Island Savings

Term Deposits - Redeemable

This term deposit investment is for you if:

  • you're looking for a low risk term deposit investment with a guaranteed return.
  • you want maximum flexibility in an investment—fixed or variable terms and a variety of maturity options.
  • you want to save money but you want access to it when you need it
    —you never know when the dryer will go.

Overview

Redeemable Options

Want the security of knowing you can access your funds should you need them—without penalty? Consider the following redeemable term deposit options:

  • Short-term Redeemable
  • 12-Month Cashable
  • 12-18 Month Cashable Easy Money
  • StepUp® 9Plus9
  • StepUp® 18Plus18
  • 5-Year Escalator (Cashable)

For details on these investment products, click on the "Short Term" or "Long Term" tabs on this page.


Plus, you can rest easy knowing that your deposits are 100% guaranteed.**

Short Term Options

Product Options

 

Short-term Redeemable

  • Available for periods from 30-364 days
  • Cashable after 30 days without penalty
  • Low minimum deposit ($500 non-registered; $500 registered; $100 juniors) with no maximum limit
  • Interest is paid at maturity of term
  • Choice of maturity options
  • Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia**

 

12-Month Cashable

This 12-month term deposit allows you to invest your money for a short period of time and still earn an attractive interest rate.

Key features & benefits:

  • Fully cashable after the first 30 days so that you can access your money at any time for unexpected emergencies or other investment opportunities (if cashed after 30 days, you will still receive interest with no penalty)
  • Low minimum deposit ($500 non-registered; $500 registered; $100 juniors) with no maximum limit
  • Available as a registered product (not RIF eligible) so you can tax shelter the interest you earn
  • Automatic renewal
  • Interest is paid at maturity of the term
  • Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia**

 

12-18 Month Cashable Easy Money

This 12-18 month Easy Money term deposit allows you to invest your money for a short period of time and still earn an attractive interest rate.

Key features & benefits:

  • Fully cashable after the first 90 days so that you can access your money at any time for unexpected emergencies or other investment opportunities (if cashed after 90 days, you will still receive interest with no penalty)
  • Low minimum deposit ($500 non-registered; $500 registered; $100 juniors) with no maximum limit
  • Available as a registered product (not RIF eligible) so you can tax shelter the interest you earn
  • Automatic renewal
  • Interest is paid at maturity of the term
  • Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia**

Long Term Options

Product Options

 

StepUp® 9Plus9
StepUp® 18Plus18

StepUp® Term Deposits offer guaranteed growth with a two-tiered escalating interest rate.

Key features & benefits:

  • Two-tiered interest rate with an increase halfway through the term
  • Fully cashable
  • Low minimum deposit ($500 non-registered; $500 registered; $100 juniors) with no maximum limit
  • Available as a registered product (not RDSP eligible) so you can tax shelter the interest you earn
  • Interest paid annually
  • Low minimum deposit with no maximum
  • Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia**

 

5-Year Escalator (Cashable)

Our cashable 5-Year Escalator term deposit gives you flexible options and a great rate which rises over the five year term, so your savings grow even faster.

Key features & benefits:

  • Five-tiered rate term deposit
  • Fully cashable on the anniversary of the term
  • Low minimum deposit ($1,000 non-registered; $500 registered; $100 juniors) with no maximum limit
  • Available as a registered product so you can tax shelter the interest you earn
  • Automatic renewal
  • Interest is paid annually to the term deposit so you can earn more because of compounding interest
  • Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia**

Rates

Our Current Rates*

Convertible Term Deposits* (Rates effective 2017-08-15) Rates
Convertible Term, 90 days 0.20%
Convertible Term, 1 year 0.85%
Convertible Term, 2 year 0.95%
Convertible Term, 3 year 1.10%
Convertible Term, 4 year 1.25%
Convertible Term, 5 year 1.45%
Cashable Term Deposits (Rates effective 2017-09-01) Rates
StepUp® 9Plus9 - first 9 months 0.50%
StepUp® 9Plus9 - second 9 months 2.90%
StepUp® 9Plus9 - average rate 1.70%
StepUp® 18Plus18 - first 18 months 0.50%
StepUp® 18Plus18 - second 18 months 2.80%
StepUp® 18Plus18 - average rate 1.65%
Cashable Term, 30 to 89 days (after 30 days without penalty) 0.20%
Cashable Term, 90 to 179 days (after 30 days without penalty) 0.20%
Cashable Term, 180 to 364 days (after 30 days without penalty) 0.25%
Cashable Term, 1 year (after 30 days without penalty) 0.65%
Cashable Term, 18 months (after 30 days without penalty) 0.65%
Cashable Term, 1 year (after 90 days without penalty) 0.70%
Cashable Term, 18 months (after 90 days without penalty) 0.70%
Cashable Term, 1 year (cashable at anytime with 0.50% penalty) 1.00%
Escalator Term Deposits** (Rates effective 2017-02-07) Rates
Escalator, 3 year - Year 1 1.00%
Escalator, 3 year - Year 2 1.00%
Escalator, 3 year - Year 3 2.50%
Escalator, 3 year - Average Annual Yield 1.50%
Escalator, 5 year - Year 1 0.85%
Escalator, 5 year - Year 2 1.40%
Escalator, 5 year - Year 3 1.55%
Escalator, 5 year - Year 4 1.80%
Escalator, 5 year - Year 5 2.90%
Escalator, 5 year - Average Annual Yield 1.70%

Have a question? Simply contact us and we'll provide you with the information you're looking for.

Online

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In Person

If you're more comfortable coming in to see us, we'd be happy to chat with you about the questions you have.

By Phone

If you’d like to call us, here is a complete list of our branch phone numbers.

 

*Rates are subject to change without notice. Interest rates are per annum. Interest compounds annually. Terms and conditions apply.

**The Credit Union Deposit Insurance Corporation of British Columbia, a statutory corporation, fully guarantees all BC credit union deposits. Credit Union equity shares and investments such as mutual funds or RSP equity plans are not covered by deposit insurance.