Variable Accounts

• no minimum deposit
• interest is calculated on minimum closing daily balance and paid semi-annually on June 30 th and December 31 st
• Pre Authorized Deposits may be set for regular contributions

Fixed Term Deposits

• term lengths 1 to 5 years
• interest is calculated on minimum closing daily balance and paid annually
• non-redeemable except upon death and Revenue Canada 's Home Buyers and Life Long Learning Plans

RESP - Registered Education Savings Plan

LIRA - Locked In Retirement Account

• for funds that have been transferred from a pension plan
• same feature as RRSP Fixed Terms and RRSP Variable apply