Premium Savings Accounts:
- For members that want an effective way to save and earn high interest
- High daily interest paid on closing balance
- Interest paid monthly
- No charge for deposits, payroll deposits, direct deposits (EFT’s) or automatic transfers in
- 2 free withdrawals / transfers out per month. Additional transfers incur a $5.00 service fee
- Annual statements issued at end of December
Plan 24 Account (Daily Interest Savings Account):
- For members with fluctuating balances and who do not require monthly statements or chequing privileges
- Interest calculated on closing daily balance and paid monthly
- Annual statements issued at end of December
Payroll Deduction Account:
- For members who want to earn more on their payroll deductions
- Members must set up new payroll account & deposit at least $50 biweekly
- Member earn 2.50% interest
- Two free withdrawals per calendar year. Additional withdrawals cost $5
- No manual deposits to this account, PDP only
- Rates on this account can be changes at any time.
- Annual statements issued at end of December
Children’s Account (Under the age of 14):
- No service charges
Tax Free Savings Accounts (TFSA):
- For members that want to grow tax free savings – Interest earned on this account does not get included in the annual T5
- $6,500 maximum contribution limit for 2023
- Unlike RRSPs, contributions are not tax deductible
- High daily interest calculated on closing balance and paid monthly
- Fixed, Variable and Index- Linked options available
- No monthly fees
- No charge for deposits, payroll deposits, direct deposits (EFTs) or automatic transfers in
- Withdrawals are not reported as taxable income and are not subject to income tax
- 1 free withdrawal per contract. Additional withdrawals are subject to a $10 service charge
- Annual statement issued at the end of December
For more information on our savings accounts and tax free savings accounts please contact us.
