Types of Vancity savings accounts
Vancouver City Savings Credit Union offers two types of savings accounts that can help you grow your assets — Plan 24™ Savings and Jumpstart™ High-Interest Savings.
- Plan 24™ Savings is a convenient option that features a zero monthly fee, no minimum balance requirements, and ten free everyday transactions included. Members under 25 and above 55 years old can get the advantage of unlimited debit card and in-person transactions. Online and mobile transactions are free for everyone. Whatever balance you have, you will earn interest at a 0.01% rate.
- Jumpstart™ High-Interest Savings account involves no monthly fees and allows you to earn 1.25% interest on all account balances. Everyday online and mobile transactions performed with this account are free of charge. Everyday in-person and debit card transactions like debit card purchases and ATM cash withdrawals, and pre-authorized payments will cost you $5 per transaction.
How to open a Vancity savings account?
To open a Vancity account, you must book an appointment with a Vancity advisor. To proceed, click the “Open an account” button next to the account description and select the preferred meeting method — either in person or by phone.
To schedule an in-person meeting with one of the Vancity employees, select the location in Canada and the time that works best for you. To contact the team by phone, select the time that is comfortable for you. Next, enter your personal details, including your first name, last name, email, and phone number, and specify if you are a Vancity member already, and whether you want to open a joint account. You can also add one more attendee to join the meeting.
Once you provide all the required details, click the “Book appointment” button to schedule the meeting with a representative of this financial institution.
Requirements
Opening a savings account with Vancouver City Savings Credit Union assumes you are a Vancity member. To become a member, you must be a resident of British Columbia and have a social insurance number. Be ready to deposit $5 to your savings account for membership shares.
Pros and cons
Here are the advantages of Vancity savings accounts:
- No monthly fees
- Free access to ATMs from THE EXCHANGE and ACCULINK networks
- Discounts and other benefits from Vancity members and community partners
- Supporting local communities while depositing money
- Insurance coverage of eligible deposits provided by CUDIC
- 24/7 mobile and online banking
The disadvantages are:
- Little to no monthly transactions included
- The lack of an online application
How to fund a Vancity savings account?
You can fund your Vancity savings account in any of the following ways:
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By setting up pre-authorized payments from your other Vancity accounts
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By transferring money between your Vancity accounts through online, mobile, telephone banking, an ATM, or over the phone with Vancity staff or Member Service Center staff
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By depositing a cheque through the Vancity Mobile Deposit™ feature
