Interest is calculated and accrued daily. To calculate the daily interest, we divide the annual interest by 365. We multiply that figure by the GIC book value to determine how much interest to accrue. Interest is paid on maturity for GICs that do not pay interest during their term.
motusbank’s 3 Year Escalator is cashable in whole or in part on its anniversary date and 30 days thereafter. At all other times it is non-redeemable.
motusbank’s 5 Year Escalator is transferrable to a non-redeemable term deposit that is at least one year in length on its anniversary date, or 30 days thereafter. At all other times it is non-redeemable.