What is a Term Deposit?
Also known as a GIC, a term deposit is a specified principal amount invested by a member, at a guaranteed rate of interest for a designated term. At Osoyoos Credit Union, we can offer you high interest investments with flexibility – short or long term.
- Terms range from 1-5 years.
- Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia
- Can be used as security for a low interest rate loan
- Early redemption feature is available subject to an interest rate reduction (from original deposit date on redeemable term deposits)
- Interest is paid either at maturity or annually, automatically credited to the account of your choice or compounded to the term. Interest can also be paid monthly, with a minimum deposit requirement.
Choosing a Term Deposit
The term deposit that’s right for you will depend on how long you can put away your money and how easily you need to access it. Non-redeemable term deposits have higher rates, while redeemable and escalating term deposits have more flexibility.
Redeemable term deposit
Gives you the flexibility to access your money when you need it, with a lower rate of return than a non-redeemable term deposit.
- 12-month deposit is redeemable after 30 days
- 18-month deposit is redeemable on the birthday of the primary account holder and the one year anniversary of the initial deposit date
Non-redeemable term deposit
Provides a high rate of return for a fixed period of time. Can be redeemed at the term on the Primary account holder’s birth date or the anniversary date of the term. This term is also available in US funds. Minimum deposit required.
Escalator term deposit
Available in 3 or 5-year terms, with rates of return that increase each year.
- 3-year escalator is redeemable on the anniversary of initial deposit date
- 5-year escalator is redeemable on the 1 year and 3 year anniversary of the initial deposit date
Call us at 250-495-6522 to open one today
*Rates subject to change at any time without notice