Savings

Plan 24, Term Deposits, Registered Retirement Income Fund (RRIF), Registered Retirement Savings Plan (RRSP), Registered Education Savings Plan (RESP)

• This non-chequing account earns interest daily based on the closing daily balance. Interest is paid at the end of each month. There is no minimum deposit required. Interest is calculated on the closing balance and paid monthly.
• A monthly statement is provided.
• Automatic transfers can be set up to cover overdrafts in your chequing account.
• Funds can be accessed with Mastercard (Payment card) or a MEMBER CARD® Debit Card.

Special Savings Account

• no longer available

Term Deposits

• Provides a guaranteed interest rate of terms of 30 days to 5 years.
• Interest paid to the account of the members choice or added back to the term deposit.
• Statement is provided quarterly.
• Redeemable with penalty and non-redeemable available.

• RRIFs are offered at a fixed rate for one to five years.
• Interest paid to the account of the members choice or added back to the term deposit.
• Statement is provided annually.
• Redeemable with penalty and non-redeemable available.

• An RRSP is a tax-deferred government-approved plan in which members can save money for retirement.
• Contributions and interest earned within the Plan are tax sheltered.
• Variable and fixed rate options are offered at competitive rates
• Withholding tax applies if funds are withdrawn, funds then become taxable income.
• Personal contribution limits based on earned income.
• Funds must be moved into a retirement income option plan by the end of the year in which depositor reaches the age of 71.

• Government approved plan for providing post-secondary education funding.
• Income earned within the plan is not taxed until withdrawn.
• Additional education funding provided by Canadian Education Savings Grant.
• Single or family Plan offered.
• Variable and fixed rate options are offered at competitive rates.
• Most secondary institutions and programs including correspondence courses qualify for receiving RESP Educational Assistance Payments.
• The credit union acts as an agent for Concentra Financial.