DESCRIPTION

Why deal with a “virtual” bank when you can have the account you want at your local credit union?

With the CUSAVE® Premium Rate Investment Account you:

  • Save Money
  • Save Service Charges
  • Save Easily & Safely

TARGET AUDIENCE

This product will be attractive to those members:

  • Who are comfortable managing their finances mainly through Internet banking
  • Who want to earn high rates that are competitive with virtual banks
  • That maintain short-term investments
  • Who 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, IVR phone 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

KEY BENEFITS

Benefits to Credit Union:

  • Attract younger (26-49 years) customers/members who are comfortable managing money using online banking and IVR methods
  • Attract new money from existing members
  • Retain existing deposits that may otherwise be moved to virtual bank savings accounts
  • Encourages members to keep a minimum of $5,000 on deposit to earn premium interest rate
  • Reduces 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
  • Support materials available

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 ATMs
  • Easy record keeping using Internet and IVR banking systems
    *Minimum balance required to obtain premium rate