Types of RESPs

Use this overview to compare Registered Education Savings Plans (RESPs) and choose the RESP investment option that’s right for you.

RESP TypeOverviewKey Features

RESP savings account

A good choice for short-term education savings, an RESP savings account lets you accumulate savings and earn a competitive interest rate until you decide on a longer-term investment.

  • No investment minimum
  • Earn a higher interest rate as your deposit grows
  • Make deposits or access your cash at any time

RESP non-redeemable term deposit

With a minimum $500 investment, you can earn a guaranteed return and competitive interest rates in exchange for locking your investment into this RESP term deposit.

  • Minimum investment of $500 required
  • Enjoy a competitive interest rate compounded annually
  • Choose terms from 1 to 5 years

RESP escalating term deposit

This 3-year or 5-year investment offers an interest rate that escalates every year, giving you the opportunity to earn more while keeping your investment safe.

  • Get 100% protection for your investment principal*
  • Minimum investment of $500 required
  • Choose from a 3 or 5-year investment
  • Could earn a higher interest rate than a regular term deposit of the same length

RESP mutual funds**

Choose from a wide range of professionally managed mutual funds to diversify your RESP achieve your investment goals.

  • Get expert, unbiased advice from qualified investment professionals
  • Enjoy the potential for higher returns than those offered by other RESP investments

*By the Credit Union Deposit Insurance Corporation of British Columbia
**Please read the Credential disclosure and mutual funds disclaimer.

** Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.