Terms & Conditions

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Terms & Conditions

Interest Rate Calculation

Interest rates for Daily Interest Savings Accounts are expressed annually, paid monthly and calculated daily. VersaBank uses the following calculation to accumulate interest:

daily interest accrual =
{daily closing balance x (12 [(1+ annual interest rate)^1/12 – 1])}/365

Cheque Hold / Validation Period

Non-cash and non-VersaBank cheque deposits will be subject to a validation period. Funds will not be available for withdrawal or transfer until this hold period is lifted.

Joint Account Information

Non-registered Guaranteed Investment Certificates (GICs)

When a VersaBank Non-registered GIC investment is made and joint tenants with right of survivorship is indicated, or GICs are applied for by more than one Depositor and no special instructions are noted, then the Depositors shall be joint tenants and the Depositors agree that the Bank will, upon presentation of the death certificate, repay the investment balance to the survivor(s). This repayment will be made at the written request of the survivor(s). The Bank will reregister the deposit at the request of the survivor(s).

When a GIC is applied for by more than one Depositor and it is explicitly stated that a payment may be made to any of these individuals, or to any other person at the direction of any of these individuals, any such payment shall constitute full payment by the Bank.

For additional Terms and Conditions please click here.

Cancellation Period of Certain Deposit Accounts

Cancellation of a retail deposit account: A VersaBank registered savings account deposit may be cancelled within 14 business days after the day on which the retail deposit account is opened. There are no fees and no interest applied to the deposit.

Cancellation of a deposit-type instrument (GIC): A VersaBank deposit-type instrument may be cancelled within 10 business days after the day on which the instrument is issued. There are no fees and no interest applied to the deposit.

Deposit Insurance

VersaBank is a member of the Canada Deposit Insurance Corporation.

For more information about what’s covered and how it works, click the digital symbol.

View list of VersaBank’s Deposit Register of Eligible Products.