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Account Transition

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  • Account Transition

Here’s what happened to accounts after the transition

As a Creative Arts Financial member, you have access to variety of accounts and you can choose which ones best fit your banking needs. As part of the transition, your accounts were moved to new versions where you can enjoy plenty of features and benefits.

Your account numbers are different and you will be able to locate your new account numbers in online and mobile banking. Your previous cheques still work and your direct deposits and preauthorized payments carried over.

Keep reading to see which account you were moved to. If you prefer a different account, please contact us and we’ll be happy to make that change for you.

Personal Chequing Accounts

Current AccountNew Account
Members who are 13 years of age or youngerEveryday Convenience
Members between the ages of 14 and 18Everyday Student
Members between the ages of 19 and 59Everyday Convenience
Member who are 60+Seniors' Everyday Convenience

Please note:

Upon turning 60 years of age, members’ chequing accounts will automatically be moved to the senior’s version of whichever chequing account they are currently using.

Creative Arts Financial does not pay interest on personal or business chequing accounts.

Personal Savings Accounts

Current AccountNew AccountNew Rate*
Basic SavingsDaily Interest Savings0.05 - 0.10%
Investment SavingsInvestment Savings0.15%
TFSA Investment SavingsTFSA Investment Savings0.45%

*Rates as of February 18, 2021 and are subject to change.

Business Accounts

Current AccountNew AccountNew Rate*
Business Chequing$0 eBankingInterest not paid
Business SavingsBusiness Savings0.15% - 0.70%
Business InvestmentBusiness Savings0.15% - 0.70%

*Rates as of February 18, 2021 and are subject to change.

Please note:

Creative Arts Financial does not pay interest on personal or business chequing accounts.

Your term deposits, mortgages and loans

Any fixed-rate term deposits, mortgages and loans were moved over at their current rate for the duration of the term. Products that have variable rates were also moved over at the current rate, but are subject to change when and if the base rate changes.

You can view your rates in online and mobile banking by clicking on the details of your product.

Changes to prime rate

If you have a variable loan, line of credit or a variable rate mortgage with Creative Arts Financial, the actual interest rate you are paying at the time of merger did not change at this time. Your rate and current payment amount remains the same until FirstOntario changes its prime lending rate.

As of March 19, 2021, FirstOntario will amend the referenced interest rate for your class of variable rate loan product from “Creative Arts Financial Prime Lending Rate” to “FirstOntario’s Prime Lending Rate.”

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