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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 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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