dollar statement product, Strata Savings -- a demand savings account with a tiered interest rate based on an account's balance.

Interest rates rise from three percent for up to $1,000 to 4.55 percent for accounts that have a balance over $35,000.

A. Michael Smith, senior manager, banking, said, "Strata savings provides customers with an excellent vehicle for saving for the future.

"It is a safe, flexible and convenient savings product. Unlike other high interest rate savings accounts that require special notice of withdrawal, Strata savings customers can have access to their money on their terms and at the same time attract a competitive rate of interest.'' The conversion from a passbook savings account requires the completion of an application form. A special hot line has been installed to assist with inquiries.

Mr. Smith said the new statement savings account is convenient and flexible, eliminating the need to queue to update passbooks. Customers receive a detailed statement every quarter and can carry out transactions using BankCardPlus automatic teller machines.