What Are Some Financial Services Through Canadian Tire Bank?


Quick Answer

Some financial services offered by Canadian Tire Bank are high interest savings accounts and Canadian Tire MasterCard accounts. Other financial services are Guaranteed Investment Certificates, tax-free savings accounts, and insurance products. Established in 1922, Canadian Tire is a publicly-traded Canadian retail giant that sells automotive products and services, sports and leisure products, and do-it-yourself home products and furnishings. It established its financial services arm, Canadian Tire Bank, in 1968.

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Full Answer

Canadian Tire's high-interest savings accounts offer high annual rates of interest, no monthly fees, no minimum balance required and no lock-in period. Customers can use online banking 24/7 to easily transfer funds between accounts, or telephone banking Monday to Friday from 8:00 a.m to 9:00 p.m. and Saturday from 8:00 a.m. to 6:00 p.m. Eastern Time, as of 2015.To open an account, applicants must be Canadian residents who are at least 12 years old, must deposit a personal check into the account, payable to the applicant, and must have a Canadian Social Insurance Number for tax purposes. As of December 2015, the high-interest savings account is not available to residents of Quebec.

Canadian Tire MasterCards include the Options MasterCard, which allows cardholders to collect Canadian Tire money; the Cash Advantage MasterCard, which offers up to 1.5 percent cash back on qualified purchases; and the Gas Advantage MasterCard, which offers tiered discounts on gas when refuelling at Canadian Tire gas stations.

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