Vancity launches new deposit plan to help those in need, along with customers
Posted March 23, 2020 6:17 pm.
Last Updated March 23, 2020 6:23 pm.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) — It’s a trying time for everyone due to the rise of COVID-19, and while the provincial and federal governments have announced some financial relief during some very difficult times, one local credit union is doing its part to help it’s customers invest, while helping out those who are hurting all at the same time.
Vancity has decided to go with a Unity Term Deposit – that will allow members to put cash into an RRSP or a non-registered account – the plan is to get those contributors 3 per cent on the deposit – on a 12 month term – while the funds go out to those struggling due to the coronavirus fallout.
Vancity President and CEO Tamara Vrooman says this has a bit of an old school mentality to it. Think war bonds, even.
“That idea of coming together in times of need, whether it’s war bonds, or victory gardens, or even if it’s crowd funding, it’s really at the core of our credit union.” Vrooman said.
“The Unity Term Deposit will allow our members to help people facing financial fallout from COVID-19. It’s a guaranteed return and guaranteed support for those in our community who need it most,” she continued.
Learn more about the investment program here.
