BNS takes the coin from the next lowest interest bearing GIC account as a matter of policy (it's just locical). I don't know what the other banks do. As for minimum payments, that is calculated under the income tax act.

999... I tried to buy some GICs at CIBC a few years ago. I would not tell them my annual income. Buddy took my cheque anyway. He called back the next day and said CIBC would not sign the contract without the info. I said I would be along shortly to collect my cheque... no can do as it's been cashed... then, we have a contract... nope... I'll be along to pick up your cheque to me... nope... took a while and cost me $350 interest by the time I was reimbursed. And buddy didn't even apologize!!!

I didn't say a word to buddy as he was Mum's financial advisor but I could have had him squirming in front of the CGANB and got my money back with interest. Yes, just a penny but I wanted it.

And I gave up on BoM 30 years ago after they added two service charges that were not incurred. I asked them to produce the paperwork and they couldn't. They put the money back in my account. I asked for my accounts to be closed and I wanted my cash immediately. I had to wait for the manager to come out and ask me why I wanted to close the accounts. At least 40 customers heard my explanation because it was very loud and laced with, ah, er, colourful adjectives.

I deal with a credit union but BNS pays the best rates for GICs so that's where the bulk of my pension money is. And, they are helpful and courteous... so far... give them time?