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Are you searching for a high-interest savings account that doesn’t require a minimum balance or charge monthly fees? Look no further than Meridian Credit Union’s High-Interest Savings Account.
This account offers competitive interest rates and flexible access to your money.
With the option to earn tiered interest rates, you can maximize your savings potential and watch your money grow. Keep reading this article to learn more about the features and benefits of the Meridian Credit Union High-Interest Savings Account.
What is Meridian Credit Union?
Meridian Credit Union is a financial institution in Ontario, Canada, with over 360,000 members. This credit union provides its members with various products and services. Examples of the products and services are the following;
- Mortgage; Fixed-rate mortgage, Variable-rate mortgage, High-ratio mortgage, Flex line mortgage, Friends and Family mortgage, Construction mortgage, Hybrid mortgage, Self-employed mortgage.
- Chequing account: Pay as you go chequing, Limitless chequing, Convenience chequing, Convenience plus chequing, Electronic chequing and Senior chequing.
- Savings account: High-Interest Savings account, Advantage Savings Account and Youth Savings account.
- Credit cards: Personal Visa cards and Business Visa cards.
What is Meridian Credit Union High-Interest Savings Account all about?
Meridian High-Interest Savings Account is a type of account in which members earn 2.50% on every dollar in their account. This interest rate is calculated daily, but the total amount is paid monthly.
In addition to enjoying a good interest rate, the members also get to enjoy unlimited free transactions.
There are various forms of Meridian High-Interest Savings Accounts. The types are;
Registered Retirement Savings Plan (RRSP)
A Registered Retirement Savings Plan, more commonly known as an RRSP, is an investment account that allows you to grow your money while shielding it from taxation. This will enable you to better plan for your retirement years.
In an RRSP account, You won’t have to pay taxes on the growth of your RRSP or the earnings on your investments until you remove the money from your RRSP. The amount you withdraw from your RRSP will be subject to income tax the year you withdraw.
Registered Retirement Income Fund (RRIF)
A registered retirement income fund, often RRIF, is the opposite of RRSP. When you convert your RRSP into a Tax-Deferred Income Stream (RRIF), you can withdraw tax-free money throughout your retirement years instead of paying taxes on your saved money.
Tax-Free Savings Account (TFSA)
A Tax-Free Savings Account(TFSA) is a type of savings account that gives you a chance to save money tax-free while also allowing you to receive interest on the money you save.
Features of a Meridian High-Interest Savings Account
The following are features that are associated with a Meridian High-Interest Savings Account;
Interest rate
In the Meridian High-Interest Savings Account, members earn 2.50% on every dollar. This interest is calculated daily and paid out monthly.
Free ATM access and use of debit cards
Meridian cardholders enjoy access to more than 43,000 surcharge-free ATMs throughout North America, thanks to partnerships with The Exchange Network in Canada and the Allpoint Network in the United States.
If your Meridian Bank account is not registered, you may use Interac Flash to make purchases using Interac Debit in Canada or Accel in the United States.
Various banking options
When you use a Meridian High Savings Account, you get to enjoy various banking options such as in-branch banking, online banking and telephone banking.
Benefits of having a Meridian Credit Union Account
The following are the benefits of having a Meridian Credit Union Savings Account;
Easily Affordable
The fees charged by Meridian Credit Union are affordable, and the company often offers interest rates that are cheaper than those provided by other financial institutions.
Good customer service
The bankers at Meridian are ready to assist members with any of their banking requirements. Members also get access to online and mobile app-based support resources.
In addition, the website provides a number that you may contact to speak with a customer service person about any questions or concerns you may have.
In addition, the website has a section titled “Frequently Asked Questions,” or “FAQ,” in which the answers to commonly inquired questions are provided.
Various banking options
The members of Meridian Credit Union have access to various financial products and services provided by the credit union. These choices include the following:
Branch banking
Various physical Meridian locations may be found throughout Ontario. Customers may visit a branch to talk to a teller, make a deposit or withdrawal, pay a bill, or establish or terminate an account.
In addition, customers have access to customer care representatives who may assist with account issues.
Online and mobile banking
The online banking platform offered by Meridian is accessible around the clock and enables users to conduct their financial transactions from any location, provided they have an internet connection.
The Meridian banking app is compatible with Apple and Google mobile operating systems. With this handy app, you can check your balance, make a payment, or transfer money just as you would on the website.
Telephone banking
If a Meridian customer would rather talk to a live person over the phone, they may do so. Meridian provides a telephone banking service where members may make payments, transfer cash, or obtain account assistance anytime.
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