Term Deposits

If you're looking for a safe place to keep your money and watch it grow, then a Term Deposit may be just what you need.


How can you benefit?

  • You can generally earn a higher interest rate by placing your money in a term deposit than you do in a savings account. The longer you commit to leaving your money in the term deposit, the higher the interest rate you will receive.
  • You can choose how accessible you want your money to be. We have a variety of non-redeemable terms from 1-5 years as well as a redeemable option.
  • You can rest easy knowing that your Term Deposit with Encompass Credit Union, as well as the interest you earn, are both 100% guaranteed by the Credit Union Deposit Guarantee Corporation.

Types of Term Deposits

Redeemable

This investment allows you to enjoy a set interest rate while also providing the flexibility to access your money before the end of the term if you need to.
  • 1 year term
  • Enjoy a set interest rate for the term
  • Make partial withdrawals when needed
  • Redeem your term deposit before it matures without penalty

Non-Redeemable

Rest easy knowing your money is locked into a set interest rate that isn't affected by fluctuations in the economy.
  • Choose from a 1 year, 2 year, 3 year, 4 year or 5 year term
  • Your funds are locked in for whatever term you choose
  • Enjoy a set interest rate for your entire term
Escalator
This investment allows you to enjoy the higher interest rates of a longer term investment conveniently balanced with opportunities to redeem it before maturity if you need to.
  • 5 year term
  • Your interest rate increases each year
  • You have the option to redeem this investment without penalty on the anniversary date of your investment each year

For more information, take a look at our Term Deposit Brochure!

Setting Up a Term Deposit

Come on in and one of our exceptional staff will talk to you about your short and long term investment goals, the pros and cons of each product and help you figure out which one suits you best.

Redeeming Your Term Deposit

Once your investment has matured and you want to redeem your Term Deposit, you simply need to call us and we'll transfer the money to your chequing account or savings account where you can access it immediately.

Renewing Your Term Deposit

Just before maturity, you will receive a renewal notice. You can then decide how you would like to re-invest your money whether you roll it over into the same investment for another term or choose a different term deposit.

For more information on Term Deposits, Contact Us to make an appointment or email us.

Check out our Term Deposit Rates!

 

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