Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this11:04 am
March 16, 2018
Offline
Light up your savings with 4.75%*
Get a special rate until November 30, 2025 when you open a new Beem High Interest Savings Account (HISA).
*Rates and offer are subject to change. Eligible on new deposits only. Members must open a new High Interest Savings Promo account or applicable registered account (Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA), First Home Saving Account (FHSA), Registered Retirement Income Fund (RRIF)) in-branch or by contacting the Member Connect Centre. New deposits to the High Interest Savings account will earn a temporary promotional interest rate of 4.75% for balances up to $500,000 and having a minimum balance of $500 from August 5, 2025 to November 30, 2025. From December 1, 2025, all High Interest Savings Promo account balances will earn the regular High Interest Savings account interest rate. Interest rates are annual; regular and promotional interest rates may change at any time without prior notice. Members can withdraw funds from the account at any time, but must speak to a staff member to add additional funds.
12:05 pm
June 2, 2018
Offline
can ontario residents apply
6:46 pm
August 9, 2014
Offline
BC CU only allow BC resident
4:41 am
March 16, 2018
Offline
Another example of interprovincial barrier. 10 economies instead of 1.
9:00 am
October 27, 2013
Offline
Suggestion: I think it would be helpful (and courteous) for an 'original post' of this type to include the jurisdictional qualifier.... to help members avoid wasting their time.
8:53 am
November 18, 2017
Offline
Peter: How about putting this on the promo list?
I have opened my Promotional Savings Account already. Terms as nice as VanCity's.
RetirEd
1:15 pm
August 9, 2014
Offline
SaverJunior said
Another example of interprovincial barrier. 10 economies instead of 1.
I do not quite agree with this, this is because deposit insurance of CU is run by provinces with an implicit guarantee from provinces. It is not fair to the tax payer of that province if their money is use to bail out deposit from another jurisdiction.
5:40 pm
March 16, 2018
Offline
Credit Union Insurance Deposit Corporation of British Columbia (“CUDIC”) is a statutory corporation that guarantees all eligible deposits of provincially regulated credit unions.
Quoting from CUDICBC.ca:
"If a B.C. credit union were to fail, CUDIC would repay depositors through the CUDIC Deposit Insurance Fund. The fund is wholly funded by premiums collected from credit unions and income earned from investments."
I don't think the government nor BC taxpayers are in the equation. I bet CUDIC has all kinds of fine prints with an upper limit to repayment. 100% guarantee sounds good but wait till that day to see if promises made were kept.
By the way, BC residents can open an account with Ontario Meridian CU online.
8:06 am
August 9, 2014
Offline
"If a B.C. credit union were to fail, CUDIC would repay depositors through the CUDIC Deposit Insurance Fund. The fund is wholly funded by premiums collected from credit unions and income earned from investments."
DGCM make this more obvious:
Does the Government of Manitoba also cover deposits?
No. There is no legislated requirement for the Manitoba government to guarantee deposits.
But if push come to shovel and if the collapse of a very large CU is going to threaten the entire CU system. Will the government step in ?
This is exactly why I say Implicit guarantee from the government.
5:50 pm
March 15, 2019
Offline
Jon said
But if push come to shovel and if the collapse of a very large CU is going to threaten the entire CU system. Will the government step in ?
This is exactly why I say Implicit guarantee from the government.
If the government doesn't step in, the other CU's will probably start a "GO Fund Me" to save the CU industry from getting a bad rep.
8:13 pm
October 27, 2013
Offline
I suspect it would be fairly certain the provincial government in question would step up to save their deposit insurance corporation rather than risk reputational damage and a run on the rest of the CUs under their jurisdiction.
This situation has been discussed at least a few times in various forums specifically with respect to Manitoba. A number of their CUs must have a considerable non-resident customer base with considerable assets on deposit. Would a rather financially weak province like Manitoba expose its taxpayers to bailing out non-resident depositors, or only their resident depositors?
Please write your comments in the forum.