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.

Tax Free Savings Accounts (TFSA’s)

Tax Free Savings Accounts (TFSA’s) became available in 2009, and provide our members with the ability to earn tax sheltered interest income. TFSA’s are available in GIC’s, Index-linked Term Deposits, and Dividend Savings.

Try the TFSA Calculator to see how the ETCU TFSA can save you!

Dividend Savings

This is the credit union’s most popular savings account. Dividends are based upon the minimum monthly savings balance, and are paid quarterly. Historically, the dividends paid greatly exceed the posted GIC rate for a like term.

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

The Deposit insurance Corporation of Ontario (DICO) insures Canadian dollar deposits up to $100,000 or up to $300,000 per couple.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).

For more information on DICO’s role in protecting depositors of Ontario credit unions and caisses populaires from loss of their deposits, visit the DICO web site.