VP Financial offers a number of savings accounts to help our members park their hard earned savings as they work toward achieving their financial goals. Savings accounts do not carry any monthly fees, but any transactions performed on the accounts are charged per item. Savings accounts do provide higher rates of interest earned on any account balances when compared with chequing accounts. It is recommended that a chequing account be coupled with a savings account in the event numerous EveryDay transactions are performed. Listed below are our current savings account options.
Plan 24 – This is the original daily interest savings account pioneered by credit unions in Canada. It offers a competitive interest rate and acts as a personal “holding tank” to stash away savings for a rainy day. For more information on the current interest rate provided by this account, please click HERE. EveryDay transactions performed from this account are charged per item. However, savings account to chequing account transfers and vice versa are free of charge. For full details on the service fees for this account, please click HERE.
Special Savings – This is a special high interest savings account. This is the ideal place to store any savings that are expected to be used within 90 days. For more information on the current interest rate provided by this account, please click HERE. EveryDay transactions performed from this account are charged per item. However, savings account to chequing account transfers and vice versa are free of charge. For full details on the service fees for this account, please click HERE.
Membership Equity Shares – This is not an actual operating demand account. All members are required to have this sub account setup upon opening their credit union account. This is a regulatory requirement when joining any credit union within British Columbia. A minimum deposit of $10 is required for VP Financial membership. By being a credit union member, you become eligible to many rights and benefits. VP Financial members of legal age have the right to participate in the election of the board of directors and to vote for the candidate of your choice. In addition, they are also eligible to receive dividend payments, which are reviewed annually and paid into this sub account upon approval by the Board of Directors.
Non Equity Shares – This is not an actual operating demand account. This is a complimentary savings account that is made available to all members upon opening a new membership account. The account acts as a “holding tank” where special dividend payments are made should they be approved by the VP Financial Board of Directors. Dividend payments are reviewed annually and announced accordingly to the membership. Any balance held in this account is not guaranteed by the Credit Union Deposit Insurance Corporation.
Silver Shield – This is a legacy savings account that is no longer being offered. It acts as a high interest savings account that also provides some chequing account services as well. Silver Shield accounts that carry a balance of over $5000 for the entire month will receive all their EveryDay Transaction fees waived. Members with existing Silver Shield accounts will continue to have this product available while their account remains open at VP Financial. For full details on this savings account, please click HERE.
For more information about our savings account options please give us a call or email us at [email protected].