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Compare the RRSP loan with Accord D RRSP financing

Comparison table
 
RRSP loan
Accord D RRSP financing
Main purpose of loan
Annual RRSP contribution or unused RRSP contribution room
Annual RRSP contribution or unused RRSP contribution room
Minimum amount
$12,501
$500
Maximum amount
No limit
$50,000
Terms
  • Annual contribution: 12 to 60 months
  • Unused room: 12 to 120 months, depending on amount borrowed (Certain conditions apply.)
  • 12 - 18 - 24 - 36 - 48 - 60 months
  • Exclusive to Accord D RRSP financing: Option of deferring principal payments for a 6-month period, which is then added to the repayment period selected
Rate
Fixed or variable rate based on term (RRSP loan rate)
Fixed rate based on repayment period offered (same rate as RRSP loans)
Frequency of payments
  • Weekly
  • Every 2 weeks
  • Monthly
  • Monthly (according to VISA Desjardins account statement billing period)
Prepayment in whole or in part
At anytime, without penalty, by contacting:
  • the caisse
  • AccèsD Telephone (takes 48 hours)
At anytime, without penalty:
  • At the caisse
  • At the ATM
  • Through Desjardins Card Services
  • On AccèsD Internet (24/7)
  • By AccèsD Telephone
Payment terms
Principal and interest
Principal and interest

Exclusive to deferred Accord D RRSP financing:
Option of deferring principal payments for a 6-month period during which only interest is due. After the 6-month period, principal and interest payments apply
Insurance
Optional
  • Life insurance or death and disability coverage
  • Premium based on age, gender and borrowed amount
Death and disability coverage automatically included at no additional fee (primary account holder only)
Member dividends
Eligible (according to the caisse's Annual General Meeting decision)
Not eligible
Desjardins BONUSDOLLARS
  • No BONUSDOLLARS awarded on a loan
  • Principal payment allowed
  • No BONUSDOLLARS awarded on Accord D RRSP financing
  • No principal payment allowed
Distribution network
  • Caisse
  • AccèsD Telephone
  • AccèsD Internet (application form)
  • Caisse
  • AccèsD Telephone
  • AccèsD Internet
Application processing time
Response given after an advisor's analysis of the application
Automatic response within a few minutes
(Subject to approval by Desjardins Card Services during business hours)
Other specifications
 
  • Available 24/7 through AccèsD
  • Automatically deposited into the member's RRSP RS account when requested on AccèsD
  • Borrowed principal usually becomes available again as Accord D financing is repaid (Certain conditions apply.)

Interest rate

RRSP loan (over $12,500)
As of December 1, 2008
Term
Rate
1 year
5.60%
5 years
7.95%
Other rates - RRSP loan

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