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Promotional Interest Rate Offer Terms & Conditions

Promotional Interest Rate Offer Terms & Conditions

Meridian First Home Savings Account High Interest Savings Account (“FHSA HISA”)

General Terms

1. Meridian Credit Union (“Meridian”) is offering a FHSA HISA Promotional Interest Rate of 5.00% (the "Offer") for a limited time only available to Retail Members who open an Eligible Account (as defined below) within the Offer duration, beginning February 1st, 2024.

2. The Offer is available to Retail Members on deposits made into the Eligible Account available between February 1st, 2024, and May 31st, 2024 (the "Promotion Period") to a maximum Eligible Account balance per Member subject to the limits imposed by the Canada Revenue Agency (CRA).

3. The Offer is only applicable to deposits made during the Promotion Period to the following Meridian Eligible Accounts; First Home Savings Account High Interest Savings Account (“FHSA HISA”) referred to as "Eligible Account" where the Eligible Member is the Account Holder as described in number 12 below. The Offer is not applicable to any other account types, including (but not limited to) Chequing Accounts, High Interest Savings Account (non-registered, TFSA, RRSP, RRIF), Advantage Savings Accounts (all plan types), Youth Advantage Savings Account or Business Advantage Plus Savings Accounts.

Promotional Interest Rate

4. Promotional Interest rate is 5.00% for the Eligible Account ("Promotional Rate"). Eligible Members receive Promotional Rate on deposits to the Eligible Account during the Promotion Period. Subject to the limits and qualifications outlined in these Terms and Conditions, interest is calculated on the closing daily balance and is paid monthly on deposits during the Promotion Period to the Eligible Account. Promotional Rate is annualized and may change at any time without prior notice.

5. Meridian’s HISA posted rate of interest as shown on Meridian’s website ("Posted Rate"). After the Promotion Period ends, all balances will earn interest at the Posted Rate payable on the Eligible Account.

6. The Promotional Rate will end at the end of day on May 31st, 2024, regardless of when the Eligible Account was opened. For example, if a Member opens an Eligible Account on May 1st, 2024, the Promotional Rate will be paid only until May 31st, 2024 on the Eligible Account.

7. All deposits to FHSA Savings Accounts are subject to the limits imposed by the Canada Revenue Agency (CRA). The Eligible Member is fully responsible for monitoring their individual contribution limits and ensuring any and all deposits fall within these set CRA limits. The Eligible Member further agrees to, at all times, indemnify and hold Meridian harmless in respect of any such penalties or charges imposed upon the Eligible Member as a result of these imposed limits.

8. Interest is calculated daily and paid monthly for the Promotional Rate interest payments.


9. The Offer is only applicable to Eligible Accounts where the Eligible Member is the person whose name appears the Member statement (the "Primary Account Holder"), the Eligible Member must meet the eligibility requirements to open a Meridian FHSA as per Canada Revenue Agency (CRA) criteria.


10. The Offer cannot be combined with other promotional offers unless Meridian, at its sole discretion, defines otherwise.

11. If Meridian is unable to run the Offer as planned for any reason, including infection by computer virus, bugs, tampering, unauthorized intervention, fraud, technical failures, or any other causes beyond the reasonable control of Meridian which corrupt or affect the administration, security or proper conduct of this Offer, Meridian reserves the right at its sole discretion to, without advance notice, terminate or suspend the Offer, in whole or in part, or modify it in any way.

12. Meridian reserves the right at its absolute discretion to withdraw the Offer in whole or in part, or to vary, delete or add to any of these Terms and Conditions at any time and from time to time without notice at its absolute discretion. Meridian reserves the right to end the Offer earlier or to extend the Promotion Period further at its absolute discretion.

13. Meridian reserves the right, at its sole discretion, to suspend, disqualify, limit, or revoke this Offer to any Member it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer.

14. This Offer may be suspended, modified, or withdrawn at any time without notice for any reason including, but not limited to, an error or mistake on behalf of Meridian.

15. To the extent that these Terms and Conditions are inconsistent with any other communication, advertisement, or statement (a "Message") from Meridian, these Terms and Conditions will supersede all other Messages.

16. You agree that you have read and understood these Terms and Conditions and agree to be bound by them. Any notice offered by us with respect to this Offer is deemed to be provided on the day it is posted on our website.

Deposit Insurance

17. Eligible deposits in all registered accounts with Ontario Credit Unions have unlimited deposit insurance coverage through the Financial Services Regulatory Authority (“FSRA”). Eligible deposits (not in registered accounts) are insured up to $250,000 through the FSRA. For more information, visit the FSRA website.

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