Interest rate
Average rate of 2.85% for 3 years and 3.10% for 5 years
Terms available
3 or 5 years
Redeemability
Partially or fully redeemable on the anniversary date
Why choose Redeemable Climbing-Rate Term Savings for your business
Guaranteed growth
With interest rates that are set in advance and increase yearly, your business’s investment is guaranteed to grow.
Competitive return on your investment
You get a competitive interest rate for your business’s investment based on the term you choose.
Redeemable with no penalty
You can withdraw part or all of your funds penalty-free on the anniversary date of your investment every year.
Maturity value calculation
Let’s say it’s January 1, 2025, and you invest $25,000 in Redeemable Climbing-Rate Term Savings with a 5-year term. The annual interest rates go from 3.20% to 3.65%. You decide to reinvest the interest you earn each year (compound interest).
Over the 5-year term, your investment will earn $4,548.84 in interest, for a total value of $29,548.84.
| Year | Interest rate | Investment | Total interest | Value on anniversary date |
|---|---|---|---|---|
| Year 1 | 3.20% | $25,000.00 | $800.00 | $25,800.00 |
| Year 2 | 3.30% | $25,800.00 | $851.40 | $26,651.40 |
| Year 3 | 3.40% | $26,651.40 | $906.15 | $27,557.55 |
| Year 4 | 3.45% | $27,557.55 | $950.73 | $28,508.28 |
| Year 5 | 3.65% | $28,508.28 | $1,040.56 | $29,548.84 |
Get more information about your investment
Deposit insurance coverage
Your investment is eligible for deposit insurance, up to a certain limit.
Eligible for member dividends
Term savings are included when calculating your member dividends, if your caisse or credit union pays them.