Long Term Deposits
Long term deposits - from one year to five years - are the cornerstone of any savings or investment plan.
Redeemable long term deposits
Redeemable long term deposits provide greater flexibility at a fixed rate of interest. Interest is non-compounding: it will pay annually to a chequing or savings account. Partial withdrawals are pemitted on one year term deposits (one withdrawal per quarter). An initial $1,000.00 minimum deposit is required; this is reduced to $500.00 for Junior members.
Non-redeemable long term deposits
Non-redeemable Long term deposits pay a higher fixed rate of interest. Interest can be paid annually to a chequing or savings account or it can compound - earning interest upon interest. An initial $1,000.00 minimum deposit is required; this is reduced to $100.00 for Junior members.
Monthly interest long term deposits
Monthly interest Long term deposits pay fixed interest earned every month into a chequing or savings account. Requiring a minimum balance of $5,000.00 and non-redeemable for its length, monthly interest Long term deposits are available in 9, 12, 18, 24, 36, 48 or 60 month terms.
Long term deposits in U.S. dollars
Westminster Savings offers non-redeemable Long term deposits denominated in U.S. funds. With a minimum deposit of $1,000.00 you can protect your U.S. dollars from currency fluctuations and earn higher interest over the longer term.
Terms & Conditions
|Long Term Deposit Terms & Conditions|
|Term length:||9 months (monthly-interest only ), 12 months, 15 month,18 months, 24 months, 36 months, 48 months, 60 months|
|Minimum deposit:||Redeemable - $1,000.00 ($500.00 for Junior members)
Non-redeemable - $1,000.00 ($100.00 for Junior members)
Monthly interest - $5,000.00
U.S. dollar - $1,000.00
|Interest rate:||Fixed, see our term deposit interest rates|
|Redeemable:||Redeemable - are redeemable. Note that a penalty may be applied for early withdrawals.
Non-redeemable, monthly interest, U.S. dollar - not redeemable
|Currency:||Redeemable, non-redeemable, monthly interest - Canadian (CAD)
U.S. dollar - American (USD)
|Interest Payout:||Redeemable - paid annually to chequing or savings account
Non-redeemable - compounding or paid annually to chequing or savings account
Monthly interest - paid monthly to chequing or savings account
U.S. dollar - interest paid annually to USD chequing or USD savings account
|Other:||Redeemable - partial withdrawals permitted on one year term|
Tools & Calculators
Use our online guide to get a better understanding of term deposits.
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