President’s Choice Financial is introducing a high interest product, the Interest Plus savings account.

Launching at a rate of 4% per year on the entire amount when customers maintain a balance of over $1,000, Interest Plus offering a savings package with a high rate, extra anniversary interest, and no daily banking fees. The account is available at President’s Choice Financial in-store pavilions, online and by phone.

“Interest Plus gives customers an exceptional rate and an easy, secure way to save their money long-term with the flexibility of not having to lock in.” said Geoffrey Wilson, senior vp, financial services and investor relations, in a news release.

Unlike many other high interest savings accounts, the President’s Choice Financial Interest Plus savings account requires no minimum balance to open, and customers can easily access and transfer their funds as they need or want to, without penalty. Customers can continue to maximize their savings by making their daily transactions for free.

Customers who maintain an average annual balance of over $1,000 will receive extra interest on the anniversary of their account opening. The extra interest each year is based on the customer’s average annual balance and account tenure.

President’s Choice Financial banking services are provided by the direct banking division of CIBC.