Diane Motherwell, Financial Service Officer at Aldergrove Credit Union’s Otter Community Branch, invites you to drop by for a chat about how term deposits can bolster your savings plan. Photos by Gilda Owliazadeh

Term deposits pack a financial punch

The experts in Aldergrove can show you how to get more from your savings plan

Term deposits grow your money faster than a savings account.

“If you have a rainy day fund in a chequing or savings account, you might want to consider the advantages of placing some – or all – of it into a term deposit,” says Diane Motherwell, Financial Service Officer at Aldergrove Credit Union’s Otter Community Branch.

“If you’re looking for a way to round out your savings plan, term deposits can be a great option. Term deposits are a no-risk investment opportunity and a great alternative to keeping your money in a savings account,” Diane adds. “They also work well hand-in-hand with your RRSPs, RRIFs and TFSAs.”

So, what is a term deposit?

Term Deposits give you a guaranteed rate of return, have a specified term, and are 100% insured, making them a safe bet to earn interest even in uncertain economic conditions.

Term deposits come in two categories: redeemable and non-redeemable. Redeemable term deposits give you the freedom to cash out early, whereas non-redeemable terms lock your money in for the full term but usually offer higher interest rates. Aldergrove Credit Union offers both redeemable and non-redeemable term deposits.

A flexible way to save

“Flexible term deposits are a great option if you want the high rate of a longer term, with the option to cash out early in case you need access to your money” states Diane. “With features such as early withdrawal dates, reinvestment options, and monthly interest payments deposited directly into your chequing account, our Flexible 30 Month Term Deposit is a great choice for any investor.”

Learn more about ACU’s Term Deposit Specials.

Extra member benefits

Continue to earn for years to come with Aldergrove Credit Union’s memberSHARE Loyalty Program. Term deposits are a Qualifying Product for Product Bundle payments, plus, you’ll earn an annual bonus on interest earned.

Get your money working for you

ACU’s knowledgeable and experienced team of Financial Service Advisors are happy to help you build, review or add on to your savings plan. Stop by the the Otter Community Branch on 248 Street or the Aldergrove Community Branch on 272 Street.

Aldergrove Credit Union offers personal and commercial banking, financial planning solutions and insurance services. Learn more at aldergrovecu.ca and keep up with what’s new on their Facebook page.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

VIDEO: Feeding front-line medical responders at Langley Memorial Hospital

When a volleyball championship was cancelled, the teams decided to repurpose the registration fees

VIDEO: Sirens show support for Langley Memorial Hospital staff

Friday drive-past the latest in a province-wide campaign to boost morale at B.C. medical facilities

Smiling 98-year-old inspires new ways to connect at Langley hospital

Foundation staff liaise between patients and loved-ones who can’t visit due to restrictions

VIDEO: Langley schools transition students to at-home learning

During the next two weeks a new model will be rolled out to parents, pupils of kids in public school

VIDEO: Virus Busters assemble to take on COVID-19 germs in Langley

A team of 20 business owners and employees are working to kill viral bacteria in public places

COVID-19 world update: Enforceable quarantine in NYC?; France orders 1 billion masks

Spain warns EU’s future at stake; New York governor calls Trump’s idea ‘federal declaration of war

Blue ribbons popping up along streets in Abbotsford in praise of B.C. healthcare workers

Healthcare worker’s family starts local trend of morale support

B.C. is seeing the highest rate of COVID-19 recovery in Canada, and there’s a few reasons why

British Columbia was one of the first to see rise in COVID-19 cases, and has also switched up testing

Earth Hour 2020 kicks off online Saturday night

Action moves online due to COVID-19

B.C. COVID-19 cases rise 92 to 884, one more death, 81 in care

Outbreak action underway in 12 long-term care homes

B.C. veterinarians want to smooth the fur of COVID-19-worried pet owners

Vets expect to continue giving your fur buddies the help they need while social distancing

B.C. VIEWS: Small businesses need our help

Just as integral in neighbourhoods in Vancouver and Surrey as they are in Prince George or Kelowna

‘Tremendous’ response from blood donors has supply keeping pace with demand

About 400,000 of Canada’s 37 million residents give blood on a regular basis

Most Read