Meridian Business Advantage Plus Savings Account Review

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Meridian offers a savings account designed for business owners who want to earn interest on their account balance.

Meridian’s Business Advantage Plus Savings Account allows customers to earn interest on their full balance and excess cash using a tiered system. This means that the more cash your business savings account holds, the more interest you earn.

Up to 2.65%

Promotional Interest Rate

$0

Minimum Balance

Details

OfferEarn up to 2.65% interest for 4 months when you open a Meridian Business Advantage Plus Savings Account by December 31, 2019.
Promotional Interest RateUp to 2.65%
Minimum Balance$0
FeesNone
Maximum Balance$2,000,000
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What are the main benefits of a business savings account with Meridian?

The following are some of the main benefits of a Meridian business savings account:

  • High interest rate. Meridian offers high interest rate savings accounts that reward business owners with larger balances. The more you save with Meridian, the higher the interest rate that is applied to your account.
  • No monthly fees. A Meridian business savings account charges zero monthly fees.
  • Unlimited free transfers. Transact and transfer as much as you want with no additional charges.
  • 24/7 access. Your Meridian business account can be accessed online anytime with zero downtime.

What should I look out for?

The following are some of the main drawbacks of a Meridian business savings account:

  • “Boost” rates are temporary. If you want to earn higher interest with Meridian, you should hurry. Meridian’s introductory “boost” rates, which allow you to earn up to 2.65% in interest, are available for only four months after opening your account.
  • Tiered system. Unlocking the highest interest rates takes a substantial amount of capital. Business owners need to have at least $1 million in their savings account to qualify for the highest interest rate (2.65%).
  • Maximum interest threshold. Business owners with a very large balance face another drawback. Meridian only allows them to earn interest on up to $2,000,000.

How do I open an account?

To open an account with Meridian, you have two options:

  1. Call the following toll-free number: 1-866-592-2226
  2. Locate the branch closest to you and schedule an appointment

If you’re ready to apply for Meridian’s Business Advantage Plus Savings Account, click Go to site to start your application.

Eligibility

To be eligible for a Meridian business savings account, you must meet the following criteria:

  • Be a Canadian resident
  • Own a sole proprietorship, partnership, unincorporated association or corporation

Required information

  • Two pieces of original ID, such as a birth certificate issued in Canada, a Canadian passport, a certificate of Canadian citizenship, a Canadian driver’s licence, a permanent resident card or a NEXUS card.
  • A debit card or credit card bearing your name and signature issued by a member of Payments Canada.
  • Official business documents including articles of incorporation, master business license and professional practice licence.

How do I deposit and withdraw money?

As a full-service credit union, Meridian offers many ways to deposit and withdraw funds from your business account. You can deposit and withdraw money in-branch, at any participating ABM or through the Money Mover online transfer service.

How do I get in touch with customer service?

You can get in touch with Meridian’s customer service department from Monday to Sunday between 8:00am and midnight ET at the following toll-free number: 1-866-592-2226. You can also contact support by filling out an online form.

For in-person support, you can use the branch locator to find the Meridian credit union closest to you.

Bottom line

Meridian is a full-service credit union that offers businesses high interest rate savings accounts with no fees. Even if you don’t lock-in the introductory “boost” rate, you can still earn higher than average interest on up to $2,000,000 in savings.

Frequently asked questions

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