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.