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Accord D RRSP financing

  • Main feature: available in just a few minutes through AccèsD Internet and Telephone services
  • Interest rate: fixed, between 4.65% and 6.25%, depending on the term
  • Repayment period: 1 to 5 years, with the option of deferring principal payments for a 6-month period, until you get your income tax refund (if you are eligible for such a refund). 10-year term available for you unused contribution room, in caisse only.

Features

Accord D financing1 is a second credit limit on your Desjardins credit card that is separate from your current transaction limit. The Accord D financing interest rate is different from the credit card rate for normal purchases. The interest rate is equivalent to the rate for an RRSP loan if you invest the cash advance in a Desjardins investment vehicle.

The real cost of this financing is offset by your income tax savings and by the investment income that accumulates tax-free2.

Interest rate

Fixed rate favourably comparable to the rate on a personal loan3.
See current rates

Amount available

From $500 to $50,000

Repayment

  • Frequency of payments: equal monthly instalments.
  • Payments are included in the minimum amount due on your Desjardins credit card.
  • Option to pay only the interest on the loan for a 6-month period.
  • No prepayment penalties: pay off your loan whenever you want, in part or in full, without being charged extra fees.

Repayment period

  • 1 to 5 years based on amount requested

Other

  • Application processed in less than 15 minutes4
  • Life insurance5 included for the primary cardholder

Calculate

  1. Subject to approval by the Desjardins Card Services credit department.
  2. Borrowing to invest is a leverage opportunity. Using borrowed money to purchase securities carries greater risk than purchasing them with cash. If you borrow money to purchase securities, you have an obligation to repay the loan and any interest required by the loan terms even if the value of the securities purchased declines. See a Mutual Fund Representative to learn more.
  3. Cash advance must be invested in a Desjardins investment vehicle to benefit from this rate.
  4. During Desjardins Card Services credit department business hours.
  5. Insurance coverages are underwritten by Desjardins Financial Security Life Assurance Company. Certain conditions and restrictions apply.

Comparison table

Compare the RRSP loan with Accord D RRSP financing
  RRSP loan Accord D RRSP financing1
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: 1 to 5 years
  • Unused room: 1 to 10 years, depending on amount borrowed (certain conditions apply).
  • 1 year, 1.5 years, 2 years, 3 years, 4 years or 5 years
  • 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)2

Frequency of payments
  • Weekly
  • Every 2 weeks
  • Monthly
  • Monthly (according to Desjardins credit card account statement billing period)
Prepayment in whole or in part

At any time, without penalty, by contacting:

  • your caisse
  • AccèsD Telephone (takes 48 hours)

At any time, without penalty, via:

  • your caisse
  • at the ATM
  • Desjardins Card Services
  • AccèsD Internet (24/7)
  • 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 insurance
  • Premium based on age, gender and borrowed amount

Life insurance automatically included at no additional fee (primary account holder only)3

Member dividends

Eligible (according to the caisse members' Annual General Meeting decision)

Eligible (according to the caisse members' Annual General Meeting decision)

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 téléphone
  • AccèsD Internet (application form)
  • Caisse
  • AccèsD Telephone
  • AccèsD Internet (application form)
Application processing time

Response given after an advisor's analysis of the application.

Automatic response within a few minutes1, 4

Other specifications  
  • Available 24/7 through AccèsD
  • Automatically deposited into the member's RRSP regular savings account when requested on AccèsD
  • Borrowed principal usually becomes available again as Accord D financing is repaid5 (certain conditions apply)
  1. Subject to approval by the Desjardins Card Services credit department.
  2. Cash advance must be invested in a Desjardins investment vehicle to benefit from this rate.
  3. Insurance coverages are underwritten by Desjardins Financial Security Life Assurance Company. Certain conditions and restrictions apply.
  4. During Desjardins Card Services credit department business hours.
  5. Borrowing to invest is a leverage opportunity. If the loan amount is invested in investment funds, the risk is even higher. See a Mutual Fund Representative to learn more.

Useful links

Accord D RRSP financing
($12,500 or less) - Fixed rate
As of September 29, 2016
Term Rate
1 year 4.65%
5 years 6.25%

Other rates - RRSP loan

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