With the CUSAVE® Premium Rate Investment Account you can help your members:
- Save money
- Save service charges
- Save easily and safely
Target audience
This product will be attractive to those members who:
- Are comfortable managing their finances mainly through Internet banking
- Want to earn high rates that are competitive with virtual banks
- Maintain short-term investments
- Want the added convenience of quick access to the funds when required
Features
- Premium interest rates* calculated on daily balance and paid monthly
- Self-serve savings account with full service available when needed
- No set up fees
- No charge for electronic transactions defined as: Internet banking, telephone banking and pre-arranged automatic transfers
- Service charges apply to in-branch withdrawals
- Immediate transfers to chequing account with no waiting period for withdrawals
*Minimum balance required to obtain premium rate
Benefits to your credit union
- Attract younger (26-49 years) customers/members who are comfortable managing money using online and telephone banking methods
- Attract new money from existing members
- Retain existing deposits that may otherwise be moved to virtual bank savings accounts
- Encourage members to keep a minimum of $5,000 on deposit to earn premium interest rate
- Reduce credit union administration costs associated with setup, renewal and re-investment/withdrawal of short-term investments
- Lower costs of self-serve transactions by members
- No paper statement issued
- Pre-authorized payments from other financial institutions can increase funds on deposit
- Credit unions can simplify product line by grandfathering/eliminating redeemable term deposits
Benefits to members
- Earn a premium rate of interest*
- Don’t pay services charges on self-serve transactions
- Money is never locked in
- Use in combination with chequing account to access through ABMs
- Easy record keeping using Internet and telephone banking systems
*Minimum balance required to obtain premium rate
For more information, please contact us at 1.866.403.7499, select 1 for Market Solutions.
back to Deposit & Investment Products