Savings
Plan 24
- Daily interest savings account paid on the last day of the month
Special Savings
- Earns interest on the minimum monthly balance
- Interest is paid in June and December
Term Deposits
- Provides a guaranteed interest rate of terms of 30 days to 5 years
- Interest paid to the account of the members choice or added back to the term deposit
- Redeemable with penalty and non-redeemable available
Registered Retirement Income Fund (RRIF)
- RRIF’s are offered at a fixed rate for one to 5 years
- Interest paid back into the RRIF
- A RRIF provides flexible options for maturing RRSP’s
- It can be customized to meet your personal goals and budget requirements
- You arrange the amount and frequency of the payments
Registered Retirement Savings Plan (RRSP)
- An RRSP is a tax-deferred government-approved plan in which members can save money for retirement.
- Contributions and interest earned within the plan are tax sheltered.
- Variable and fixed rate options are offered at competitive rates
- Withholding tax applies if funds are withdrawn, funds then become taxable income
- Personal contributions limits based on earned income
- Funds must be moved into a retirement income option plan by the end of the year in which depositor reaches the age of 71.
- When maturity date of the RRSP corresponds with the members month of birth they are entitled to an additional ¼% birthday bonus
Registered Education Savings Plan (RESP)
- Government approved plan for providing post-secondary education funding
- Income earned within the plan is not taxed until withdrawn
- Additional education funding provided by Canadian education savings grant
- Variable and fixed rate options are offered at competitive rates
- Most secondary institutions and programs including correspondence courses qualify
- The Credit Union acts as an agent for Concentra Financial
