Where is my money being held?
As a user of the 1.2% earn interest feature, we’ll open an account for you with Canadian ShareOwner Investments Inc. (ShareOwner). ShareOwner is a member of the Investment Industry Regulatory Organization of Canada (IIROC).
Is my money protected?
All cash balances from your 1.2% interest account are held in trust at a Canada Deposit Insurance Corporation (CDIC) (https://www.cdic.ca/about-us/) member institution. CDIC is a federal Crown corporation. CDIC is not a bank or a private insurance company. CDIC protects eligible deposits held at CDIC member institutions (List of Members - cdic.ca) in case of a member’s failure. For eligible deposits held in trust at a CDIC member institution, CDIC insures up to $100,000 for each beneficiary named in a trust, provided certain disclosure rules are met. Coverage is free and automatic. For more information on how CDIC trust protection works, click here.
How do you make money on this product?
We earn a small referral fee for making a referral to our Service Provider, ShareOwner. This fee does not come out of the interest* that you earn on your balance.
*Interest rates are per year, calculated daily, paid monthly, and can change at any time without notice.