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.

About Our Service Fees

VersaBank may charge your account its standard account service fees. These fees are posted on our Service Fees Page of our website and are available from any VersaBank office. The fees may be changed from time to time and will be disclosed to you in accordance with applicable laws.

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.

Savings Accounts

When a VersaBank (VB) Sunrise Daily Interest Saving Account is opened as a joint account, then each individual must sign an Account Agreement and Signature Card. The following additional terms will apply to all joint accounts: a) unless you have stipulated that all of you must agree to withdraw, any account holder may withdraw funds from your joint accounts with VB without the signature or consent of the other(s) and all transactions will be completed based on one authorization; b) each account holder is individually and jointly responsible for all obligations arising from this agreement; and c) if a joint account holder dies, any balance in the account belongs to the surviving joint account holder(s) and you assign the balance of any joint account to the surviving account holder(s) in the event of your death.

For additional Terms and Conditions please click here.

Daily Business Cut Off

Deposits received in our office after 3:00pm Saskatchewan time will be credited to customer accounts as of the next business day.

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.

CDIC Digital Membership Sign - This logo signifies that this institution is a CDIC Member

For more information on our Eligible Deposits products.