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Bridgewater Bank Review: Savings Account Rates, GICs, and More

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Looking for a high-interest savings account (HISA) with truly “high” rates in Canada? You’ll be hard-pressed to identify any that beat the inflation rate.

Although HISAs have generally become a joke, online banks like Bridgewater Bank, EQ Bank, and Canadian Tire Bank are still worth checking out.

A high-interest savings account is handy when you need access to your principal or are saving towards a short-term financial goal (e.g., vacation, home down payment, or wedding).

This Bridgewater Bank review covers its financial products, pros, cons, and alternatives.

Related: EQ Bank Canada Review.

Who is Bridgewater Bank?

Bridgewater Bank is a Schedule I Chartered bank based in Calgary. It was founded in 1997 and is owned by the Alberta Motor Association.

The bank offers a high-interest savings account, Guaranteed Investment Certificates (GICs), and alternative lending solutions.

As of this writing, it had over $2.5 billion in assets under management.

Bridgewater Bank Savings Account

Bridgewater Bank’s savings account is referred to as the Smart eSavings Account.

This high-interest account offers a 3.60% rate and has the following features.

  • A minimum initial deposit of $25
  • One free withdrawal per month
  • Supports automatic pre-authorized contributions
  • Supports joint accounts
  • Eligible for Canada Deposit Insurance Corporation (CDIC) insurance

Note that additional withdrawals cost $5 each.

Also, a $20 fee applies if your cheque is dishonoured or when a pre-authorized debit is reversed.

Related: Best TFSA Savings Rates.

Bridgewater Bank GICs

GICs secure investments that guarantee your principal and pay a fixed or variable return for the length of time your money is invested.

Bridgewater Bank offers short-term GICs (180-364 days) and long-term GICs (1-5 years).

GIC rates as of May 5, 2024, are:

  • 1 year GIC: 5.12%
  • 2 year GIC: 4.92%
  • 3 year GIC: 4.73%
  • 4 year GIC: 4.01%
  • 5 year GIC: 4.00%

The minimum deposit for GICs is $5,000.

Related: Best GIC Rates in Canada.

Bridgewater Bank Mortgages

Bridgewater Bank provides mortgage loans in British Columbia, Ontario, Alberta, Saskatchewan, and Manitoba.

The mortgage terms offered are for 1, 2, 3, and 5 years and the rates are fixed.

It also offers mortgage life and disability insurance.

How To Open a Bridgewater Bank Account

To open a Bridgewater Bank Smart eSavings Account, you must be:

  • Resident in Canada
  • The age of the majority in your province
  • Have a savings or chequing account with another Canadian bank

You will need to provide your social insurance number and a personal cheque from a bank account in your name during the sign-up process.

You can reach the bank by phone at 1-866-243-4301, by email at [email protected], or by mail at Bridgewater Bank, Suite 150, 926 – 5th Avenue SW, Calgary, Alberta T2P 0N7.

Downsides of Bridgewater Bank

  • Bridgewater Bank Smart eSavings Account is not available to residents of Quebec.
  • It has no physical branches you can walk into for in-person service.
  • You need a minimum deposit of $5,000 for GIC investments.
  • HISA and GICs are not offered for registered accounts (e.g., TFSA and RRSP).
  • It does not offer business accounts.
  • Its savings account allows only one free withdrawal per month.

Is Bridgewater Bank Safe?

Bridgewater Bank is a member of the Canada Deposit Insurance Corporation, which means your deposits may be protected up to $100,000.

It is a member of Payments Canada and the Canada Mortgage and Housing Corporation.

Also, the bank is regulated by the Office of the Superintendent of Financial Institutions.

Bridgewater Bank vs. EQ Bank vs. Canadian Tire Bank

For top savings rates in today’s low-interest environment, the following online banks are worth checking out:

1. EQ Bank

EQ Bank Personal Account

eqbanklogotransparent

Earn up to 4.00% interest

No monthly account fees or minimum balance

Unlimited debit transactions and e-Transfers

Free cashback card & no ATM fees

Supports mobile cheque deposits

EQ Bank’s HISA is referred to as the Personal Account and offers:

  • High-interest rate on every dollar
  • Unlimited free debit transactions and bill payments
  • Unlimited free Interac e-Transfers
  • Free mobile cheque deposits
  • Supports joint accounts
  • No monthly account fee
  • CDIC insurance eligible

EQ Bank also has TFSA and RSP savings accounts and GICs.

2. Simplii Financial

Simplii Financial offers a 5.90% promo rate for the first 5 months. It also has a free chequing account and other products.

Simplii High-Interest Savings Account

simpliifinancialnewlogo3-img

5.90%* rate for 5 months

Unlimited debits and bill payments

Unlimited Interac e-Transfers

$400 cash bonus offer with a free chequing account

2. Canadian Tire Bank

While not as popular as its Triangle credit cards, Canadian Tire Bank has a high-interest savings account.

This HISA has no monthly fees. Canadian Tire Bank also offers GICs and a Tax-Free Savings Account.

Related: Best Stock Trading Apps.

 Bridgewater Bank Smart eSavingsEQ Bank Personal AccountCanadian Tire Bank HISA
Monthly fee$0$0$0
HISA rate3.60%4.00% 3.70%
Free transactions1 free transfer to linked personal account/monthUnlimited free debits, bill payments, and electronic find transfersFree transfers to linked personal account
Free Interac e-TransfersN/AFree and unlimitedNA
Withdrawals fees$5 each per additional withdrawal in a calendar month$0N/A
CDIC insurance eligibleYesYesYes
Learn moreOpen an accountRead review
Bridgewater Bank review
Overall
4.5

Summary

Bridgewater Bank is an online bank in Canada. This Bridgewater Bank review covers its savings account, GIC rates, benefits, downsides, and alternatives.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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