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Savings Account Frequently Asked Questions

What are the benefits of CI Direct Investing’s Savings Account?

  • Earn 3.75% interest. No promotional rates.
  • No fees. No catch. All transactions are totally free.
  • No minimums. Deposit as much or as little as you like.

How is the interest calculated and paid? Interest rates are per year, calculated daily, paid monthly and are subject to change without notice.

When are monthly interest payments processed? Interest payments are processed by the 7th business day of the month and reflected on your Dashboard the following business day.

What do you mean by ‘no promotional rates’? Unlike other Savings Accounts that offer an introductory rate which can expire after a period of time and default to a lower long-term rate, the rate we offer does not expire. 

Will the interest rate ever change? We don’t use promotional rates (meaning your rate isn’t reduced after a predefined promotional period), and the rate we offer may fluctuate with changes to the policy rate set by the Bank of Canada.

Are fees charged on the balance held in the savings account? CI Direct Investing’s Savings Account is completely free!

How long will it take to withdraw money from the savings account? Your withdrawal request will be processed within 3 business days after receiving your request (subject to initial holds on new deposits).

Is my money protected? Is my money protected? CI Direct Investing has selected one or more of the following companies to act as your custodian: CI Investment Services Inc., Credential Qtrade Securities Inc., and National Bank Independent Network. All of our custodians are Canadian custodians under applicable securities laws and members of the Canadian Investor Protection Fund (“CIPF”) which provides protection for your accounts in case of the custodians’ insolvency for up to $1 million per account type.

Does the balance held in the savings account go toward determining the overall fee for my household? Yes. For example, if you were to hold $150,000 in a savings account (no fee charged on this portion), and at the same time invest $10,000, you would take advantage of a reduced CI Direct Investing fee on the invested portion.

What is the best use for this account? We recommend our savings account for those situations where keeping your money safe is of the utmost importance - like when saving to buy a house or a car.

Can I use this savings account for my registered savings (RRSP, TFSA, etc.)? While registered accounts (such as RRSP, TFSA, etc.) do not qualify for this particular account type, we offer similar solutions discussed below.

What is available for registered accounts? We offer a savings ETF portfolio holding the CI High Interest Savings ETF, which provides a similar investment option for registered accounts.

How many Savings Accounts can I open? Each client can open one savings account.

Can I open a joint Savings Account? Only Individual accounts are eligible at this time.

Can I open this account type on my mobile device? Yes, the savings account is available to be opened via our desktop site and via the app. From the bottom of the home page on your app, click "Start Saving".

Is the savings account available in USD? It is only available in Canadian dollars.

What is the history of rate change?

06/05/2024 3.75%
07/18/2023 4.00%
01/30/2023 3.75%
12/13/2022 3.60%
10/27/2022 3.55%
09/08/2022 3.50%
07/13/2022 2.75%
06/01/2022 1.75%
04/13/2022 1.25%
03/03/2022 0.75%
04/01/2020 0.50%
08/14/2019 2.00%

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