Term Deposits

Term deposits are a great option for Members who want their investment to have a guaranteed rate of return.  All of our term deposits are redeemable, allowing our Members to access their funds when required.  Term deposits provide a higher interest rate than a conventional savings or chequing account. 

Term Deposit features:
• Short Terms range from 30 to 364 days
• Long Terms range from 1 – 5 years
• Interest options include compounding, annually and maturity.
• Minimum deposit of $1,000

Automatic Investment Plans:
This simple and convenient option allows Members to make investment contributions over time.  These investments can be made through account transfers or payroll deduction, and can occur weekly, bi-weekly or monthly. 

Term deposits will automatically renew for the same term length at the rate of interest in effect at maturity, unless the credit union has been advised otherwise by the Member.

No interest shall be paid upon termination within 30 days of the issue date.

If a term is redeemed prior to the date of maturity, the rate paid will equal the rate of the reduced term length based on time of investment.  For example, a term is invested for a 5 year length and it is redeemed after 2 years, the Member will receive the 2 year rate effective when the term was invested.


 

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