RRSP High Interest Savings Account New Deposits Promotion – Terms and Conditions

Version Date: January, 2025

By opting-in to participate on or before March 28, 2025 you may be eligible to the Coast Capital Savings Federal Credit Union RRSP High-Interest Savings Account New Deposits Promotion (the “Promotion”).  

During the Promotion Period, you can earn a 3.60% per annum bonus interest rate on Eligible Deposits of up to CAD 500,000 in your Canadian Dollar Coast Capital RRSP High-Interest Savings Accounts (“RRSP 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 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 RRSP 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 RRSP HISA Deposits and the New Deposits, calculated daily starting from the close of business on January 13, 2025 and until the end of the Promotion Period. If the lower of the New RRSP HISA Deposits and New Deposits is negative, the daily Eligible Deposit will be zero.
4. “New RRSP HISA Deposits” means the change in the daily closing RRSP HISA balance, calculated starting from the close of business on January 13, 2025 and until the end of the Promotion Period.
5. “New Deposits” means the change in the daily closing Total Registered Deposits balance, calculated starting from the close of business on January 13, 2025 and until the end of the Promotion Period.
6. “Promotion” means this ‘RRSP High-Interest Savings Account New Deposits Promotion’ running during the Promotion Period.
7. “Promotion Period” means January 14, 2025 to April 30, 2025 unless we terminate it at an earlier date. Bonus Interest is earned during the Promotion Period only.
8. “Regular Interest” means interest earned at the standard posted (non-Bonus) interest rate on a RRSP HISA based at the rate that applies to the balance tier.
9. “RRSP” means the Coast Capital Registered Retirement Savings Plan for which you are named as the plan holder and under which the RRSP HISA is held.
10. “RRSP HISA” means your personal Coast Capital Canadian dollar High-Interest Savings Account(s) opened under your RRSP and does not include non-registered accounts or accounts under a Registered Plan other than a RRSP, such as (but not limited to) Tax-Free Savings Account, Registered Retirement Investment Fund, or First Home Savings Account.
11. “RRSP HISA balance” means the total value, in Canadian Dollars, of your RRSP HISA.
12. “Total Registered Deposits” means, during the Promotion Period, the total value in Canadian dollars of all your eligible chequing, savings, term deposit, and investment accounts under any registered plan where you are named as the plan holder or equivalent, including (but not limited to) Registered Retirement Savings Plan, Tax-Free Savings Account, Registered Retirement Investment Fund, or First Home Savings Account. For the purpose of calculating the total value, any 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 March 28, 2025. For clarity, if you opt-in to the Promotion on or after March 29, 2025, you will not be eligible for the Bonus Interest.
2. You must be an individual and a current Coast Capital member. Quebec residents are not eligible.
3. You must hold or open a RRSP and a RRSP HISA with Coast Capital and keep that RRSP HISA open during the Promotion Period. Non-registered accounts and accounts under any other registered plan, such as (but not limited to) Tax-Free Savings Account, Registered Retirement Investment Fund, or First Home Savings Account, are not eligible.

HOW TO EARN and RECEIVE BONUS INTEREST

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

1. Deposit New RRSP HISA Deposits into your RRSP HISA account that is eligible for Bonus Interest.
2. Ensure that your Total Registered Deposits stay at or above your Total Registered Deposits balance on January 13, 2025.
3. Earn Bonus Interest on Eligible Deposits that are within your RRSP HISA account at the annual rate of 3.60% 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 RRSP HISA, in addition to regular interest that is paid on deposits in the RRSP 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 RRSP HISA statements.
5. If you have multiple RRSP HISAs under the same RRSP:
   1. Bonus interest is earned on Eligible Deposits in each RRSP HISA but will be added together and paid to the RRSP HISA with the highest balance.
   2. Bonus interest is earned on Eligible Deposits of up to a combined CAD 500,000 across all your RRSP HISAs.
6. Any calculated but unpaid bonus interest on Eligible Deposits in a RRSP HISA will be forfeited if that RRSP HISA is closed before the bonus interest is paid. For clarity, if you close your RRSP HISA during the Promotion Period, you will not be eligible for Bonus Interest even if you subsequently reopen the RRSP HISA during the Promotion Period.

RESTRICTIONS OF BONUS INTEREST

1. Deposits made to eligible RRSP HISAs at the close of business day on or before January 13, 2025 are not considered New Deposits eligible for this campaign.
2. Deposits made to eligible RRSP HISAs at the close of business day on or after May 1, 2025 are not considered New Deposits eligible for this campaign.
3. Total Registered Deposits are calculated based on the holdings in all registered plans where you are the plan holder or equivalent.

OTHER CONDITIONS

1. 1. Except as set out in the Promotion, all regular terms and conditions applicable to each RRSP HISA 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/everyday-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 or registered plans.
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 RRSP HISA Deposits and New Registered Deposits amount is $520,000, the maximum Bonus Amount for the Promotion is $500,000.