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Term Deposits

EVERYTHING YOU NEED TO KNOW

  • A Term Deposit is an investment that features a fixed term with an annual interest rate that pays on each anniversary date.
  • You can choose from a straightforward basic term deposit, which operates like a locked-in savings plan, or you can choose an Escalator product, which offers the incentive of high rates the longer you leave your deposit in the plan.
  • You might choose to put your money in a term deposit if you want to let the investment grow securely, especially in an Escalator term.

WHAT’S IN IT FOR YOU?

  • Interest is compounded annually – so you gain the benefit of interest on the principal amount and the interest earned during that year;
  • Escalating term deposits feature an interest rate that increases every year of the term;
  • Escalating term deposit are redeemable on each anniversary date without penalty; and
  • Your deposit and interest are always safe. All money on deposit with and money invested in non-equity shares of a BC credit union is 100% guaranteed, including foreign currencies and accrued interest, regardless of the length of the term to maturity.

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The Small Print
  • Your minimum deposit for this product is dependent on the term you choose; and
  • Current term lengths and rates can be found here

© 2013 Lake View Credit Union