Find out how and when you can redeem your funds, which series to redeem, when funds are received, and how to sign up for Direct Deposit. Refer to the How-To Guide to help you with your online transactions.

How to Redeem

You can redeem your funds at any time online by following these steps:

  1. Log in to CSB Online Services and select Redemption from the left navigation menu.
  2. From the Redemption screen, select the plan from which you want to redeem.
  3. Choose the bond series to redeem and enter the amount in that row. Select Continue.
  4. Review your redemption request and select Confirm.

Watch a quick video on how to redeem your funds on CSB Online Services.

Alternatively, you can use our automated telephone service to complete your redemption request. Please ensure you have your Plan Number handy and take note of the statutory holidays as our automated telephone service may still be available during certain holidays.

When to Redeem

You can redeem your bonds at any time; however, you must redeem a minimum of $100 per series or the entire balance of that series, whichever is less. Note that your most recent payroll contribution will be held for 15 days from the date the Bank of Canada receives your deduction from your employer.

Which Series to Redeem

It is at your discretion which series to redeem from. The minimum redemption amount is $100 per series or the entire balance of a series, whichever is less.

When you redeem using the automated telephone service or when you speak to an agent and do not specify the series you wish to redeem from, the amount requested will be redeemed automatically in the following order:

  • The lowest series number
  • The series with the lowest current interest rate
  • The series that matures the earliest
  • The series with the lowest outstanding balance

Watch a quick video on how to interest is calculated on a bond series.

When Funds Are Received

Funds will be deposited within four business days if you are set up for Direct Deposit, or a cheque will be delivered within seven to ten business days. If funds are held in a Joint Plan, a cheque will be issued in both Plan owners names, or funds can be deposited directly in a bank account, but only if the bank account is held in both owners names.

Sign up for Direct Deposit

If you have a Single Plan, you can sign up for Direct Deposit online by doing the following:

  1. Log in to CSB Online Services.
  2. Select Direct Deposit from the left navigation menu.
  3. Select Enroll Online (will appear if your plan is eligible).
  4. Enter your banking information. Select Continue.
  5. Review your banking information and select Confirm.

If you have a Joint or Third-Party Plan, you must complete the Change of Address and Direct Deposit (COADD) Form. For Joint Plans, the bank account must be under the names of all plan owners, and the form must be signed by all plan owners.