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Escalating term deposits

A higher interest rate every year.

Vancity deposits help support

Indigenous cuisine and culture through small business.

Time Horizon

3 or 5 years

Risk

Low risk, guaranteed return

Options for

Non-registered accounts, TFSA, RRSP, RRIF, RESP, RDSP

Get started

Show me the goods.

This deposit is great for:
When you’re saving for a big purchase at least a year away and don’t know exactly when you’ll need to use the money.

How it works:
The interest rate will increase each year you keep your money in an escalating term deposit. Depending on the length and type of investment, you have the freedom to withdraw on certain anniversaries¹. Or in the case of RRSP, RRIF, RESP and RDSP, on certain anniversaries you can convert to other investments.

The term deposit will automatically renew at maturity unless specified otherwise.

Earning interest.

Registered escalating term deposits make compound interest that's calculated annually and paid at maturity. Non-registered escalating term deposits offer compound interest calculated annually and paid at maturity by default or you can request for interest to be paid at each annivesary.

3-year escalating term deposit

Non-registered accounts, TFSA

On the first and second anniversary, you can cash out your investment.

$500

3-year escalating term deposit

RRSP, RRIF, RESP and RDSP

On the first and second anniversary, you can switch to any investment option we offer of equal or greater length.

$500

5-year escalating term deposit

RRSP, RRIF, RESP and RDSP

On the third and fourth anniversary, you can switch to any investment option we offer of equal or greater length.

$500

Deposits are 100% guaranteed by CUDIC
View rates

Ask the pros.

Our pros with some advice on this term deposit.

How does the escalating term deposit compare?

This term deposit is a good pick if you have plans for this money in a few years. But if you want more flexibility on when you can withdraw, consider the cashable term deposit or redeemable term deposit.

What if I want to invest longer?

Mutual funds* introduce risk but could potentially earn more than term deposits if you're investing longer than 5 years. The best portfolios include a mix of investments so you can get potentially higher returns and the access you need. Let's chat! Our professional advice is always free.

How do I withdraw from my term deposit?

To withdraw from a term deposit, please call us, visit a branch or send us a secure message in Online Banking with your request.

Term deposits have different conditions around withdrawing before maturity which will affect the interest you earn.

Non-redeemable term deposits cannot be withdrawn before maturity.

Get free personalized advice

Let's get saving.

Members can open non-registered term deposits or add a term deposit to an existing TFSA, RRSP, RRIF or RDSP in Account Services.

Login to online banking

New to Vancity or opening a new TFSA, RRSP, RRIF or other registered account? Let's chat.

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View legal details

¹ If you redeem between the first and second anniversary date, you’ll receive simple interest for your first complete year but no interest for the period after the first anniversary. If you redeem your funds between the second and third anniversary, you’ll receive full interest for your two complete years but not for the period after the second anniversary. And interest would be paid according to your option of either simple or compound. If you redeem before the first anniversary, no interest would be paid. You can convert your RRSP, RRIF, RESP and RDSP 3-year escalating term deposit at the end of the first or second anniversaries to another Vancity term deposit of equal or greater remaining term length, or to another investment product offered by our wealth management professionals. Redemption or conversion outside of the allowable anniversary date is not guaranteed and subject to Vancity approval on an exception basis.

*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions, their values change frequently and past performance may not be repeated.