Whether you’re looking to save
for a new car or vacation, or you simply want to put
away $25 each pay to build your long-term savings, we
have many options to meet your needs. Our Member Service
Advisors would be happy to assist you in making the
right choice for you.
Registered
savings options
Saving
accounts
Term
Deposits and GICs
Mutual
funds *
Index-linked
investments
Registered
savings options
Investing in registered funds can provide significant
tax savings. Check out Are
RRSPs Right for You? for more information.
If you’re looking to pay for
your child’s university education, you’ll find some useful tips in
Saving for Your Child’s Education.
top
Savings
accounts
If you’re planning to save for a short-term goal
and you want quick access to your savings, consider
one of our many savings accounts.
Although there is typically a lower rate of return than
with GIC’s or mutual funds, you can get immediate access to your savings when you need it.
top
Term
Deposits and GICs
Another option is to invest in a Term
Deposit or Guaranteed Investment Certificate (GIC).
Your money is locked in to an investment from 30 days
to five years depending on the term you choose. Although
there is typically a higher rate of return than with
a straight savings account, it’s not quite as
quick and easy to access your funds (depending on the
term you choose). With Term Deposits and GIC’s,
both your principal and interest are guaranteed up to $100,000 per member. Minimum
deposits may be required.
top
Mutual
funds *
If you’re willing to take a higher risk with your
savings for the potential to earn a higher rate of return,
you may want to consider mutual
funds. All OPPA Credit Union Member Service
Advisors are registered as Mutual Funds Investment Specialists
through Credential Asset Management Inc.
Mutual funds allow people to pool
their money together to benefit from professional investment
management, low costs and safety through the diversification
of risks. Each fund has a defined objective that dictates
the mix of stocks, bonds and other investments in which
the mutual fund manager invests. When you invest in a mutual
fund, you purchase units in the fund, where each unit
represents a share of the fund's net asset value.
* Mutual funds are offered through Credential Asset
Management Inc. and mutual funds and other securities
are offered through Credential Direct ® , a division
of Credential Securities Inc., which operates as a separate
business unit. Commissions, trailing commissions, management
fees, and expenses all may be associated with mutual
fund investments. Please read the fund prospectus before
investing. Unless otherwise stated, cash balances, mutual
funds and other securities are not covered by Canada
Deposit Insurance Corporation or by any other government
deposit insurer that insures deposits in credit unions.
Mutual funds and other securities are not guaranteed,
their values change frequently, and past performance
may not be repeated. Credential Securities Inc. is a
Member-CIPF. ®Credential Direct
is a registered mark owned by Credential Financial Inc.
and is used under licence.
top
Index-linked
investments
This is an option that can give you the security of
a Term Deposit or GIC along with the rate of return of a mutual
fund. With an index-linked
investment, your principal is guaranteed. At the
same time, like mutual funds, there is also the potential
for a higher rate of return because investment performance
is linked to a stock exchange index and tracks the gains, if any, in that index over a specified period. Index-linked investments are considered term deposits, meaning your investment
is protected by the Deposit
Insurance Corporation of Ontario for up to $100,000
per account holder.
