Expired Hot Deals

[Vancouver City Savings Credit Union] Vancity's Unity Term Deposit 3% 12 months non-redeemable (offer over)

[OP]
Deal Addict
Apr 4, 2006
2772 posts
709 upvotes
Vancouver

Vancity's Unity Term Deposit 3% 12 months non-redeemable (offer over)

Deal Link:
Retailer:
Vancouver City Savings Credit Union
As of April 17, Unity Term Deposit is 1.3%

Vancity is a BC Credit Union.

Benefits
Earn a financial return on the money you invest while giving the community a social return.
An investment for all savers: minimum investment is $25.
At Vancity, depositors are 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia.

Features
Maximum investment of $250,000 per member or business entity
Non-redeemable 12-month term
Earn an annual interest at a rate of 3%
Non-registered and RRSP eligible

In Terms and Conditions, it has this statement.
Deposits can be redeemed at anytime, however if redeemed prior to the maturity date, interest will not be paid.

Save with confidence while directly helping your community
During challenging times, we all seek ways to help each other, as well as meet our own needs. By investing in the Unity term deposit, Vancity turns your deposits into loans that will directly support people and businesses who are struggling due to the COVID-19 pandemic. You get a competitive return on your investment, and other members get much-needed loans or loan payment relief to sustain themselves and their businesses through these difficult times.

Log in to online banking to purchase Vancity's Unity Term Deposit. Alternatively, you can complete this form and a member of our Vancity team will reach out to you by phone.

Please note, at this time members cannot purchase Vancity's Unity Term Deposit in-branch.

How to invest in term deposits in online banking
Log in to online banking
In the left hand menu select "Account Services"
Select "Term deposits"
In the list, find the term deposit you would like to invest in and press "Open account"
Follow the steps in the form to finalize your purchase
Last edited by yvrwindsor on Apr 27th, 2020 10:43 pm, edited 1 time in total.
34 replies
Deal Addict
User avatar
Dec 31, 2006
1504 posts
94 upvotes
surprised no one has commented on this ?

Isn't this the only bank/CU that is giving 3% ?
GamerzPlace
Sr. Member
Oct 25, 2010
698 posts
313 upvotes
Gotta say, hearing from both family and friends on how awesome Vancity has been during this whole coronavirus thing compared to a lot of other places makes me want to bank there. They treat their staff and customers well, they share 2/3 of their annual profit back to the city and members, etc
Deal Addict
Jan 21, 2018
3615 posts
3709 upvotes
Vancouver
Is it possible to open a new account at the moment, or is this effectively for existing members only?
[OP]
Deal Addict
Apr 4, 2006
2772 posts
709 upvotes
Vancouver
Ryes wrote: Gotta say, hearing from both family and friends on how awesome Vancity has been during this whole coronavirus thing compared to a lot of other places makes me want to bank there. They treat their staff and customers well, they share 2/3 of their annual profit back to the city and members, etc
Shared Success for 2019
VC shared success.JPG
Member
User avatar
Jul 12, 2015
326 posts
109 upvotes
I like that even though you might not get the interest, at least you are not locked into a full 12 months should you need the money before the term is up.
Member
User avatar
Jun 24, 2016
452 posts
452 upvotes
Any way to get this tossed into a TFSA?
Deal Addict
User avatar
Dec 20, 2004
2120 posts
1157 upvotes
Vancouveresque
yvrwindsor wrote: Shared Success for 2019
VC shared success.JPG
One of these years, I'm going to figure out how to actually withdraw my rebate. I've got over $100 in there now.
Nobody cares which exploitative corporations you give your money to every month. Capitalism is a plague on this planet. Get that crap out of your signature.
Newbie
User avatar
Nov 30, 2019
80 posts
110 upvotes
Thanks OP!

Is there a way to find this on the Vancity app or is it available only on desktop. I tried with no success.
Newbie
Jun 4, 2019
57 posts
18 upvotes
What's this exactly? They give this back to there membership?
Sr. Member
Mar 30, 2006
816 posts
26 upvotes
Burnaby
GeeCee wrote: One of these years, I'm going to figure out how to actually withdraw my rebate. I've got over $100 in there now.
You can ask them to move it your savings accounts by phone or send a secure message to them through online banking. I've had this shared success for decades and ask them every year to transfer it over to my jumpstart savings account. They're overwhelmed right now though so it might take a few weeks to go through.

When you open an account with Vancity, you have to buy a Vancity share with it. When I opened my account in 2000, it was $5 for the share and now it's worth $493.22 and they give you a 'shared success dividend' every year. Its taxable income though counted as interest income.

Edit: Response from Vancity after I requested the transfer last year:

Thank you for contacting Vancity. I apologize for not being able to get back to you sooner as we are currently experiencing higher than normal email volumes. As per your request, I have transferred the balance of $xxx.xx in your Shared Success Patronage account into your Creditline account. I'm glad to see that you're utilizing the bonus that we give back to you. I also want to thank you! Because of the deposits, investments, and overall relationship you have with us we are able to provide this Shared Success bonus back to our members and our community. This year we are giving back $24.2 Million.

Regarding your Class B Membership shares, these represent your current shares with Vancity. As a Vancity member, you are required to hold at least $5 in membership shares, and the shares you hold will earn dividends based on a number of factors, including a Shared Success bonus which is used to purchase additional shares. Unlike your Shared Success Patronage account, your Class B Membership shares represent an investment that can grow, but it is possible to withdrawal some of the funds so long as you maintain a balance of $5. If you are interested in withdrawing any of your shares, please let me know and I can send the appropriate form to you via email. You can also request this by visiting any Vancity community branch.
Last edited by mjolnir117 on Mar 30th, 2020 12:03 pm, edited 1 time in total.
[OP]
Deal Addict
Apr 4, 2006
2772 posts
709 upvotes
Vancouver
Freeskate wrote: What's this exactly? They give this back to there membership?
If you want to open an account in Vancity, you need to be a member.

To be a member, you need to purchase a minimum of 5 shares at $1 each. You can purchase up to 1,000 shares in the Class B Membership Shares account. Theoretically at the end of 2019, balance in the membership shares account earn 3.19%. Am saying, theoretically because mine did not come out to 3.16%.

Shared Savings Patronage is the Profit Sharing for the other non-registered accounts as noted in the thread I sent earlier.

Suggestion to my other fellow Vancity members is to max your Class B Membership Shares account to $1,000. The profit sharing (ie Shared Success Dividend) has been quite good.

Membership Shares Dividend
2016 3.25%
2017 3.75%
2018 4.0%
2019 3.19%

** 2 months ago, I shredded my years of statements. Otherwise, I could have posted the past dividends. There were some years which were 7%+
Newbie
Jun 4, 2019
57 posts
18 upvotes
Might be time to move to Vancity, I'm getting tired of BMO and there customer service

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