Make your money work harder by investing those extras funds sitting in your chequing account. If you have five minutes, you can open one of our more popular term deposits online and start earning interest right away. Here are all the steps:

1. Login to online banking
   
2. Navigate to the Account Services tab and select Term Deposits for regular investments or RRSP Products for registered investments
   
3. From there, you’ll be able to select the investment product that’s right for your needs. Your term deposit options for both regular and registered are:
   • 12 to 60 month, either redeemable  or non redeemable
     
   • 2  or 3 year Rate Option (an investment that gives you the ability to change your interest rate once during the term should interest rates rise)
     
   • 3 year Rate Climber (an investment that rewards you with higher interest each year, or cash out on the anniversary date)
     
4. Input how much you’ll be depositing ($500 is the minimum)
   
5. Select the investment’s intended use from the dropdown list
   
6. Answer four required “yes/no” questions (hit the ‘Learn More’ hyperlink for additional info)
   
7. Click ‘Confirm’ and you’re done! Your new term deposit should now be viewable on your online banking. 
   

Along with earning guaranteed interest, your term deposit is also safe and secure. That’s because B.C. credit union deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia. 

Pro tips:

• Your new term deposit is automatically set up to pay the interest yearly on the anniversary date and to renew on its maturity date. Chat with us online if you want to change either of those options.
  
• Your investment will need to be funded from a Coastal Community account. You can always transfer funds from another financial institution by Interac e-Transfer.
  
• Consider changing your investment’s name to reflect your savings goal (‘2030 Retirement’ or ‘Mt Washington ski condo’ have a better ring to them than ‘Rate Option’). Change your term deposit’s name through the ‘Action’ tab on the Accounts Summary page.
  
• An at-a-glance breakdown of your investment (maturity date, interest rate, etc.) is always viewable if you click on the investment on the Accounts Summary page.