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Bridgewater Bank
April 30, 2012
7:37 am
moneysaver
Ontario
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December 22, 2011
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Actually Maddy Peoples Trust and AcceleRate Financial is offering 2.1%. I attempted to get Bridgewater Bank to give me 2.1% as they do for people living in Alberta and is a member of the AMA. I have a CAA Mastercard with them and I am a CAA Member and they wouldn't increase it to 2.1% because I live in Ontario. Also, cmore is right. No term deposits, no RSP's, no online banking with bridgewater bank. Still, 2.05% is not bad for someone to park there savings for a while and wait for other online banks to beat that rate.

April 30, 2012
8:25 am
NorthernRaven
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Actually, Bridgewater has been offering GICs since around 2006, but to AMA members only. They are currently showing over half a billion in fixed-term deposits, presumably those GICs.

It looks like they started taking savings deposits about a year ago – they hit $3 million last October and are just over $5 million currently – a pretty small sideline right now.

April 30, 2012
7:35 pm
88kanaka
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NorthernRaven said:

Actually, Bridgewater has been offering GICs since around 2006, but to AMA members only. They are currently showing over half a billion in fixed-term deposits, presumably those GICs.

It looks like they started taking savings deposits about a year ago – they hit $3 million last October and are just over $5 million currently – a pretty small sideline right now.

How can a chartered bank have selective customers????

June 17, 2012
8:42 pm
Doug
British Columbia, Canada
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Peter,

As there is now a column in the "comparison chart" to indicate whether a bank or trust company offers online/Internet banking, I would again appeal to you to add Bridgewater Bank's Smart eSavings Account to the chart. Peoples Trust has since been added, yet they do not have online/Internet banking either and both Peoples Trust and Bridgewater Bank offer the two highest rates in Canada.

Full disclosure: I maintain no bias in this regard as I do not hold either a Peoples Trust or Bridgewater Bank account. My opinion is that, with the addition of the column in the chart indicating online/Internet banking capabilities, fairness should be observed.

Thanks so much for including it! :)

Conversely, I would support removing both ING Direct and PC Financial from the "comparison chart" as they are perennially ranked at the bottom of the chart and are only 0.05-0.10% higher than the "Big Five" banks high-interest savings accounts, which is pretty pathetic. :)

Cheers,
Doug

June 18, 2012
8:02 pm
Peter
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You have convinced me to add Bridgewater but... does anybody have any information about a Bridgewater TFSA? I only see mention of a normal savings account, and using the site's search for "TFSA" reveals nothing.

Regarding ING Direct and PC Financial, I think it's good to keep them on the chart for comparison sake.

June 18, 2012
9:21 pm
NorthernRaven
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Bridgewater's balance sheet at OSFI shows no tax-sheltered deposits, so they probably aren't doing any TFSA or RRSP stuff, just the online savings account, and GICs through AMA. It is a little odd since the AMA seems to offer RRSP and TFSA "investments" of an unspecified nature - they seem to be outsourcing these as a deposit broker instead of the in-house regular non-registered GICs it offers through Bridgewater.

For ING and PCF, it isn't just the small rate gap, but the lack of high minimum balances and $5 debit fees that helps distinguish them from the BigBanks.

September 4, 2012
1:07 pm
Lauren
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Hello;

I work for Bridgewater Bank (not within our deposits group however). If it helps clarify, Bridgewater Bank offers GICs through the AMA channel as mentioned, but also through select deposit brokers across Canada (excluding Quebec). This has been the practice since we launched GICs.

Our Smart eSavings account are offered direct to consumer as are our mortgages. We also sell mortgages via mortgage brokers across Canada (excluding Quebec).

If you have any other specific questions, I can do my best to get the answers for you. Thanks!

September 4, 2012
7:29 pm
regsmith
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Does one have to be a member of CAA in order to join the bank?

September 7, 2012
2:00 pm
Tips
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No you do not need to be a member of CAA to invest with Bridgewater Bank. If you are looking at a GIC- the easiest way would be through a broker. For a Smart eSavings account you can deal directly with our Sales team at 1-888-843-9991

July 4, 2017
2:07 pm
Koogie
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For anyone who might be interested, Bridgewater Bank is offering a 3% five year GIC through deposit broker channels right now.

They are CDIC members.

July 4, 2017
2:29 pm
Nehpets
Ontario
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I understood from my GIC broker, last week that Bridgewater matches Home Bank's broker GIC rates.

It's not clear if this is an ongoing practice, however.

July 4, 2017
3:26 pm
Koogie
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Nehpets said
I understood from my GIC broker, last week that Bridgewater matches Home Bank's broker GIC rates.

Either way, that is the rate on offer to those who are interested in making the deposit so what does it matter what the channel is.

Nehpets said
It's not clear if this is an ongoing practice, however.  

Probably not. Are any of the special rates from any institution ? Caveat emptor.

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