Savings

You can access your savings by the touch of a button with Advance Savings.  Our day-to-day savings accounts and long term investments allow you to save for your family vacation or a brand new guitar. 

Did you know Advance Saving is a member of the New Brunswick Credit Union Deposit Insurance Corporation (CUDIC) which at $250,000, provides the highest deposit insurance protection in the province - over $150,000 more than our competitors.  


Learn more about CUDIC by clicking here.

 

Smartsave Savings Account Expand/Collapse

The Smartsave Savings Account is a great way to save while still enjoying everyday access to your money.
  • 5 tieredd interest - the higher the balance the higher the interest
  • Interest is calculated daily and paid monthly
  • 24 hour access to your money

Are you under 25 years old?  Check out our What's Up Savings Account and Got-to-Go Savings Account and get all the perks!

What's Up Savings Account Got-to-Got Savings Account
  • Unlimited in-branch withdrawals & deposits
  • Unlimited MemberDirect online banking
  • 6 ATM or interac debit withdrawls per month
  • Unlimited in-branch withdrawals & deposits
  • Unlimited MemberDirect online banking
  • Unlimited TeleService telephone banking inquires
  • Free eStatements
  • 3 other ATM withdrawals
  • 45 ATM, interac debit and pre-authorized payments withdrawals per month

Step-it-Up Savings Account Expand/Collapse

Your Step-Up Savings account allows you to get a higher rate without your savings having to be locked away for decades. You can get higher rates for higher balances, up to 1.25%.

  • 1 FREE withdrawal per month
  • $5 per withdrawal afterwards

Guaranteed Investment Certificates and Term Deposits Expand/Collapse

Guaranteed Investment Certificates provide you with a secure, worry-free investment from anywhere between 30 days and 5 years.  They're called guaranteed because the initial amount you invest and your interest is, wait for it, guaranteed.

Tax Free Savings Account Expand/Collapse

A Tax Free Savings Account allows our members who pay taxes in Canada to set money aside and get interest on their investment tax-free, yes, you heard me, tax-free. There are no restrictions on the way money in a Tax Free Savings Account can be used.  

Resgistered Retirement Savings Accounts Expand/Collapse

A Registered Retirement Savings Plan (RRSP) is a savings plan designed primarily to help our members save toward retirement.  The money you stow away in an RRSP will only be taxed when you need to withdraw it during your retirement, most likely at a lower tax rate than now when you’re working. RRSPs are converted to Register Retirement Income Funds until the year a member turns 71.

We’ll help you understand RRSPs, learn about the different investment options available, and tailor-make an RRSP plan to that works for you and your family. 

Who Can Contribute

Canadian residents under the age of 71 with employment income and a tax return can contribute to an RRSP.

Withdrawal Rules

There are tax consequences to withdrawing from your RRSP before you retire, so try to avoid it. If you withdraw early, the money you take out will be subject to a withholding tax and it’s counted as part of your income for that year (meaning you pay income tax on it). There are a couple exceptions. You can borrow from your RRSP to help pay for your first home under the federal Home Buyers' Plan. You can also use money from your RRSP to pay for training or education as part of the federal Lifelong Learning Plan.

Spousal RRSPs

With a spousal RRSP, the spouse or common-law partner is the owner of the account but you contribute to the account. This is a great way to split income for tax purposes. For example, if you earn more than your spouse, you can split your RRSP contribution between your personal RRSP and a spousal RRSP. You still get the tax deduction, and you also help to grow your spouse’s retirement savings.

Retirement Income Funds (RRIF)

Once you retire, the amounts you have invested in your RRSPs are converted into RRIFs and begin making monthly payments for your in retirement.

Registered Education Savings Accounts Expand/Collapse

A Registered Education Savings Plan (RESP) helps our members save for their kid’s college or university education. If you’re looking to save for your kids future, an RESP could allow you to tap into government incentives.  Typically, the Government of Canada will give you up to 20% annually on the first $2,500 deposited into an RESP until your child or dependent is 17 years old. Advance Savings provides RESPs through our partnership with Concentra Bank.

Maximum contribution

The lifetime maximum is $50,000 for each child.

Who can contribute

Anyone can contribute to an RESP

How long you can contribute

You can contribute for up to 31 years after you open an RESP

Canada Education Savings Grant (CESG)

The government contributes to your RESP by matching 20% on a maximum of $2,500 in annual contributions until the beneficiary turns 17. This gives you up to $500 per year in free money to a maximum of $7,200.

Wealth Management & Mutual Funds Expand/Collapse

Our members have dreams and goals, so having a plan in place is important.  Advance Savings offers financial planning services which can help you create a plan that works with you through all of your stages of life.

A popular product suggested by our financial planners are Mutual Funds.  A Mutual Fund is a product that allows our members to purchase shares of a business for investment purposes. The shares are sold through our registered dealer and are professionally managed.  



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