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Vancity Jumpstart High-Interest Savings Overview

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The Vancity Jumpstart High-Interest Savings Account is the most popular account among the bank’s savings account options. The reason for this isn’t far-fetched.

They offer a 1.70% interest rate on savings balances, which is the highest within Vancity. So, anyone saving towards achieving a financial goal would choose this account to speed up their savings journey.

This savings account doesn’t require a minimum balance. You can also use it with RESP, TFSA, RRSP, RDSP, and RRIF accounts. However, the in-person and debit card transaction fee is $5.

This is relatively high compared to the transaction charges of other savings accounts within the bank. Also, cheque payments are not available for this account.

If you’re ready to jump-start your savings with this savings account, this piece is for you. We’d take you on a ride through the account’s features, pros, cons, and more.

Vancity Jumpstart High-Interest Savings Account features

Here’s what you’ll get when you open this savings account:

  • A high interest rate of 1.70% on the entire savings.
  • $5 is charged per transaction on in-person and card transactions.
  • Free mobile and online transactions every day.
  • A minimum balance is not a requirement.
  • Free ABM transfers between accounts
  • No Cheque payments.
  • $0.90 charges per request and sending of funds through Interac e-transfer.
  • $0 monthly charges
  • Hold funds for registered investment with either an RESP, TFSA, RRSP, RDSP, or RRIF account.

The pros of Vancity Jumpstart High-Interest Savings

Here are the benefits you stand to gain with the Vancity Jumpstart High-Interest Savings Account:

Enjoy $0 Monthly Charges

Using this savings account means you won’t have to pay monthly charges for account maintenance. That means you get to save some bucks monthly.

There is No Minimum Balance Requirement

This benefit gives you the freedom to save as little or as much as you can afford at any time. Also, when you make withdrawals, you are at ease. You do not have to worry about going below the minimum balance, as it doesn’t exist with this account.

Use Account With RESP, TFSA, RRSP, RDSP, and RRIF Accounts

This is another advantage that the Jumpstart savings account gives you. You can hold your money in this account if you have a registered investment account or a tax-free account with the bank. This is great if you have a contribution room and do not want to save at that time.

Get Free Mobile and Online Transactions Every Day

All your transactions online and through the bank’s mobile application are free. You do not have to pay anything to make online payments or move funds between accounts.

Receive Free ABM Transfers Between Accounts

If you want to avoid charges when moving funds between accounts, simply do that through any ABM near you. All transfers through the ABM don’t attract charges.

Access High Interest Rates on Savings

This is the top benefit of the Jumpstart High-interest savings account. The account offers the highest interest rate of 1.70% at Vancity Bank.

The cons of Vancity Jumpstart High-Interest Savings

Every account has its strengths and weaknesses. Below are a few downsides of this savings account.

High Transaction Fees

This account has the highest fees per transaction. You’d be charged $5 per in-person transaction and the same amount per card transaction. Only online transactions and ABM transfers are free.

No Cheque Payments

Cheque payments are not available on this account. Suppose you’re looking for a savings account where you’d be able to make Cheque payments. In that case, you might want to reconsider opening this account.

Vancity Jumpstart High-Interest Savings Account fees

This account charges $0 in monthly fees for account maintenance. However, if you want to make withdrawals in person or use debit cards, you’ll be charged $5. This charge is per transaction.

Also, sending and requesting funds through Interac e-transfer costs 90 cents, but receiving funds via the same channel is free.

Vancity Jumpstart High-Interest Savings  - Comparewise

Vancity Jumpstart High-Interest Savings special offers

As of the time of writing this article, there are no special offers for the Jumpstart High-Interest Savings Account.

Other Vancity savings account options

Here are other Vancity savings accounts to consider if this one doesn’t meet your needs.

  • Plan 24 Savings
  • Plan 24 Savings Plus
  • Tax-free Savings Account
  • Investment Savings
  • Teacher Special Deposit
  • Registered Retirement Savings Plan
  • Registered Retirement Income Fund
  • Registered Education Savings Plan

You can also choose to check out their chequing account options.

How to open the Vancity Jumpstart High-Interest Savings Account

To open the Jumpstart High-Interest Savings Account, here is a step-by-step guide to follow:

  • First, get a PC or download the Vancity mobile app on your phone.
  • Suppose you’re not an account holder on Vancity. In that case, you’d have to place a call to the membership service center to begin the account opening process.
  • If you’re already an account holder, complete the account opening process on the mobile app or through your PC by setting up multi-factor authentication.
  • The next step is to accept the account and service guide agreement.
  • Your account is ready.

Vancity Jumpstart High-Interest Savings conclusion

Whether you’re saving towards a long-term or short-term financial goal, the Vancity Jumpstart High-Interest Savings Account is an excellent option. The $0 monthly fees and high interest rate will help you reach your target quickly.

But withdrawing your funds comes at a high charge of $5 per transaction. Therefore, you might want to weigh the pros and cons before opening the account to see if it suits your needs.

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FAQs about the
Vancity Jumpstart High-Interest Savings

Can you make deposits on a Vancity Account through ABMs?

Yes. You can deposit funds into your account through the over 4,000 ABMs available in Canada. Also, you can check your account balance and make transfers through the ABM.

How much can you transfer electronically on Vancity?

The maximum amount that you can transfer electronically at a time on Vancity is $25,000. This is the receiving limit of the Vancity account. So, if you need to transfer funds above this amount, you'd have to do it in bits. That is, you send $25,000, then another, until you've completed the total amount you need to transfer.

How long does e-transfer take on Vancity?

Transfers through Interac e-transfer take about 30 minutes to complete. So in about half an hour, the funds should reach the receiving account.

Vancity Jumpstart High-Interest Savings Details

Transaction Fee
No fee
E-Transfer Fee
$0.90
Monthly Self Serve Transactions
Unlimited
Monthly Cheque Transactions
Unlimited
Monthly E-Transfers
Unlimited
Number of Monthly Transactions
Unlimited
Bank Draft Cost
No fee
Travellers Cheques
Free
Personalized Cheques
Commission Fee
Paperless Statements
No fee
Mailed Monthly Statements
No fee
Other Features

Vancity Jumpstart High-Interest Savings Contact

Phone Number
Hours
Monday to Saturday 8 am to 8 pm; Sunday 10 am to 5:30 pm
Website
Address
183 Terminal Ave, #100 Vancouver BC V6A 4G2 Canada
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Vancity Jumpstart High-Interest Savings Details
  • Account Type : Savings
  • Monthly Transactions : Unlimited
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