Vancity announces Unity Term Deposit to support those most impacted by COVID-19
Unity Term Deposit is a secure way for members to make a return, while having a direct hand in supporting and rebuilding local economy
Monday, March 23, 2020, Unceded territories of Musqueam, Squamish and Tsleil-Waututh Nations/Vancouver B.C. – Vancity today announced a Unity Term Deposit, a new investment product that gives members a safe and secure* way to invest their money, while also putting it to work in the community supporting the people, small businesses and non-profits that are most affected by the social and economic fallout of COVID-19.
Many people are being hit hard in the wake of COVID-19. People are facing financial hardship as a result of reduced hours of work or layoffs. Small businesses are facing tough choices when it comes to paying suppliers, employees, or keeping their doors open. People want to help each other in tough times, so we’re creating a financially secure way to do that.
The Unity Term Deposit is being offered for a non-redeemable 12-month term at an interest rate of 3.0% and is available to any individual or business who is a member of Vancity. The new term deposit will provide a financial return for Vancity members while directly supporting people and businesses in their local economy.
Normally, investments look for the quickest way to maximize profit. The purpose of Vancity’s Unity Term Deposit is to maximize the financial help available to people so they can get back on their feet. Members will see a financial return on the money they invest, and the community will get a social return.
How it works:
- A Vancity member invests in Vancity’s Unity Term Deposit, either through an RRSP or non-registered account
- Vancity uses the funds raised through the term deposit to support communities most impacted by COVID-19 and help them re-build for the future
- Members will earn annual interest at a rate of 3% on the Unity Term Deposit
- The member’s investment has both a financial and a values return
The Unity Term Deposit is part of a suite of measures Vancity is taking to assist members and communities in uncertain times. Earlier this week, Vancity announced it was extending its loan deferral program from three months to a term of up to six months. This includes mortgages and other loans and will support members facing financial uncertainty and vulnerability from the fallout of Coronavirus.
Vancity has also temporarily waived some fees to help people access our services remotely, including for INTERAC e-Transfer® and ATMs in Canada until April 30.
Quote from Tamara Vrooman, Vancity’s President and Chief Executive Officer:
“At a time when we’re all being asked to keep our distance from each other physically, the Unity Term Deposit allows people to still come together when they need each other the most.”
“The Unity Term Deposit will allow our members to help people facing financial fallout from COVID-19. It’s a guaranteed return and guaranteed support for those in our community who need it most,” she continued.
To find out more about Vancity’s Unity Term Deposit, please visit our Unity Term Deposit page.
About Vancity
Vancity is a values-based financial co-operative serving the needs of its more than 543,000 member-owners and their communities, with offices and 60 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the unceded territories of the Coast Salish and Kwakwaka’wakw people. With $28.2 billion in assets plus assets under administration, Vancity is Canada’s largest community credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.
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For more information:
Media Relations | Vancity
mediarelations@vancity.com
T: 778-837-0394