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A High Interest Savings Account (HISA) is a savings account that allows investors to save at more attractive interest rates than a traditional savings account and is available in your investment account. A HISA pays interest on your deposits at a stated annual rate that is subject to change. While HISAs are a safe investment vehicle, they may offer lower long-term returns than other investment options.

Encasa is offering the HISA account in response to investor requests for additional investment options, and in particular a cash-like product that preserves the nominal value of investments through periods of high market volatility. Investing funds in a HISA can offer increased diversification for portfolios, and form part of an investment strategy.

Encasa is offering the Renaissance High Interest Savings Account, a product created and managed by the Canadian Imperial Bank of Commerce (CIBC). The Encasa team conducted a careful analysis of the options available for investor access to a cash-like product and determined the CIBC product was well suited to complement the Encasa Funds. The assessment included the:

• Strength of the institution offering the HISA;
• Ability to insert the product on the Encasa platform allowing for integrated reporting on investor accounts; and
• Cost of offering the investment option.

The HISA account is accessible through your investment account and works much like other savings accounts offered through other financial institutions. When you make an investment into the HISA, it is deposited with the Canadian Imperial Bank of Commerce (CIBC.) As compensation for your deposit, you will receive interest payments. Interest is accrued daily and paid monthly to the account as reinvested distributions.

The Renaissance High Interest Savings Account is eligible for CDIC insurance. CDIC insurance has a maximum coverage limit of $100,000. Please visit cdic.ca for more information.

The maximum investment for the Renaissance High Interest Savings Account held by a corporation is $7,500,000. If your organization is concerned about this limit, please contact your Investment Funds Advisor and we will work with you to find a solution that meets your needs.

For the current rate and product information, contact us at 1-888-791-6671 or information@encasa.ca.

Please contact your Investment Funds Advisor or email information@encasa.ca. We will assist you with the account opening process, which includes opening a new account or converting an existing account to a Fee-based Account. A Worldsource Financial Management PureFlex Plan Agreement form will need to be completed and other documentation may be required, but our advisors will help to facilitate the process using the information we currently have from your existing account.

The fee is an annual flat fee of 0.25% calculated based on the daily average market value of your HISA investment for that month. Fees (plus applicable taxes) will be charged monthly and can be automatically charged via EFT to a bank account that you specify, or by redeeming from your HISA. You can choose how the fee is paid when you open the account and can change the fee payment method at any time. If you are a taxable investor then all, or part, of the fee may be tax deductible.

There are no transaction fees when you deposit or withdraw into the Renaissance High Interest Savings Account.

When your redemption request is received during trading hours, the proceeds should be received within 3 business days. Deposits and withdrawals settle the next day.

The HISA is being added as a permanent option to help Encasa investors diversify their portfolio and reduce the short-term risks associated with volatility of the bond and equity funds. Encasa may reassess the offering in the future, should HISA returns become so low that it does not make financial sense for investors to use the product, however we don’t see this happening in the near or mid-term.

Your investment in the HISA will be reflected on your WFM statements and online access, similarly to your existing Encasa Funds.