There are many reasons to choose a term deposit, from our guaranteed rate of return to the variety of options to meet your investment goals to. At Coastal Community we offer a variety of Term Deposit products to meet your needs. Whether you’re saving for long-term or short-term goals, we can find a solution that offers:
- Flexible terms
- Redeemable or non-redeemable
- Minimum deposits as low as $500
Also, all deposits are 100% guaranteed. Protection provided by the Credit Union Deposit Insurance Corporation of British Columbia.
Rate Option Term Deposit
Our Rate Option term deposit is available in 2year, 3year and 5year terms, is a non-redeemable product with the option to take advantage of rising rates one time during the term. This is optimal when rates are rising as you can lock into something that already provides an attractive rate and still be able to take advantage of an even higher rate should interest rates rise. Click here for more information.
Rate Climber Term Deposit
Another option is the Rate Climber term deposit. This is also available in 3 year and 5 year terms as a redeemable product that provides guaranteed rates that escalate with each year of the term. With the Rate Climber, you will receive a flexible product that allows you to redeem on the anniversary date without penalty. Click here for more information.
Come and talk to a member service representative at your Coastal Community Branch today or call us at 1.888.741.1010 for more information on our term deposits.
There are a number of great ways to maximise your savings. If you haven't developed your own plan, below are just a few of strategies to help you get started.
Should I keep all of my money in my high interest savings account? How much should I put into GICs? Should I have anything in the stock market these days?
If you’re like a lot of people, these are the questions you’ve been asking yourself lately. Deciding on the right savings mix is an important part of investing and planning for your future. The right savings mix will allow you the access to the funds you need and balance your risk tolerance with your expected returns.Here is what our experts have to say about your savings mix >>
If you are a low-risk investor, then this is a great strategy for you. Laddering allows you to maximize your return, while minimizing your risk and have access to your funds. This is because your money is divided into products with varying term lengths.
Paying Yourself First
One of the keys to saving over the long term is to be sure to pay yourself first. You can do this by setting up a pre-authorized (or automatic) amount of money that is transferred at a regular time each month from your chequing account to a savings account, RRSP or Tax Free Savings Account.
The benefits of paying yourself first are many. It automates savings, curbs unnecessary spending, and helps you take advantage of the power of compound interest. The sooner you begin - the better.
RRSPs and Tax Free Savings Accounts (or TFSAs) are both great savings tools. But which one is best for you?
RRSPs are great for long term retirement savings. Contributions are tax deductible, plus any interest you earn is not taxed until you withdraw it.
TFSAs are great for either long or short term savings. Contributions aren’t tax deductible but you can withdraw funds at any time.
So, which one is best for you?
*Mutual funds are offered through Credential Asset Managment Inc., and mutual funds and other securities are offered through Credential Securities Inc. The information above is provided as a general source of information and should not be considered personal tax advice, investment advice or solicitation to buy or sell any mutual funds ®Credential is a registered mark owned by Credential Financial Inc. and is used under licence.