AffinityPlus SMARTLiving Retirement Savings Account
A retirement-focused savings account free of RRSP limitations, with tiered rates and flexible maturity terms for ages 55, 60, and 65.
Retirement PlanningTiered Rates
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About This Product
Retirement-Focused Savings with RRSP Alternative
The SMARTLiving Retirement Savings Account (RSA) is free of the limitations currently associated with Registered Retirement Savings Plans (RRSPs) and provides a great option to help you save towards a financially sound retirement. You can start your account with as low as BBD $250.00 and can set maturity terms for ages 55, 60, and 65.
Key Features
- Minimum Opening Balance: BBD $250.00 to start
- Interest Rate: Tiered rates up to 2.25% paid quarterly
- Maturity Terms: Ages 55, 60, and 65 available
- Withdrawal Policy: One free withdrawal per year, then BBD $150.00 fee
- Monthly Fees: No fee
Behavioral Design
This account uses behavioral finance principles to encourage retirement saving:
- Tiered rates increase with larger balances (encouraging consistent saving)
- Flexible maturity terms allow personalized retirement planning
- Higher withdrawal fees encourage long-term commitment
- Free of RRSP limitations for greater flexibility
- Your own personal pension fund concept
Rate Structure
The account features tiered interest rates that increase with your balance, encouraging consistent saving habits and rewarding larger deposits with better returns.
Perfect for: Anyone over 18 who wants to start building a retirement fund with flexible terms and competitive rates.
Rate Tiers
| Balance Range (BBD) | Interest Rate |
|---|---|
| $250 - $5,000 | 1.5% |
| $5,001 - $10,000 | 1.65% |
| $10,001 - $25,000 | 1.75% |
| $25,001 - $50,000 | 1.95% |
| $50,000 - $100,000 | 2.05% |
| Over $100,000 | 2.25% |
✓ Benefits
- Low minimum opening balance ($250)
- Competitive tiered rates up to 2.25%
- Flexible maturity terms (ages 55, 60, 65)
- Designed specifically for retirement planning
- Quarterly interest payments with retirement focus
⚠ Considerations
- Withdrawal fees after first free withdrawal ($150)
- Designed for long-term commitment
- Higher withdrawal fee than other accounts
- Not suitable for short-term savings needs
- Teller fee: BBD $150.00
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Opening BalanceBBD $2500.00