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Frequently Asked Questions - Basic Banking

Frequently asked questions

It's difficult to participate fully in community life without easy access to affordable basic banking services. It's even harder when you don't know where to take the first step. How do I create a personal budget? How can I set up a savings plan? How do I build a credit history? Here are the answers to these and other frequently asked questions.

  1. I don't know much about how to budget or save money. How can I find out more?
    Vancity works with Family Services of Greater Vancouver to give Money Skills financial literacy workshops, with information on how to set goals, create a budget, save and achieve the financial goals they want. These workshops are free, offered all over the Lower Mainland and provide childcare. Interested in taking a financial literacy course or know someone who'd like to? Find out more.
  2. I'd like to start saving but I don't have much money to put away. What's the best way to start saving?
    Opening a savings account is the best way to start. Consider a Vancity Jumpstart® High Interest Savings Account. You'll be able to see your savings grow quickly with a high interest rate. .
  3. I made some mistakes when I was younger and my credit rating is lousy. How can I rebuild it?
    With as little as $500, you can apply for a secured Vancity enviro Visa*, which will give you the opportunity to re-establish your credit and enjoy all the benefits of Visa. By putting some money in a term deposit, you guarantee your debt so we can extend you credit. Depending on your credit, your deposit will be held for a minimum of 12 months. To apply for a Vancity Secured Visa card, visit any Vancity branch.
  4. I'd like to start working again. Does Vancity have any ideas or programs for people looking to get back into the workforce?
    Yes. Vancity's loan provides support to buy work clothes or equipment, to get you into the labour force if you are ready. Our loan provides support to individuals who, with funds to pay for recertification, licensing or insuring, could get back into their chosen vocation.
  5. I've recently immigrated to Canada and don't have a credit rating yet. How can I get one?
    Consider applying for a Vancity Secured Visa card. With as little as $500, you can get a Secured Visa that will allow you to obtain credit. By putting some money in a term deposit, you guarantee your debt and we can extend you credit. After you've had the card for one year and have made all of your payments on time, we'll release the guarantee and you can spend or save your money. You'll also have an improved credit rating. To apply for a Vancity Secured Visa card, visit any Vancity branch.
  6. I'd like to borrow a small amount of money to start a business. Can I do that at Vancity?
    Yes. Vancity's Peer Lending Program supports small entrepreneurs to develop their business plans, network with other entrepreneurs and borrow money to start or expand their business. Loans of up to $5,000 are available. .
  7. My roommate and I would like to buy a home together. How can we do that?
    Consider looking into Vancity's Mixer Mortgage. It makes it easy for friends, relatives and others to pool their resources and buy a home together. Find out more.

Jumpstart® is a registered trade-mark of Vancouver City Savings Credit Union

* Visa Int. /Vancity, Licensed User.