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The Vancity Plan 24 Savings Account comes with extraordinary perks. Do you know that they don’t charge you for monthly maintenance yet give you interest on savings?
This savings account gives you a 0.01% interest rate on your entire savings balance. This might be a bit low compared to those of other savings accounts within and outside the bank.
However, you’d also get ten free everyday transactions per month. Afterwards, you’d be charged $0.70 per in-person withdrawal and $0.50 per card transaction.
If you’re ready to start saving using this account, read this piece to the end. You’d learn about the account’s features, pros and cons, special offers, and more.
Vancity Plan 24 Savings Account Features
The outline below shows the features of the Vancity Plan 24 Savings account.
- 0.01% interest rate on savings.
- Ten (10) free everyday transactions in a month
- $0.70 per in-person transaction after exceeding the free limit.
- $0.50 per card transaction after exceeding the free limit.
- $0.90 charges per request and sending of funds through Interac e-transfer.
- There is no minimum balance requirement.
- Free in-person and debit card transactions for members under 24 years and above 55 years.
- The (CUDIC) Credit Union Deposit Insurance Corporation secures the account.
The pros of Vancity Plan 24 Savings
This savings account’s benefits are explained below:
Limited Free Everyday Transactions Per Month
You have ten free everyday transactions per month. Once you’ve reached this limit, further transactions will be charged. This charge is 50 cents per debit card transaction and 70 cents per in-person transaction.
Enjoy Peace of Mind As You Save
The bank understands that money isn’t easy to come by, and no one wants to lose their hard-earned income. So, they ensure that the Vancity Plan 24 Savings account is secured by the Credit Union Deposit Insurance Corporation. That way, you have peace of mind as you save.
Enjoy Interest Rate On Savings
This is another benefit of a savings account. The Plan 24 account offers a 0.01% interest rate on the entire savings balance. This rate is about average compared to those of other accounts within the bank.
Free Everyday Transactions For Senior Citizens and Youngsters
You should jump on this account if you’re over 55 or under 24 years old. This is because all everyday transactions, whether in person or through debit cards, are free for people within this age group.
Free Mobile and Online Transactions
Suppose you don’t qualify as a youngster or a senior but want to enjoy unlimited free transactions. In that case, this account has an option for you. Simply download the bank’s application and carry out your transactions via mobile or online.
However, this is for funds that are moved between accounts in the bank or those moved to term deposits. Transactions are also free for online payments and cheque deposits.
The cons of Vancity Plan 24 Savings
The Vancity Plan 24 Savings also comes with some downsides.
Low-Interest Rate On Savings
This account offers a low interest rate of 0.01%. Suppose you’re looking for a savings account that comes with a high interest rate. In that case, you might want to reconsider opening this account.
Limited Free Transactions
Free transactions are limited. If you’re not a senior or under 24 years old, you only enjoy ten free everyday transactions in a month. So, if your business requires multiple everyday withdrawals, you’d be spending some dollars on transaction charges.
Vancity Plan 24 Savings Account fees
The Vancity Plan 24 Savings account has a $0 monthly maintenance fee. However, you’ll be charged per transaction once the free transaction limit is exceeded.
If you’re walking into the bank to do this transaction, then you’d be charged $0.70 per transaction. If you’re using a debit card, you’d be charged $0.50 per transaction.
On the other hand, receiving funds through Interac e-transfer is free, but you’d be charged $0.90 to send and request them.
Special offers for Vancity Plan 24 Savings
This account has special offers for its members. These perks are highlighted as follows:
- Enjoy discounts when you do business with members of the Vancity community.
- Your funds help support businesses and people within the community without reducing your savings balance.
- You have a voice in the decision-making of the credit union. This is because every member is entitled to a vote.
Other Vancity savings account options
The following are other Vancity savings account options if you’re not happy with this Plan 24:
- Jumpstart High-interest Savings
- Investment Savings
- Teacher Special Deposit
- Registered Retirement Savings Plan (RRSP)
- Tax-Free Savings Plan (TFSA)
- Registered Retirement Income Fund (RRIF)
- Registered Education Savings Plan (RESP)
How to open the Vancity Plan 24 Savings Account
To open this account, here is a step-by-step guide to follow:
- The first step is to get a PC or download the Vancity mobile app on your phone.
- If you don’t have an account with the bank yet, make a call to the membership service centre to start the account opening process.
- If you’re already a member, complete the account opening process on the app or via your PC by setting up multi-factor authentication.
- Next, accept the account and service guide agreement.
- Your account is ready for use.
Vancity Plan 24 Savings conclusion
This savings account is excellent for seniors and others carrying out fewer than ten daily transactions monthly.
It is also a good choice for individuals who aren’t searching for a savings account with high interest rates. If otherwise, research the other savings account options at Vancity Bank, which have been outlined above.
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