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.
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