The WestEarner® RRIF Demand Account
Featuring the ultimate in flexibility, this high-yield plan offers daily interest and annual compounding plus no minimum deposit. Payments, lump sum withdrawals, and transfers in and out can be made at any time (within RRIF guidelines). When your balance goes above $2,500 we'll automatically give you a higher rate on all your funds. This account can be used for disbursing the required minimum annual payment. These payments can be either monthly, quarterly, semi-annually or annually - whatever works best for you.
The WestEarner® Premium GIC RRIF
Canadian Western Bank's Premium GIC is an excellent RRIF choice. With a minimum deposit of $5,000, our Premium GIC offers you a competitive rate of interest that is fixed for the term of your choice (from 12 months to 60 months). The interest rate is guaranteed for the length of the term, and is compounded annually. There are several options for the required annual minimum payment - monthly, quarterly, semi-annual or annual.
At maturity, your funds can be automatically renewed or transferred to another Canadian Western Bank RRIF option at no charge. By purchasing a GIC, you eliminate the possibility of seeing your investment earn less as interest rates drop; you always earn the originally contracted rate, regardless of market fluctuations. That's the benefit of a guaranteed investment!
The WestEarner® Fully Redeemable RRIF
This option allows you the flexibility of terms from 12 months to 60 months, a competitive interest rate that is fixed for the term of your choice, and the ability to withdraw any amount without penalty provided the funds are being de-registered. Funds withdrawn early are considered taxable income and are subject to Canada Revenue Agency's withholding tax guidelines. The minimum deposit is $5,000 and interest is compounded annually. You have the choice of 4 payment frequencies - monthly, quarterly, semi-annually or annually. There are 2 payment methods available - equal payments or equal payments plus taxes. At CWB, it's all about flexibility and choice.
The WestEarner® Convertible RRIF
With a minimum deposit of $5,000 and a term of 12 months, this option gives you the flexibility to convert, with no charge, the entire balance prior to maturity into a WestEarner® Premium GIC RRIF. The interest rate fluctuates with Canadian Western Bank's prime rate and is paid and compounded annually. Similar to our other plans, you have the choice of 4 payment frequencies for your minimum required withdrawal - monthly, quarterly, semi-annually or annually. There are 2 payment methods available - equal payments or equal payments plus taxes.
Self Directed RRIF
Canadian Western Bank offers customers the choice of a Self-Directed RRSP or Self-Directed RRIF through Canadian Western Trust. A Self-Directed registered plan allows you to choose from the full range of Canada Revenue Agency eligible investments including mutual funds, common stock, mortgages, private company shares and fixed income instruments.
For more information, give us a call or visit any Canadian Western Bank branch or the Canadian Western Trust website at www.cwt.ca.