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Savings Accounts and Tax Free Savings Accounts

Savings accounts, United Employees Credit Union

PREMIUM SAVINGS ACCOUNT

  • For members that want an effective way to save and earn high interest.
  • High daily interest paid on closing balance.
  • Interest paid monthly.
  • Minimum balance required is $500.
  • No monthly fees.
  • No charge for deposits, payroll deposits or direct deposit ( EFTs) or automatic transfers in.
  • 2 free withdrawals or transfers out per month. Additional withdrawals subject to a $5.00 service charge.
  • half yearly statements ( end of June and December) unless there is an active PCA account, then the savings account transactions will be include with the monthly statements.

PLAN 24 ACCOUNT DAILY INTEREST SAVINGS ACCOUNT

  • For members with fluctuating balances and who do not require monthly statements or chequing privileges.
  • Interest calculated on closing daily balance and paid monthly

CHILDREN'S ACCOUNT (UNDER THE AGE OF 14)

  • No service charges.

TAX FREE SAVINGS ACCOUNT (TFSA)

  • For members that want to grow tax free savings. Interest earned on this account does not get included in the annual T5.
  • $5,500 maximum contribution limit each year.
  • Unlike RRSPs, contributions are not tax deductible.
  • High daily interest calculated on closing balance and paid monthly.
  • No monthly fees.
  • No charge for deposits, payroll deposits or direct deposit ( EFTs) or automatic transfers in.
  • Withdrawals are not reported as taxable income and are not subject to income tax.
  • 1 free withdrawal or transfer out per year. Additional withdrawals subject to a $10.00 service charge.
  • Half yearly statements ( end of June and December)