accounts, accounts held in the name of a corporation (including personal holding accounts), trust accounts or any other account used for a commercial purpose).

HOW TO EARN and RECEIVE BONUS INTEREST

To earn Bonus Interest on your Eligible Deposits, you must take the following actions:

1. Deposit New HISA Deposits into any Coast Capital HISA account that is eligible for Bonus Interest.
2. Ensure that your Total Deposits stay at or above your Total Deposits balance on the date prior to the date on which you opt-in to the Promotion.
3. Earn Bonus Interest on Eligible Deposits that are within your Coast Capital HISA account at the annual rate of 3.55% from the date you opt-in to the Promotion and until the end of the Promotion Period. Bonus interest is calculated daily on the daily closing balance of Eligible Deposits and is paid monthly. Bonus interest will be earned on Eligible Deposits in your HISA, in addition to regular interest that is paid on deposits in the HISA. The sum of regular interest and bonus interest will determine the total interest payable during the Promotion Period.
4. Bonus Interest payments will be shown as separate transactions from your regular interest payments on your monthly HISA statements.
5. If you have multiple :
   1. Bonus interest is earned on Eligible Deposits in each HISA but will be added together and paid to the HISA with the highest balance.
   2. Bonus interest is earned on Eligible Deposits of

In instances where the Primary Member holds a joint membership with another person,

6. Any calculated but unpaid bonus interest on Eligible Deposits in a HISA will be forfeited if that HISA is closed before the bonus interest is paid. Bonus interest is paid monthly.

RESTRICTIONS OF BONUS INTEREST

1. Deposits made to eligible Coast Capital accounts at the close of business day on or before August 13, 2024 are not considered New Deposits eligible for this campaign.
2. Deposits made to eligible Coast Capital accounts at the close of business day on or after December 1, 2024 are not considered New Deposits eligible for this campaign.
3. Total Deposits are calculated based on the holdings of the Primary Member.

OTHER CONDITIONS

1. Except as set out in the Promotion, all regular terms and conditions applicable to each account will remain in effect during and after the promotion period. For this and other information on your savings accounts please visit: https://www.coastcapitalsavings.com/day-to-day-banking/savings-accounts.
2. Coast Capital reserves the right to refuse or terminate any individual’s participation in this promotion if Coast Capital has concerns about or discovers abuse of the proper and intended operation of the Promotion, including the moving of funds between memberships.
3. This Promotion may be amended, extended or cancelled at the sole discretion of Coast Capital at any time without prior notice.

EXAMPLES

How Bonus Interest is calculated during the Promotion Period:

These examples are provided for illustrative purposes only. Each row represents an example of a change on one day during the promotion period. Figures represent balance changes in respective accounts during the promotion period.

Example #1

Example #2

* Given the New Deposits is a negative number, the Eligible Deposits amount is calculated to be $0.

^‡ Although both the New HISA Deposits and New Deposits amount is $520,000, the maximum Bonus Amount for the Promotion is $500,000.