Term Deposit

What's a Term Deposit?

A term deposit is a low-risk way to save money at a fixed interest rate for a set period.

What is it for?

This option is for you when you’re saving for a big purchase at least a year away and don’t know exactly when you’ll need to use the money.

How it works?

A term deposit always comes with a fixed interest rate which is locked in and guaranteed not to change during the term of your investment. The interest rate offered is generally higher than keeping your money in a savings account and is paid to you when the term has matured.

Get to know our Term Deposits

Term

30-365 days

Minimal investment

No minimum investment requirement

Risk

Low risk and guaranteed return at an agreed rate or condition

Rate

Guaranteed and locked-in for the term

Withdrawals

Early withdrawals usually subject to penalties

Option for

Short to mid-term investing

Invest in two currencies

CAD Term Deposit

Secure your savings in Canadian dollars with a guaranteed rate of return. A simple and safe way to grow your money over a fixed term while keeping your investment protected.

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USD Term Deposit

Grow your savings in US dollars with a guaranteed rate of return. Enjoy peace of mind knowing your investment is secure while earning interest over a fixed term.

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Featured rates

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CAD Term Deposit

Term	Interest rate
30-59 days	0.50%
60-89 days	0.60%
90-179 days	2.15%
180-269 days	2.25%
270-364 days	2.25%

USD Term Deposit

Term	Interest rate
30-59 days	0.50%
60-89 days	0.60%
90-179 days	0.70%
480-269 days	0.80%
270-364 days	0.90%

Download all rates in PDF

More rates

Need professional advice?

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Simple process,
guaranteed returns

Please note!

Each application is unique with it’s own circumstances. For your individual case we advise you to speak to our Financial Services Officers

Choose your term and amount

Decide on the amount you want to invest and the term length that fits your goals.

Complete the application

Apply online or visit one of our branches to process your investment. Find a branch.

Fund your deposit

Submit the desired deposit amount. You’ll receive a document confirming your investment and you can always see your investment and earnings in your online banking locked in a separate account.

Please note!

Each application is unique with it’s own circumstances. For your individual case we advise you to speak to our Financial Services Officers

Choose the right term deposit
for your financial goals

Invest online

Book an appointment

Questions? We got answers!

Browse more FAQs

What if I want to invest in a term deposit longer?

If you want to invest in a term deposit for a longer period, you can choose a new term when your current deposit matures. You may also have the option to renew automatically, depending on the type of deposit. Reach out to us to explore the best options for your savings goals.

How do I withdraw from my term deposit?

If your term deposit is non-redeemable, you’ll need to wait until the maturity date to withdraw your funds. For redeemable term deposits, you can withdraw early, but there may be interest penalties, unless other conditions are specified in the T&Cs of the term deposit. Visit one of our branches or contact us to review your options.

What is the minimum amount required for a term deposit?

We don’t have any minimum amount requirements for term deposits.

How are the interest rates determined for a term deposit?

Interest rates for term deposits are based on factors like the term length, market conditions, and the type of deposit you choose. The longer you commit to keeping your funds in the deposit, the higher usually is the potential interest rate. Check with us for the latest rates and options that fit your savings goals.

Is my term deposit insured?

The Financial Services Regulatory Authority of Ontario (FSRA) provides deposit insurance for credit unions through the Deposit Insurance Reserve Fund (DIRF), guaranteeing up to $250,000 for non-registered accounts and unlimited coverage for registered accounts.

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