Elevator Term Deposit
This unique term deposit is a great long-term investment if you are looking for a guaranteed high rate of return and the flexibility to re-negotiate rate and duration of term on the anniversary, if desired.
- Retro-Rate - To ensure that you maximize the return on your investment, each year has a guaranteed rate which is paid retroactively. On each anniversary, the interest is calculated, compounded, and paid into the term deposit or demand account. Plus, an additional "Retro-Rate" payment is calculated to retroactively increase the interest earned in the previous years of the term. Since each of the 5 years has a higher rate than the previous year's rate, the longer you hold the term, the higher the interest. For example, in your 3rd year of your Elevator term, you will receive the 3 year rate for all 3 years, plus your interest will be compounded.
- Rate Bumping - you can protect your current rate of return, while having the flexibility of bumping up your term deposits to a higher interest rate in the future. On your term deposit's anniversary, you have the option of rewriting your investment to a locked-in term of 1 year or greater – with no penalty.
- Redeemable - the Elevator term can be redeemed on each anniversary with a 3.00% penalty.
- Registered product - available as both a registered and non-registered product.
- Unlimited Deposit Insurance - The Credit Union Deposit Insurance Corporation of British Columbia (CUDIC), a statutory corporation, protects all deposits of all British Columbia credit union members. Detail
- Minimum $500 ($100 for Junior members)