Best Vancity Savings Accounts - Comparewise

Best Vancity Savings Accounts

The best Vancity savings accounts are for Canadians who want to earn high interest on their money. The Vancouver City Savings Credit Union has more customers than any other British Columbia or Canada credit union. They're a digital bank focusing on helping their clients succeed financially.

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Last Updated: Feb 18, 2024

Compare 2 Best Vancity Savings Accounts

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#1 Choice
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Vancity Plan 24 Savings

$0
Monthly Fee
0.01%
Interest Rate
  • No monthly fee
  • No minimum balance
  • Move your money around for free 24/7
Pros & Cons
Extra Details
Popular
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Vancity Jumpstart High Interest Savings

$0
Monthly Fee
1.60%
Interest Rate
  • Highest savings account rate from Vancity
  • Eligible as a TFSA, RRSP, RRIF or RESP
  • No minimum balance
Pros & Cons
Extra Details

Best Vancity Savings Accounts

The 24 Savings account and the Jumpstart High Interest Savings Plan are two of Vancity’s most competitive savings products. These kinds of accounts enable the monitoring of both immediate and long-term monetary goals.

They offer a full range of banking services for individuals and businesses. With 59 outposts strategically placed across the province, access is convenient.

This article will review the best Vancity savings accounts, including their features, requirements, opening procedures, and potential pitfalls.

What savings accounts does Vancity have?

One of the best Vancity savings accounts is the Jumpstart High Interest Savings Plan, while another is the 24 Savings Account. You may use these accounts to track your immediate and distant monetary objectives.

A Vancity savings account also gives you a full range of banking services for retail and business needs. With 59 locations across the province, getting there is a breeze.

Plan 24 Savings

If you don’t make frequent deposits or withdrawals, the Vancity Plan 24 Savings Account could be among the best Vancity savings accounts of choice. Key elements of the savings account include:

  • Once a month, you can make up to 10 free purchases using your debit card or cash.
  • Mobile and web purchases are included for free, with no limits per day.

Jumpstart High-Interest Savings Account

The Jumpstart High-Interest Savings Account is among the best Vancity savings accounts to earn the most interest. This savings account has no minimum balance requirement. As a customer, you can earn up to 1.60% in interest. Key elements of the savings account include:

  • No Vancity savings account minimum balance is required.
  • Accepts many retirement accounts like TFSA, RRSP, RRIF, RESP, or RDSP.
  • All your regular transactions on your mobile device or computer are entirely free.

Benefits of opening a Vancity savings account

There are several advantages for you when you open a Vancity savings account.

Best Vancity savings accounts promotional offers

One perk of being a Vancity member is that you will qualify for various discounts and deals periodically. The following are examples of the kinds of perks you can expect to receive from your Vancity savings account:

  • New customers have a Vancity welcome bonus of up to $790. (The incentive offer will expire on April 30, 2023.)
  • Up to $4,000 in cashback is available on approved mortgages.
  • A $150 incentive is available for investments between $100 and $1,000.

Great Selection of Banking Products

Members of Vancity have access to a wide variety of banking services. Vancity is an excellent option if you want to have all of your banking needs handled by a single financial organization.

Profit-Sharing with the Community

Vancity has a strong tradition of giving back to the neighbourhoods where its branches are located. Since 1994, Vancity has had a strategy of returning a portion of its revenues to the communities it serves across Canada; currently, that percentage stands at 30%.

best vancity savings accounts - comparewise

Is Vancity Credit Union safe?

Yes. Vancity Credit Union is a safe place to open a savings account. In the event of the credit union’s failure, the Credit Union Deposit Insurance Corporation (CUDIC) of British Columbia will fully insure your deposits at Vancouver City Savings Credit Union.

Term deposits, GICs, foreign currency deposits, RRSPs, and TFSAs are included, as are savings accounts and chequing accounts held jointly or in trust.

How to open a Vancity savings account

There are three convenient options for opening a Vancity savings account. Accounts at Vancity can be opened over the phone, in a branch, or online.

Branches: To open a Vancity savings account, you can find the nearest Vancity branch or ATM using the branch or ATM locator. 59 locations serve Alert Bay, Squamish, Metro Vancouver, the Fraser Valley, and Victoria. Appointments can be scheduled in advance online.

Phone: You can sign in using phone assistance. They are available from 8 a.m. to 8 p.m. EST Monday through Saturday and 10 a.m. to 5 p.m. EST on Sundays.

  • Metro Vancouver: 604-877-7000
  • Greater Victoria: 250-519-7000
  • Toll-free number: 1-888-826-2489

Online: You’ll need your social insurance number handy when filling out online forms for the Vancity sign-in.

To sign up, you need to demonstrate that you meet the following:

  • Aged 19 and up.
  • One who lives in British Columbia.
  • Get $5 worth of membership shares.

Vancity returns 30% of its net income to the people it serves. Distributions have totalled almost $300 million since 1994. Members can vote and be put forward for the Board of Directors. And membership shares can be purchased in increments of 1,000.

Best Vancity savings accounts conclusion 

This study should help you understand the savings account options available from Vancity and decide which is right for you. Instead of dealing with the big banks or using an internet bank exclusively, Vancity Credit Unions offer a perfect compromise.

The perks offered by each of the best Vancity savings accounts are substantial. You get paid back for being a member (dividends), pay less overall, get excellent service from friendly people, and have the option of visiting a physical store when necessary.

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May 3, 2023
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FAQs about the best Vancity savings accounts

Is Vancity a non-profit?

Yes. Vancity Credit Union is a community-based financial cooperative. Thus, they prioritize providing excellent service to their subscribers over maximizing profits.

What Is the Vancity Savings Account Interest Rate?

Vancity savings account interest can range from 0.01% to 1.60%. Monthly interest payments are made based on the previous month's ending balance. The interest rate is calculated every year. The account's base currency is used to calculate interest.

What Is the Vancity Savings Account Minimum Balance?

The Vancity Savings Account does not require a minimum balance to open. No minimum threshold must be kept in the account to get the highest interest rate on your savings.

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