Personal Savings

Spending money is the easy part. Saving it takes more discipline but the rewards are worth the effort when you reach your goal. While saving early and often is the best way to reach your financial goals, it is never too late to start a savings plan. Many people park their money pending an investment decision. Others use it as a rainy day fund. Still others like to build a nest egg and have it available for emergencies. The amount to save depends on your life stage and retirement situation among other factors. Here are a few ways you can save at VPCU:
 
Special Savings – Another basic type of account with no service charges and interest paid semi-annually and calculated on the minimum monthly balance.

Plan 24 – The original daily interest savings account pioneered by credit unions in Canada, interest on this account is calculated on the closing balance and paid monthly.

Membership Shares – To become a member of VP Credit Union, a purchase of a minimum of $10.00 is required. This entitles you to many benefits including the right of adult members to participate in the election of the board of directors and to vote for the candidate of your choice. Dividends and patronage refunds are declared annually and paid into this account.

Equity Shares – These special shares form part of the equity of the credit union and, as such, they are not guaranteed by the Credit Union Deposit Insurance Corporation and withdrawals are restricted to 10% annually and 20% upon retirement.

Investment Equity Shares – A minimum deposit of $2,500 will generate the same benefits available to Founders Club members, namely premium interest rates on term deposits/RRSPs and discounts on some loan rates. Maximum deposit is $5,000.

Participation Equity Shares – These special shares are used as a form of relationship pricing by VPCU to further reward loyal members with special distributions and are not available for direct deposits by members.

Kirby Kangaroo Club – Teach your kids about thrift and other important financial topics through stories, games and interesting activities. Enrollment results in a personal membership card, access to a fun website and special mailings for kids up to 12 years of age.