VanCity Promo - new $ savings 4.85% until July 31/25 | Vancity | Discussion forum

Nothing to sneeze at……but you have to book an appointment. No intimidation or pressure. But my experience is ….. their wealth managers are lame/dopey. And if compare to doing it all your self at another DIY HISA financial institution, you will see what I mean.

Also am suspicious that when you do an “in person” transaction, they take too long to do it because “I think” they study your assets in your accounts and by the time you get back home, there is an email with 2 surveys to do. And if you don’t do them, there is a follow up email reminding you.

hwyc said
Not that earning periods are slightly different between new and existing members!  

Earning periods…..can you clarify?

I don’t get it, if an existing customer had a JumpStart with funds in it and how the extra interest gets applied to the new money. Or is the new money in some kind of sub account?

GIC-Fanatic said

Earning periods…..can you clarify?

I don’t get it, if an existing customer had a JumpStart with funds in it and how the extra interest gets applied to the new money. Or is the new money in some kind of sub account?

Need to open a new Jumpstart account that will have the 4.85% rate on new money until July 31:

Jumpstart™ High Interest Savings Promotion²

Earn 4.85%¹

…

• For new personal deposits only
• Limited time rate, earn this rate until July 31, 2025. After that, it will revert to the regular Jumpstart rate.⁴
• Already a member? If you already have a Jumpstart account, you'll need to book an appointment and open a new account to get this offer.

¹ Interest is calculated on closing daily balance in an Account and paid at month-end. The interest is an annual interest rate. Interest is earned in the currency of the account. Promotional interest rate will not be earned on pre-existing Vancity accounts. Terms and Conditions and transaction service limitations may apply. Refer to Terms and Conditions for details.

² Please refer to Terms and Conditions for eligible new deposit definitions. New deposits are funds that originate from sources other than accounts or investments with Vancouver City Savings Credit Union or accounts with Aviso Wealth. Vancity maintains the right to modify, shorten, extend, suspend or withdraw this promotional offer at any time without prior notice.

Well, Coast Capital's loss (they wouldn't let me deposit for their promotion without setting up on-line banking) is VanCity's gain. I've registered a new JumpStart account and the cash is on the way.

I think I've figured out how they do their "new money" calculations. For the JumpStart promos, they insist on creating a new account each time. Then whatever goes into that account from outside the credit union counts, and one can add or withdraw to or from it without losing the promo.

I'd say avoid them. They take too much of the possible gain for the guarantee against loss, and one can't exit if things go south. Get an EFT index fund.

The usual standard index linked GIC has the following features.
1) Principal guaranteed
2) No coupon interest
3) Upside is capped
4) CRA treats the gain on maturity as interest

GIC-Fanatic: Rising-rate GICs are not always a bad buy! I've used a few. You just have to remember to calculate the interest for each year and whether it's compounded or not. Don't fall for the "average interest rate" trap!

In the right market, you are buying yourself a better rate as rates are falling.

Vancity (Vancouver City Savings Credit Union) is not allowed to operate ouside BC.

They are still a provincially-regulated credit union.