Escalating term deposits
A higher interest rate every year.
Time horizon
3 or 5 years
Risk
Low risk, guaranteed return
Options for
Registered and non-registered accounts
Great if
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.
Choose an account
You can open a term deposit within an non-registered account or in a registered plan, like a TFSA, RRSP, FHSA, RRIF, RESP, or RDSP.
Get built-in rate increases
The interest rate goes up each year you keep the escalating term deposit, so your money will keep growing.
Access your funds
Depending on your choice, you may be able to withdraw funds on certain anniversaries, or convert to other investments.¹
At maturity, your term deposit renews 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 that interest to be paid at each anniversary.
| Length | Type | Withdrawals | Minimum balance |
|---|---|---|---|
| 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, FHSA, 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 |
Your deposits in this account are 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
Questions? We have answers.
Open an account
Members can open non-registered term deposits or add a term deposit to an existing TFSA, RRSP, FHSA, RRIF or RDSP in Account Services.
Talk to a pro
New to vancity or opening a new TFSA, RRSP, FHSA, RRIF or other registered account? Let’s chat.
Explore other deposits.
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. Mutual funds and other securities are not guaranteed, their values change frequently and past performance may not be repeated. Pooled Portfolios are distributed by Aviso Wealth. Referral fees, commissions, management fees, and expenses all may be associated with managed accounts or the investments therein. Managed accounts, and the investments therein, are not insured nor guaranteed, their values change frequently and past performance may not be repeated.