Meridian Credit Union RRIF High-Interest Savings Account

Meridian Credit Union RRIF High-Interest Savings Account Overview

Editorial Note: Comparewise is supported by our readers. When you find products and services through links on our site, we may earn commission.

One of our most important financial decisions as we age is managing our retirement income. If you have a RRIF (Registered Retirement Income Fund) account with Meridian Credit Union, you know the importance of finding high-interest savings account for your retirement funds.

Meridian offers a specialized RRIF High-Interest Savings Account (HISA). This account has a competitive interest rate, offers flexible withdrawal options, and comes with the trusted expertise of Meridian Credit Union. Keep reading to learn more about the benefits of the Meridian Credit Union RRIF High-Interest Savings Account.

What is Meridian Credit Union?

Meridian Credit Union is a large financial institution in Canada with more than 360,000 members. Meridian provides comprehensive banking and insurance services, including chequing, savings, mortgage, and investment accounts.

Meridian is devoted to serving its customers well in the financial advisory and service industry. Credit union members may access financial services in several different methods, including online, mobile, telephone, and branch locations.

You can go through the Meridian Credit Union website to have firsthand information about Meridian Credit Union. On the website, you will be able to find out about the products and services Meridian offers. A section also summarizes the rate and fees of every account.

What is a Meridian Credit Union High Savings account?

The High-Interest Savings Account (HISA) at Meridian Credit Union is a type of account that offers unlimited free transactions. The transactions include bill payments, transfers to other accounts and so on. The best part about the HISA is that you won’t have to pay monthly fees to enjoy the account’s perks.

The interest rate for this account is currently 2.50% per day. This interest rate is calculated per day, but it is paid out monthly. Additionally, All banking channels (ATMs in Canada and abroad, in-branch, internet, mobile, and telephone) are available to you with this account.

The Meridian High-Interest Savings Account is a registered account that may be opened in the form of a Tax-Free Savings Account (TFSA), a Registered Retirement Savings Plan (RRSP), or a Registered Retirement Investment Fund.

Meridian Credit Union Rrif High-Interest Savings Account - Comparewise

What is Meridian Credit Union RRIF High-Interest Savings?

A registered retirement income fund (RRIF) high-interest savings account is a tax-deferred account that offers a regular income after retirement. This account is similar to Registered Retirement Savings Plan (RRSP), but the major difference is that you withdraw money from RRIF instead of paying in.

If you’re a retiree searching for a high-interest savings account that doesn’t restrict the number of times you may access your money, consider the RRIF High-Interest Savings from Meridian Credit Union. To determine your RRIF options, visit a Meridian Credit Union branch or schedule an appointment with a Meridian Wealth Advisor.

Features of Meridian RRIF High-Interest Savings Account

Zero monthly and transaction fees

When you use an RRIF High-Interest Savings account, you enjoy free transactions and do not need to pay monthly fees. Examples of such transactions are bill payments, electronic transfers and so on.

Interest rate

You enjoy a competitive interest rate when you use an RRIF High-Interest Savings account. With this account, you earn 2.50% on every dollar. This interest is calculated daily but paid monthly to the account owners.

Automated Teller Machine (ATM) access

Meridian cardholders enjoy access to more than 43,000 surcharge-free ATMs throughout North America, thanks to partnerships with the The Exchange Network in Canada and the Allpoint Network in the United States.

Benefits of a Registered Retirement Income Fund (RRIF) account

Flexibility

After retirement, an RRIF may provide a reliable source of income for retirees. Withdrawals are unlimited as long as you exceed the minimum amount set each year.

Deferral of taxable gains

Like a Registered Retirement Savings Plan (RRSP), an RRIF allows you to postpone taxes on the growth of your assets. This implies that you will only have to pay taxes on dividends or capital gains once you cash them out.

Various investment options

An RRIF is a form of plan that allows you to have a variety of investments under its wing. Examples of these investments are mutual funds, equities, and bonds.

FAQs about the Meridian Credit Union RRIF High-Interest Savings Account

What is a Registered Retirement Income Fund (RRIF)?

A registered retirement income fund, often known as an RRIF, is an account registered with the Canadian government and gives you access to a consistent flow of income that you may continue to use after you retire. The owners of registered retirement savings plans (RRSP) will often roll over the amount from such plans into an RRIF to provide an income stream once they reach retirement age. RRIFs are contracts between an insured person and a financial institution the Canadian government has authorized. Examples of such financial institutions are banks, credit unions and so on.

What type of people can enjoy an RRIF High-Interest Savings account?

The Registered Retirement Income Fund (RRIF) High-Interest Savings Account is ideal for retirees since it enables them to enjoy an income that is not subject to as much tax once they have left their jobs.

How do I open a Meridian RRIF High-Interest Savings account?

You may start a High-Interest Savings account by going to a branch of Meridian Credit Union or making an appointment with a Meridian Wealth Advisor. Either option will allow you to save money with a higher rate of interest.