PERSONAL SAVINGS ACCOUNTS

Credit Union savings plans pay off in more ways than one! Our savings plans pay off in three important ways: financial flexibility, convenience, and good returns. Choose from a complete range of savings plans designed to work for you.

DIVIDEND SAVINGS

This is the credit union's dividend bearing account. This means that the amount of money you earn as a member/owner is dependant upon the profit earned by the credit union during the year. Generally, all profits earned are returned to members/owners by the way of dividends.

As an added bonus, the balance in this account carries life insurance through Credit Union Insurance Services (CUIS) for up to $2000.

PLAN 24

Earn interest on your daily balance with no minimum balance requirements. You can deposit as little as you like for as long as you want and still earn competitive rates. Interest is calculated every 24 hours no matter when you deposit or withdraw funds.

Payroll Deductions

Full-time employees of the Toronto District School Board enjoy having their loan payments or savings deposits made through the convenient payroll deduction. Many teachers find it a great way to save for the summer months.

Direct Deposits

Members can have their entire pay electronically deposited to the credit union. Forms are available at your workplace personnel department or credit union. Many members have government payments such as Family Allowance or OAS directly deposited.

Deposits Are Fully Insured

Credit Union deposits are insured by the Deposit insurance Corporation of Ontario (DICO. The Canadian Deposit Insurance Corporation (CDIC) insures banks. The coverage is very similar with the exception of Registered deposits with which DICO can provide greater coverage. DICO insures all deposits in Canadian currency, payable in Canada. This comprises savings and chequing accounts, term deposits and guaranteed investment certificates, as well as investments made under Registered Retirement Savings Plans (RRSP) and Registered Retirement Income Funds (RRIF).