High Interest Pooled Savings Account for Municipalities
MNL has partnered with CIBC to offer members a new Municipal High Interest Pooled Savings Account that has no minimum deposit and allows you to withdraw funds at any time.
Put your surplus funds to work for a higher rate of return while also keeping funds accessible for whenever you need them.
What it is
The Municipal High Interest Pooled Savings Account is a straightforward interest-bearing account at CIBC that pools money together from cities and towns to achieve a higher annual interest rate for the group.
How it works
Municipalities place their funds in the Municipal High Interest Pooled Savings Account. MNL and CIBC manage the account on your behalf and provide monthly reports so you can track your money.
Deposits are 100% liquid and withdrawals can be completed within 1-2 business days.
There are no fees associated with this account, but MNL will retain five basis points of the interest earned on the overall account to cover administrative and other internal costs.
Your deposit(s) and your share of the interest will always be available when you need it.
Save more in less time
The Municipal High Interest Pooled Savings Account allows you to earn more than most other comparable savings accounts, without restricting access to your funds or locking them away for set terms.
Interest rates are superior to current Money Market and Short-Term Bond Rates and will increase as the pooled funds increase
Easily access your funds
- Deposits and withdrawals processed with a single email request.
- Withdrawals are available within 1-2 business days.
- Monthly reports from MNL/CIBC will outline your earnings in real-time.
- No minimum deposits and no term commitments.
Who is eligible
All MNL members can participate in the Municipal High Interest Pooled Savings Account.
The interest rate
The Municipal High Interest Pooled Savings Account earns money for you based on a formula of Prime less 1.85% when the account has less than $15 million. Once the account exceeds $15 million, the interest rate jumps to Prime less 1.75%. This translates to earnings of 5.4% and 5.5%, respectively, based on interest rates as of February 14, 2023.
Getting Started
Joining the Municipal High Interest Pooled Savings Account is easy. To get started, simply email Bradley Power, MNL Director of Programs, at bpower@municipalnl.ca for an application form.
