In Canada and looking for a high-interest savings account (HISA) with very “high” rates? Few will beat the rate of inflation, if any at all.
Online banks like Bridgewater Bank, EQ Bank, and Canadian Tire Bank are still worth looking into even if HISAs have basically become a joke.
When you need access to your principle or are saving for a short-term financial objective (such as a wedding, vacation, or down payment on a house), a high-interest savings account comes in useful.
Bridgewater Bank’s financial products are reviewed here along with their advantages, disadvantages, and substitutes.
Who is Bridgewater Bank?
Schedule I chartered Bridgewater Bank is headquartered in Calgary. The Alberta Motor Association owns it and it was established in 1997.
The bank provides alternative financing options, Guaranteed Investment Certificates (GICs), and high-interest savings accounts.
It was managing assets valued at more than $2.5 billion as of this writing.
Bridgewater Bank Savings Account
Our savings account at Bridgewater Bank is called the Smart eSavings Account.
Features of this high-interest account include the following and a rate of 3.60%.
An initial $25 minimum deposit
Monthly one free withdrawal
Encourages automatic pre-authorized donations
Allows shared accounts
Qualify for insurance from Canada Deposit Insurance Corporation (CDIC)
Extra withdrawals are $5 apiece.
Should your check be returned or a pre-authorized debit be reversed, there will also be a $20 charge.
Bridgewater Bank GICs
GICs are safe investments that, for the term of the investment, pay a fixed or variable return and guarantee your principle.
GICs from 180 to 364 days are available from Bridgewater Bank, as are GICs from 1 to 5 years.
GIC rates as of May 5, 2024, are:
- GIC after one year: 5.12%
- 4.92% for a two-year GIC
- 4.73% for a three-year GIC
- 4.01% for a four-year GIC
- A five-year GIC is 4.00%.
- GIC deposits require a minimum of $5,000.
Bridgewater Bank Mortgages
Bridgewater Bank offers mortgage loans in Manitoba, Saskatchewan, Alberta, British Columbia, and Ontario.
Rates are fixed and the mortgage maturities are 1, 2, 3, and 5 years.
Mortgage life and disability insurance are other services it provides.
How To Open a Bridgewater Bank Account
A Bridgewater Bank Smart eSavings Account can only be opened by:
Canadian citizen
The average age of folks in your province
Keep a savings or checking account with another Canadian bank.
At sign-up, you will be asked to supply your social insurance number and a personal check drawn on a bank account in your name.
To contact the bank, call 1-866-243-4301, send an email to [email protected], or write to Bridgewater Bank, Suite 150, 926 – 5th Avenue SW, Calgary, Alberta T2P 0N7.
Downsides of Bridgewater Bank
Residents of Quebec cannot open a Bridgewater Bank Smart eSavings Account.
It does not offer in-person assistance through actual branches that you can visit.
GIC investments require a minimum $5,000 deposit.
For registered accounts, such as TFSA and RRSP, HISA and GICs are not available.
Business accounts are not available.
Just one free withdrawal is permitted each month from its savings account.
Is Bridgewater Bank Safe?
Your deposits could be insured up to $100,000 because Bridgewater Bank is a member of the Canada Deposit Insurance Corporation.
Memberships in Payments Canada and the Canada Mortgage and Housing Corporation are held by it.
Further regulating the bank is the Office of the Superintendent of Financial Institutions.
Bridgewater Bank vs. EQ Bank vs. Canadian Tire Bank
Check out the following internet banks for the best savings rates in the current low-interest environment:
1. EQ Bank
EQ Bank’s HISA is referred to as the Personal Account and offers:
- High-interest rate on every dollar
- Unlimited free debit transactions and bill payments
- Unlimited free Interac e-Transfers
- Free mobile cheque deposits
- Supports joint accounts
- No monthly account fee
- CDIC insurance eligible
EQ Bank also offers GICs and TFSA and RSP savings accounts.
2. Simplii Financial
Simplii Financial is providing a 5.90% promotional rate for the first five months. Among its other offerings include a free checking account.
2. Canadian Tire Bank
Not as well-known as its Triangle credit cards, Canadian Tire Bank offers a high-interest savings account.
No monthly fees apply to this HISA. A tax-free savings account and GICs are other products offered by Canadian Tire Bank.
Bridgewater Bank Smart eSavings | EQ Bank Personal Account | Canadian Tire Bank HISA | |
| Monthly fee | $0 | $0 | $0 |
| HISA rate | 3.60% | 4.00% | 3.70% |
| Free transactions | 1 free transfer to linked personal account/month | Unlimited free debits, bill payments, and electronic find transfers | Free transfers to linked personal account |
| Free Interac e-Transfers | N/A | Free and unlimited | NA |
| Withdrawals fees | $5 each per additional withdrawal in a calendar month | $0 | N/A |
| CDIC insurance eligible | Yes | Yes | Yes |