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Home > Common Questions Common Questions
We understand how the banks see your business…
Helping you navigate the banking maze.
And we're willing to share our knowledge
What is a deposit broker?
A deposit broker is an independent retailer of financial products and services. William J. Rhind & Associates specializes in business bank accounts and guaranteed investment products, including chequing and savings accounts, term deposits and GICs. William J. Rhind & Associates is a member of the Federation of Canadian Independent Deposit Brokers.
How can William J. Rhind & Associates offer their services and advice free of charge?
William J. Rhind & Associates, like many deposit brokers, is able to get the best rates and widest selection of banking products because their clients represent a significant volume of deposits. The banks use deposit brokers as a channel to market their banking products and pay the deposit broker a commission for bringing these accounts to them.
Why can William J. Rhind & Associates offer higher interest rates than other financial institutions?
Because William J. Rhind & Associates has over $500 million on deposit with the bank, we are able to negotiate better rates for our clients. In addition, we compare interest rates and banking products daily from over 20 financial institutions giving us the ability to source the best rate on the day you choose to buy.
What is a net depositor?
A net depositor is a banking client who deposits more than he/she spends leaving a net positive balance in the account at all times. A net depositor is the ideal client for a bank because banks rely on deposits in order to lend money and charge interest to their other clients.
How do I make deposits?
Banking through William J. Rhind & Associates is the same as banking directly with the bank with a few important differences: 1) we're available for independent banking advice, 2) we'll handle problems with the bank for you and 3) you get a much better rate than if you went to the bank on your own. When you transfer your account to one of our financial institutions, we'll even accompany you to the bank and introduce you to your representative. Unlike traditional banking, your deposits are picked up by a licensed bonded courier and taken directly to the bank for you.
How do I know my money is safe?
William J. Rhind & Associates only deals with CDIC (Canadian Deposit Insurance Corporation) accredited institutions. The CDIC insures your deposits, but it is important to understand the limitations on deposit insurance. For example, the maximum deposit term covered by CDIC is five years and mutual funds are not covered at all.
What is the prime rate history and what does it mean?
The prime rate history reflects the strength and growth of the economy over a given period of time and is the base of measurement for the entire financial playing field - all interest rates are compared to the prime rate (prime plus or minus a percentage).
Calgary: 300, 508 - 24 Avenue SW, Calgary, AB, T2S 0K4 | Phone (403) 283-1378 | Fax (403) 283-1678
Edmonton: 27 Parkwood Drive, St Albert, AB, T8N 5L5 | Phone (780) 651-3895 | Fax (780) 651-3896
Vancouver: 200, 555 Burrard Street, Vancouver, BC V7X 1M7 | Phone (604) 661-5552 | Fax (604) 661-5530
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