FAQs: Savings

Frequently asked questions about savings accounts

• How do I open a high-interest savings account?

  To start a Smart eSavings account, please contact us at the customer experience centre to apply! We’ll help you through the application process.

  To complete your application, you’ll need to provide a few pieces of personal information (including joint applicant information, if selected):

  • Be a Canadian resident.
  • Be at or above the age of majority.
  • Employment information.
  • Social Insurance Number (SIN).
  • A personal cheque from a bank account in your name (to deposit funds into your new Smart eSavings account). The cheque must be made payable to Bridgewater Bank in Canadian funds. Your name must be preprinted on the top left corner and cheques from a business account cannot be accepted.

  If you choose to open a joint account, we require a joint cheque with both applicants’ signatures or you may complete and send two separate cheques made payable to Bridgewater Bank.

• How is my interest calculated on a high-interest savings account?

  Interest is calculated daily on the closing balance and compounded monthly.

• Are my Smart eSavings safe?

  Bridgewater Bank is a member of the Canada Deposit Insurance Corporation (CDIC), which means your investments up to $100,000 are eligible for deposit insurance. For more information about coverage, please contact CDIC at 1.800.461.CDIC (2342) or visit the CDIC website.

• What is my interest rate? How and when is my interest paid?

  The current interest rate for the Smart eSavings account is listed here.

  Interest is calculated daily on the closing balance and is compounded monthly and added to your balance on the last day of each month.

• How long will it take to open my account?

  Your Smart eSavings account will be active once everything has been cleared and processed – including your cheque – which must clear in order to set up a link between your new Smart eSavings account and the account the cheque is drawn on. This allows you to transfer funds into your Smart eSavings account to start earning high interest right away.

  Apply for a Smart eSavings account through our customer experience specialists.

• Is there a minimum deposit required?

  You can open a Smart eSavings account with as little as $25. This initial deposit must be in the form of a personal cheque drawn in Canadian funds on an account from your financial institution made payable to Bridgewater Bank. Following deposits can easily be made through pre-authorized contributions to your Smart eSavings account. Contact us to learn more.

• Do I need to maintain a minimum balance in my account?

  No minimum balance is needed for interest calculation or payment.

• How do I withdraw money from my account?

  It’s easy. Just contact us and we will be happy to transfer the funds requested into your external account in about 3 to 5 business days.

• When will I get my statement? When are T5s issued?

  Statements are mailed out in February and July. If you want to know your current balance, please contact us.

  Your T5, a statement of interest earned and used for tax purposes, is issued within 60 days of each calendar year. If you have not received your T5 by March 15, please contact us.

• What does external account mean? Why do I have to wait to get money into it?

  To open an account, your initial deposit is made by cheque drawn on a personal account at a Canadian bank account in your name made payable to Bridgewater Bank, which is referred to as your external account. It’s the account used for transactions to and from your Smart eSavings Account.

  We need to issue a credit to your external account, which pending processing times and bank holidays can sometimes take 3 to 5 days.

• Can I make additional deposits?

  You can change the frequency or amount of your contributions at anytime simply by submitting a new Pre Authorized Debit (PAD) and Credit (PAC) Agreement. It’s easy to complete the application for a PAD/PAC to your account at the same time you open it online or at any other time by mailing in an application. The PAD/PAC must be from your external account for a minimum of $25.

• Do you put holds on my account?

  For deposits not exceeding $1,500, no more than five (5) business days after the day of the deposit.

  For deposits greater than $1,500, no more than eight (8) business days after the day of the deposit.

• May I overdraw my account?

  No, overdrafts are not an option with Smart eSavings accounts.

• Can I name a beneficiary on this account or open an account “in trust?”

  Unfortunately, naming a beneficiary is not available on the Smart eSavings Account and Bridgewater Bank doesn’t offer “In Trust” accounts. But we have options you might want to consider:

  • Individual ownership
  • Joint ownership with right of survivorship

  All account holders must be at the age of majority.

• If the person on my account passes away, how do I get the account in my name only?

  Please contact us and we will assist you with making the change.

• How do I find out information or change personal details on my account?

  Once your application has been approved, we’ll send you a Welcome Package. And of course, you can contact us at any time for more information about your savings account.

  Please contact us to advise of updates to personal account information such as a change of address or name. We’re always happy to help.