03.00 – Financial Accounts

A Financial Account is an account maintained by a Financial Institution. However, not all accounts will be Financial Accounts for the Agreement. For example, ISA Accounts are exempted accounts (see Section 3.11 for further details).

There are five categories of Financial Account:

  • Depository Accounts (Section 3.3)
  • Custodial Accounts (Section 3.4)
  • Cash Value Insurance Contracts (Section 3.6)
  • Annuity Contracts (Section 3.7)
  • Equity and Debt Interests (Section 3.8).

Each category of Financial Account is subject to certain exclusions and exemptions. Details can be found in the relevant sections indicated above.