Investing

Short Term Deposits

The terms are 30, 60 and 90 days. Interest can be added to the existing deposit or transferred to any other account. Deposits withdrawn before maturity date will affect some loss of interest. Short term deposits are also available in US currency.

Long Term Deposits

Minimum deposit is $1,000. The terms are 120, 180 or 270 days and 1 - 5 years. Interest can be added to the existing deposit or transferred to any other account. Deposits withdrawn before maturity date will affect some loss of interest. These deposits are also available in US currency.

Fixed Term GIC

Earn higher interest with a Credit Union Fixed Term GIC. This investment is non-redeemable and interest is paid annually into either savings or chequing. A minimum deposit amount applies to Credit Union Fixed Term GICs. Minimum deposit is $5,000.

T-Bill Accounts

These are special accounts that pay higher interest on higher amounts. The interest depends upon the amount of money deposited within $5,000, $10,000, $25,000, $50,000 and higher brackets.

Ontario Savings Bonds

Ontario Savings Bonds are safe and secure. The Province of Ontario backs both the principal investment and any interest you earn.

Canada Savings Bonds

A Canada Savings Bond (CSB) is a safe and secure investment product issued and fully guaranteed by the Government of Canada, available to all Canadians. Canada Savings Bonds can be redeemed at any time during the year. While the Canada Savings Bond has a ten-year term to maturity, interest rates are often announced for a shorter period and remain in effect for that announced period. At the end of the period, new rates will be announced by the Minister of Finance based on the prevailing market conditions.

Canada Premium Bonds

The Canada Premium Bond (CPB), introduced in 1998 by the Government of Canada, offers the same general features as Canada Savings Bonds, but has a higher rate of interest at the time of issue than a CSB on sale at the same time, and can be redeemed each year on the anniversary of the issue date and during the 30 days thereafter. While the Canada Premium Bond has a ten-year term to maturity, interest rates are often announced for a shorter period and remain in effect for that announced period. At the end of the period, new rates will be announced by the Minister of Finance based on the prevailing market conditions.

SAVING ACCOUNTS

Daily Interest Savings Account

This account is convenient for members who make multiple deposits and withdrawals during the month. Interest is calculated on the minimum daily balance and paid monthly (members over 60 years of age receive an additional bonus interest). A minimum monthly balance of $ 1,000 kept on the account will eliminate withdrawal charges. This account is also available in US currency.

Joint Account

An account that can be used by two or more persons. Dividends are paid quarterly on the minimum quarterly balance.

Trust Account

A trust account may be opened by any member (a trustee) on behalf of another person (a trustor).

C-Y-S Account

A premium savings account for child, youth and student members up to 25 years of age. The account offers an expanding array of features and benefits through each age segment. On savings a premium rate of interest is paid up to a specified dollar amount. In the child and youth segments the parent or guardian can determine the extent of features and benefits applied to the specific account.

"Silver" Savings Account

This account is designed for members who wish to save regularly, eg. a certain amount of money each month. A three-day grace period is in place so that deposits that are made within the first three days of each will earn interest for the whole month. Interest is paid on a monthly basis and members over 60 receive an additional bonus interest. No minimum deposit is required.

 

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