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What you need to know

To continue to help you maximize your savings, you’ll keep the interest rate and remaining term length for non-registered GIC(s) moved from motusbank on October 31. Interest will continue to be calculated, accrued, and compounded as your current GIC (i.e., monthly, annually, or at maturity, as applicable).

  • Coast Capital Term Certificate(s) for your Coast Capital GIC(s) will be mailed to you after November 1

  • If you have selected automatic renewal for your motusbank GIC(s), your Coast Capital GIC(s) will be set to renew into the 1-year Redeemable GIC product without any action required from you. You can contact us anytime before or after the maturity date to change or update your maturity instructions.


  • You will receive two 2025 T5s for earned interest exceeding $50:

    • motusbank will provide a T5 applicable between Jan 1 to Oct 31; and

    • Coast Capital will provide a T5 applicable between Nov 1 to Dec 31

  • At Coast Capital, you will not have access to digital banking or a debit card if you only have a GIC. You can sign up for a Free Chequing, Free Debit and More Account® - no monthly fee and no minimum balance. Instructions to set up this account will be shared by email after November 1. 

  • Your Canada Deposit Insurance Corporation (CDIC) coverage remains the same with Coast Capital. If you’re already a Coast Capital member, and your balance will exceed deposit insurance eligibility limits when your accounts are moved, contact us or visit www.cdic.ca for more information. 


  • Learn more about Coast Capital GIC options and current rates

What’s changing about your GIC

The following tables identify the Coast Capital product to which specific motusbank GICs will be moved, along with the differences in terms and conditions:

Feature motusbank Short-Term <1 Year (non-redeemable) Coast Capital 30-364 Days GIC (non-redeemable)
motusbank Short-Term >1 Year (non-redeemable) Coast Capital 1-5 Year GIC (non-redeemable)
motusbank Long-Term > 43 months (non-redeemable)
Cancellation period within opening or renewing the GIC with no interest payable 30 days 21 days
Minimum deposit N/A

$500

(Waived for motusbank transfers)
Feature motusbank 3-Year Escalator Coast Capital 3-Year Rising Rate GIC
motusbank 5-Year Escalator Coast Capital 7-Year Rising Rate GIC
Cancellation period within opening or renewing the GIC with no interest payable 30 days 21 days
Minimum deposit N/A

$500

(Waived for motusbank transfers)
Redemption Partial/full on anniversary without penalty, no minimum balance On anniversary without penalty, minimum $500 balance
Extended term N/A motusbank 5-Year Escalator migrates to Coast Capital 7-Year Rising Rate GIC; your original maturity date applies, with option to extend 2 more years at maturity
CDIC Deposit ProtectionCDIC Deposit Protection

Coast Capital Savings Federal Credit Union is a member of the Canada Deposit Insurance Corporation (CDIC). More CDIC information

Only deposits payable in Canada are eligible to be insured under the Canada Deposit Insurance Corporation Act.

Want to compare our accounts with accounts at other financial institutions? Use the Financial Consumer Agency of Canada Account Selector Tool