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Term Deposits are secure investments that can generally offer a higher rate of interest than a simple savings account. Term Deposits are available in a number of currencies, a variety of term lengths, and several redemption options.
Special Offers Term Deposits are fixed interest term investments that generally offer a higher rate of interest than a normal term deposit. Foreign Currency Term Deposits, except US Dollar are not redeemable before maturity. You may earn a guaranteed high rate interest on your funds in many currencies including Canadian and US Dollars.
Features:
- RRSP/RRIF/TFSA eligible (Canadian Dollar only)
- Minimum deposit of $1,000 for CAD, $5,000 for USD (for all other currencies, minimum deposit of 25,000 of the corresponding currency)
- Maximum Deposit $1 Million CAD or equivalent for other currencies
- Foreign Currency Term Deposits are non-redeemable prior to maturity. Canadian Dollar Term Deposits may be redeemed without interest before maturity. US Dollar Term Deposits may be redeemed without interest before maturity.
- Interest payment is available for monthly, semi-annual, annual, annual compound or at maturity depending on the term and currency of the offer.
Deposits in currencies other than Canadian dollars are not eligible for insurance provided under the Canada Deposit Insurance Corporation Act.
The principal and interest earned in the term deposit will be subject to changes in currency-exchange rates if you plan on converting into or out of a foreign currency at maturity. For example, if you plan on converting your term deposit into Canadian dollars at the end of the term, the principal and interest earned in your term deposit may be subject to risk if between the time that you invest and the time that you receive payment the foreign currency has declined in comparison to the Canadian dollar. You may choose to rollover your foreign currency term deposit upon maturity and receive the prevailing rate at the time of renewal. Should you choose a payout, there are a variety of options available to you: if a corresponding foreign currency savings account exists, the matured term deposit can be deposited into such account; or you can have a bank draft issued in the foreign currency amount; or convert the term deposit amount into Canadian dollars and deposit it into the corresponding deposit account with HSBC Bank Canada; or convert the term deposit amount into a foreign currency for which HSBC Bank Canada offers a savings account (for example US dollar accounts) and deposit it into such account.
