Smart Answers About Smart eSavings
Are my Smart eSavings safe?
Bridgewater Bank is a member of the Canada Deposit Insurance Corporation (CDIC), which insures each deposit account up to a maximum of $100,000. For further information visit CDIC.
Can I open an account “In Trust”?
Unfortunately, Bridgewater Bank doesn’t offer “In Trust” accounts right now. 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.
When will I get my statement?
Statements are mailed out in February and July. If you want to know your current balance, please contact us.
How do I open an account?
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 yourself 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 each applicant.
Do I have to apply online?
Applying online is the quickest and most efficient way to open a Smart eSavings account. However, if you prefer, you may download a paper application . Mail the completed paper application to us at:
Suite 150, 926 – 5th Avenue SW
Calgary, Alberta T2P 0N7
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. You can also check your application status online.
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. Following deposits can easily be made through Pre-Authorized Contributions to your Smart eSavings account. Contact us to learn more.
May I overdraw my account?
No, overdrafts are not an option with Smart eSavings accounts.
How do I manage personal information on my account?
Please contact us to advise of updates to account information such as a change of address or name. We’re always happy to help.
How do I find out information about 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.
Do you put holds on my account?
Yes, we place holds on all deposits made by personal cheque for about 7 – 10 business days.
Can I make additional deposits?
It’s easy to complete the application for a Pre-Authorized Contribution (PAC) to your account at the same time you open it online or at any other time by mailing in an application . The Pre-Authorized Contribution (PAC) must be from your external account for a minimum of $25.
What does External Account mean?
To open an account, your initial deposit is made by cheque drawn on a personal account at a Canadian bank account in your name, which is referred to as your external account. It’s the account used for transactions to and from your Smart eSavings Account.
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 – 5 business days.
Why do I have to wait to get my money into my external account?
We need to issue a credit to your external account, which pending processing times and bank holidays can sometimes take 3 – 5 days.
May I name a beneficiary on this account?
No, naming a beneficiary is not available on the Smart eSavings Account.
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 is my interest calculated?
Interest is calculated daily on the closing balance and compounded monthly.
How and when is my interest paid?
The interest is deposited monthly directly into your account on the last calendar day of each month or the first business day of the following month.
Do I need to maintain a minimum balance in my account?
No minimum balance is needed for interest calculation or payment.
Where do I find the current interest rate?
Current interest rates on Smart eSavings are here.
When are T5’s issued?
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.