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Step‑up Bonds

Yield and security combined!

Step‑up Bonds are ideal if you’re looking for a safe, flexible investment with a good return.

  • Competitive and guaranteed step‑up rates.
  • A ten-year term.
  • Bonds redeemable annually, in full or in part, according to their issue date. This allows you to meet cash needs or to reinvest in an other savings products.
  • Choice of regular or compound interest.
  • Regular interest paid annually (minimum purchase of $100).

Reinvestment of a Step-up Bond

Do you own a Step-Up Bond and want to reinvest it in a new Step-Up Bond to take advantage of better rates? You can do so on the anniversary date of your product and complete the transaction online by yourself. Find out how.

 

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More details

DESCRIPTION
When offered: Continuously.
Issue date: Issued daily.
Term: 10 years.
Type of interest: Simple or compound.

Simple: interest accrued during the year is paid at the end of each year.

Compound: after each year, interest accrued is added to the initial amount. Future interest is calculated on this new amount.
Payment of interest: Simple interest bonds: interest is paid annually.

Compound interest bonds: interest is paid at the end of the investment period.
Interest rate: Step-up interest rates over a ten-year period shown at their annual nominal value.
Minimum purchase amount: Any amount greater than or equal to $100.
Purchase limit: Maximum amount held of $20 000 000 for general or limited partnerships and legal persons established for a private interest or in the public interest acting on their own account, except in the case of a transfer resulting from a succession.
Authorized purchasers: Persons or groups of persons or of properties, domiciled in Québec and subject to the rules of Québec law (natural persons, general or limited partnerships, legal persons, successions of persons, foundations and personal or social trusts).
Redemption: Total or partial on each purchase anniversary date.Minimum amount of $100 or balance of the product.

A redemption request can be submitted, at the latest, on the anniversary of the date of purchase or the following business day if the anniversary date is not a business day.

Redemption requests can be submitted to take advantage a better rate structure for Step-up Bonds being sold on the anniversary date, or meet cash needs.
Redeeming Step-Up Bonds If the prevailing interest rates are more favourable, you may redeem your Step-Up Bonds on their anniversary date. Find out more.
Eligible accounts: Investment Savings Account, tax‑free savings account (TFSA), tax-Free First Home Savings Account (FHSA), registered retirement savings plan (RRSP), registered retirement savings plan (RRSP), registered retirement income fund (RRIF), locked‑in retirement account (LIRA) and life income fund (LIF). Can also be entered in the account of a trustee or of an agent of a trustee for the benefit of a participant in a self‑directed plan or fund.
Assignment and transfer: The Bonds are assignable and transferable only under the conditions and in the cases provided for in the Regulation respecting savings products (CQLR, chapter A-6.001, r. 9), in particular in the event of divorce or death of the participant.
Hypothec: Allowed in favour of financial institutions if the bonds are held in an Investment Savings Account or TFSA.
Treatment at
maturity:		 In the absence of instructions from the client, the capital and interest are automatically reinvested in Flexi‑Plus Savings units.

Maintenance

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Rates in effect

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