Deposits

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.

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 Canadian Deposit Insurance Corporation.

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

cdic-badge

For more information on our Eligible Deposits products.