Product profile

Enhanced Savings Plan

Rules and conditions

  • Savings goal between $50 and $5,000 if you are under 18 years of age.
  • Maximum deposit of $100,000, if you are 18 years of age or older when purchasing the product.
  • On the start date (issue date), you set your savings goal amount based on the minimum and maximum allowed for your age, transfer amount and frequency, and target date which may not exceed 5 years (maximum maturity date).
  • Along the way, at any time, you can change the target date as long as you don't exceed the maximum maturity date, and the amount and frequency of transfers.
  • Only your savings goal amount and maximum maturity date cannot be modified.
  • In non-registered versions of the product (non-RRSP and non-TFSA), friends and family may make transfers up to 50% of your savings goal amount toward your savings goal.


  • Amount saved earns interest at the annual interest rate indicated on the product rates page:
  • Annual interest and bonuses, if any, are compounded annually. They are paid, along with the bonus when savings goal amount is reached, at the time capital is reimbursed.

Annual bonus

  • To qualify for an annual bonus, you must have saved at least 5% of your savings goal amount, excluding interest, during the year. Annual bonuses are calculated based on interest earned during the year at the rate for the year indicated on the product rates page:

Bonus when savings goal amount is reached

  • To qualify for the bonus when savings goal is reached, you must have achieved your savings goal no later than the maximum maturity date. The bonus is calculated based on the total amount of annual bonuses earned since the date of issue at the rate indicated on the product rates page:

Redemption before the maximum maturity date

  • Term savings are redeemable before the maximum maturity date in full only. Redemption puts an end to the term savings. By redeeming your term savings before reaching your savings goal amount, you forfeit the bonus granted when savings goal is achieved.


When savings goal is reached, on the date of redemption, or at the latest on the maximum maturity date, the total saved, including accrued interest and bonuses, is transferred the following day to member's account.