Frequently Asked Questions
Annual interest is calculated on the face value of the GIC and paid to you either on the anniversary of the date you purchased your GIC, twice a year or each month, depending on your choice. If you choose compound interest, the interest you earn is re-invested on your behalf so you earn interest on your interest. This is known as compound interest. When your GIC matures, we will redeem the principal amount of your GIC plus all of your compound interest. The longer the term of your GIC, the greater the compound interest benefit to you.
No. All our interest rates are fixed for the full term of your GIC. That means that we guarantee we will pay you the contracted rate of interest until your GIC matures.
When your estate notifies us of your death, we will redeem your GIC plus any interest earned up until that date.
Our GICs are available through several investment and mutual fund advisors. Please ask your advisor about Haventree Bank GICs.
Haventree Bank may accept a Power of Attorney (POA) that meets all applicable legal requirements. The POA may be general, limited or restricted, as long as it permits the types of transactions you expect your Attorney to do. The POA must meet all provincial or territorial legal requirements. These requirements vary from province to province.
Haventree Bank may refuse to honour any transactions or instructions that your Attorney requests for various circumstances including, but not limited to the following:
- It does not meet the applicable legal requirements; for instance, a foreign POA may not be recognized under the provincial or territorial law where your accounts are located;
- It is a limited POA that authorizes your Attorney to do only certain transactions and the Attorney is trying to do something else;
- It has been issued for a limited period of time and that time has passed;
- You have more than one POA and the instructions are conflicting;
- POAs are only valid while you are living;
- Your Attorney instructs the Bank to change the ownership of the account; for example, to make your account joint with your Attorney unless the POA specifically permits your Attorney to do so; or
- Certain transactions appear to be for your Attorney's own benefit, including large cheques payable to your Attorney, large cash withdrawals by your Attorney, and large transfers from your account to your Attorney's account unless the POA specifically permits your Attorney to use your money for his or her own benefit.
More information on what you need to know can be found here.
Haventree Bank is dedicated to supporting and helping our senior clients with an easy and safe banking experience.
We have created a Seniors Code of Conduct to help protect our senior clients from financial vulnerabilities and possible abuse, fraud, or scams. All Haventree Bank employees are required to understand and follow this code. Detailed information can be found here.
Certificates are not redeemable prior to the maturity date with the exception of the death of a registered owner. In the event of a payment to the estate, accrued interest up to the date of redemption will be paid without penalty.
Certificates are non-assignable but are transferrable at the sole discretion of Haventree Bank.
A service fee of $25 will apply to transfers.
Haventree Bank is dedicated to engaging with the public and its customers in a just and equitable manner, and we strive to answer enquiries quickly and clearly.
We strictly prohibit any coercive behavior that involves undue pressure or otherwise taking advantage of a person.