Terms and conditions
Every financial product will come with some terms and conditions. We are happy to help answer any questions you have on the below requirements for this offer.- Community Savings is providing you with a premium chequing account with no monthly fee for three years (a period of 36 months from the date of activation). After three years, regular account fees will resume. We will be in touch when the end of your free banking period is approaching to help you plan for next steps, and pick the best account for you, whether it's a no-frills personal chequing account for $2 per month or a premium chequing account for $15 per month.
- In order to qualify for these benefits, your active ongoing banking is required. This means the monthly automatic direct deposit of payroll or EI payments within 90 days of the opening of the account.
- We’ll give $150 [in your name] to support the Rovers once automatic direct deposit / payroll is set up.
- If the above conditions are not met, regular account fees will resume.
** For a limited time, get up to $500 Cash Back on eligible mortgages
When you purchase a new property and are taking a new personal mortgage loan with new funds advanced in excess of $200,000 (“Mortgage”) with Community Savings or move your existing Mortgage from another financial institution to Community Savings, with a Mortgage value amount of CA$200,000 or more with a five year fixed term, you may receive a cash back bonus (the “Cash Back”) of $500 for mortgages over $200,000. An appraisal fee may apply.
Please read these Terms and Conditions which govern the Community Savings Mortgage Cash Back Offer:
** Cash Back Terms & Conditions- The Community Savings Mortgage Cash Back Offer is available to Community Savings members (the “Borrower”) who:
- Move their existing Mortgage from another financial institution to Community Savings OR
- Purchase a new property or obtain a new Mortgage with new funds advanced in excess of $200,000 with Community Savings.
- Mortgage approval is subject to standard Community Savings lending criteria.
- The Insured Mortgage must be in the amount of $200,000 or more with a five year fixed term.
- The Insured Mortgage application must be started during the Offer Period and fully funded by Community Savings within 60 days of the mortgage approval or pre-approval date.
- Community Savings will credit the Cash Back to your Community Savings Chequing or Savings Account, within 5 business days of funding the Mortgage if all conditions are satisfied on the following basis:
- $500 for mortgage value $200,000 and up to the ”Borrower” If the Mortgage is not funded, no Cash Back is payable.
- The Community Savings Mortgage Cash Back Offer applies to Community Savings members renewing their existing Community Savings Mortgage with new funds advanced in excess of $200,000. The Cash back offer only applies to the value of the new funds advanced and not the value of existing mortgages.
- The Community Savings Mortgage Cash Back Offer does not apply to open term mortgages, Home Equity Lines of Credit (HELOC), commercial mortgages or the refinancing of existing Community Savings mortgages.
- The Cash Back is an incentive to the Borrower for borrowing and maintaining the Mortgage with Community Savings for the entire length of term of the Mortgage, and if the Borrower pays out the mortgage, transfers out or closes the Mortgage to another financial institution before the end of the Mortgage term, the Borrower agrees to repay the whole amount of the Cash Back to Community Savings.
- Revenue properties qualify for the cash back offer providing a rate increase of .05% is applied to the featured mortgage rate.
- There is a limit of one Cash Back per property.
- This Community Savings Mortgage Cash Back Offer cannot be combined with any other Community Savings promotions or offers.
- The Community Savings Mortgage Cash Back Offer may be amended, extended or withdrawn at the sole discretion of Community Savings at any time without prior notice.
- Community Savings reserves the right to refuse or terminate any Community Savings member’s participation in this Community Savings Mortgage Cash Back Offer if Community Savings suspects or discovers that the member is abusing the proper and intended operation of the promotion.