There are many high interest savings accounts to consider, including the Meridian High Interest Savings Account. It offers a competitive interest rate of 0.85% and unlimited transactions for no monthly fee. This is a good choice for anyone wanting to earn a little extra on their savings and maintain access to their funds at any time.
While this account is open to all Canadians, Meridian Credit Union only has branches in Ontario. Let's take a look at what makes this account stand out and where it falls short.
Meridian High Interest Savings Account features
Here’s a snapshot of the key financial details of the Meridian High Interest Savings Account, including the current interest rate:
Why You Want It
Earn 0.85% interest + Unlimited free transactions.
Special Features
- Available for TFSA, RRSP, FHSA, and RRIF
- Community-minded banking experience
Eligibility
- Live or work in Canada
- Age of majority in your province or territory
- Valid email address
- SIN for tax purposes
- Access to your mobile phone
Provinces
ALL
Interest Rates
All balances
0.85
Features
# Of Free Transactions
Unlimited
# Of Free Interac E-Transfers
0
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
Meridian High Interest Savings Account product rating: 3.9 stars
The Meridian High Interest Savings Account comes with a competitive interest rate and no monthly fee, which together enhance the growth potential of your savings without eating into your funds. And the unlimited transactions feature helps keep your money accessible.
However, the Meridian High Interest Savings Account does have its limitations. Interac e-Transfers cost $1.50 each, detracting from its appeal if you enjoy the convenience of transferring funds to family and friends. Plus, Meridian Credit Union only has branches in Ontario, which could be a problem for customers who like to bank face-to-face.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Meridian High Interest Savings Account
In the next section, we’ll take a look at the advantages of the Meridian High Interest Savings Account.
Pros
Get a 0.85% interest rate
The Meridian High Interest Savings Account offers a 0.85% interest rate to help your savings grow. This attractive rate ensures that your money works harder for you, making it an excellent choice for those looking to maximize their savings potential without having to worry about market fluctuations.
Unlimited transactions
The Meridian High Interest Savings Account offers unlimited self-serve and in-branch transactions, empowering you to manage your finances on your own terms. Self-serve transactions include making ATM withdrawals and purchases through Interac Direct Payment. In-branch transactions cover withdrawals, bank drafts, and wire transfers.
Access to thousands of ATMs in North America
Meridian High Interest Savings Account holders enjoy the advantage of accessing over 43,000 fee-free ATMs throughout North America, thanks to partnerships with THE EXCHANGE Network in Canada and the Allpoint Network in the U.S. This extensive network ensures Meridian account holders can easily perform transactions without worrying about additional bank fees.
Open registered accounts
The Meridian High Interest Savings Account offers flexibility by being available as a non-registered account as well as in various registered forms, including a TFSA, RRSP, FHSA, and RRIF. However, it's not available for provincial or federal locked-in RRSP or RRIF plans.
The cons of Meridian High Interest Savings Account
In the following section, we'll look into the aspects that may make this account less appealing for some savers.
Cons
Branches only in Ontario
Meridian Credit Union has multiple branch locations, but they’re all located in Ontario. Some people enjoy the option of popping into their bank to ask a question or complete a transaction. If this sounds like you and you live outside of Ontario (or even outside of the GTA), this account likely isn’t your best choice.
Lower interest rate than some high interest savings accounts
While the 0.85% interest rate offered in the Meridian High Interest Savings Account is competitive, it's not the highest available on the market. For example, Access Credit Union’s Premium Savings Account offers a 2.85% rate and the Scotiabank MomentumPLUS Savings Account offers up to 1.15%.
No welcome bonus or special offers
Some financial institutions offer new client incentives like free electronic devices or promotional interest rates to motivate savers to open an account, but the Meridian High Interest Savings Account does not. This could be a significant limitation, depending on the priorities of the account holder. If you were opening the account with a significant balance, a promotional interest rate could go a long way.
Meridian High Interest Savings Account alternatives
What other high interest savings accounts exist? Here are a few to compare:
 |  |  | |
|---|---|---|---|
| Account | Meridian High Interest Savings Account | Outlook Financial High Interest Savings Account | Alterna High Interest eSavings Account |
| Genius Rating | |||
| Why You Want It | Earn 0.85% interest + Unlimited free transactions. | Earn up to 1.85% interest in the account + Deposits are 100% guaranteed. | Unlimited $0 transactions, bill payments, & debits + Max 1.15% interest. |
| Interest Rates |
|
|
|
| # Of Free Transactions | Unlimited | 1 | Unlimited |
| # Of Free Interac E-Transfers | 0 | 0 | Unlimited |
| Max Promotion Rate | N/A | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | N/A |
| Open an account See more Meridian Credit Union products Compare | Learn More See more Outlook Financial products Compare | Learn More See more Alterna products Compare |
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FAQ
What is the Meridian High Interest Savings Account rate?
The Meridian High Interest Savings Account offers an interest rate of 0.85%. This rate is designed to help your savings grow by providing a competitive return on your deposits, making it an attractive option for savers looking to maximize their earnings.
Does Meridian offer a savings account to non-members?
No, to open a Meridian High Interest Savings Account, you need to be a member of Meridian Credit Union. In a credit union, members are owners in the institution and get a say in how its run.
How do I set up a Meridian High Interest Savings Account?
To set up a Meridian High Interest Savings Account, you'll need to become a member of the Meridian Credit Union. This process involves opening an account online, at a branch, or by phone and following the steps provided.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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