Term deposits and GIC's are deposit instruments in which a
specified principal amount is invested, usually at a designated
rate of interest, for a particular term. Because of their contractual
nature, term deposits generally offer a more attractive yield than
regular saving accounts. Redeemable term deposits are deposits
that are redeemable prior to maturity; however, early redemption
normally carries an interest penalty. Non-redeemable GIC's are
locked in for the entire term and consequently may offer interest
rates higher the redeemable term deposits.

 

Redeemable term deposits and non-redeemable GIC’s, provide considerable flexibility when it comes to investment options. Available for terms from 30 days to 5 years... and bonus interest of up to .50% paid on deposits over $25,000.00. We also offer the family of ethical funds.

East Kootenay Community Credit Union offers a variety of options under our registered retirement savings plans, our registered retirement income funds,and our registered education savings plans. Available for terms from 6 month to 5 years and bonus interest of up to .50% paid on deposits over $25,000.00.

Registered Retirement Savings Plans are government approved plans through which you save money for your retirement years. Your contribution, within limits, are tax deductible, and the income earned is tax sheltered.

Registered Retirement Income Funds can be thought of as an extension of RRSP's. They are a tax sheltered vehicle used to provide income from savings accumulated in an RRSP. RRIF's are flexible enough that you can have the payments made for a specific payment amount or paid over a specific period of time, and payments from a RRIF can continue throughout your or your spouse's lifetime.
The Credit Union Registered Education Savings Plan 's are a way for you to make sure that your family members will be able to afford college or university when the time comes, and they also provide a tax shelter for you. Earnings within the plan are not taxed until eventually withdrawn by the beneficiary for educational purposes.
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