Advantage Account - Personal

Question 1

Describe an Advantage Account.

Answer 1

Advantage Account is a high-interest, full-access, low fee chequing account that can be used by clients as their primary bank account or as a secondary investment account. This account combines the liquidity of a traditional chequing account with the interest of a short-term GIC or money market fund.

Question 2

How is interest applied to the account?

Answer 2

The variable annual interest rate is applied to all funds in the account.

Question 3

Interest is calculated daily on the total daily balance and paid monthly - True or False?

Answer 3

True

Question 4

What are three ways that providing deposit products to clients can help an advisor succeed?

Answer 4

1. Eliminate the competition.
2. Demonstrate the value the advisor provides.
3. Grows their business.

Question 5

How does an Advantage Account help clients save more?

Answer 5

1. A high interest rate to help them earn more
2. No monthly account fees so their money can grow faster
3. No minimum balance

Question 6

How can clients access their money?

Answer 6

1. Chequing
2. ABM transactions
3. Debit purchases
4. Online transactions
5. Interac e-Transfers

Question 7

When is unlimited banking free for everyday transactions?

Answer 7

Unlimited banking is free for everyday transactions when the account balance is $5,000 or higher.

Question 8

Where can you find Advantage Account Information?

Answer 8

Repsource > Products > Banking > Personal Advantage Accounts > Advantage Account

Question 9

Where can you find a comparison of the different Advantage Accounts?

Answer 9

Deposit Accounts Quick Reference Card > Repsource > Products > Banking > Personal Advantage Accounts > Advantage Account

Question 10

Describe the interest structure on a personal Advantage Account.

Answer 10

Variable rate. Full rate paid on every dollar. No tiers.