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 Equity 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. Dividend payments are reviewed annually and paid into this account upon Board of Directors' approval.

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.

Non Equity Shares – This complimentary savings account forms part of the equity of the credit union and, as such, they are not guaranteed by the Credit Union Deposit Insurance Corporation. Dividend payments are reviewed annually and paid into this account upon Board of Directors' approval.