142 South Algoma Street
Thunder Bay, ON P7B 3B8

Phone: (807) 345-7612
Email: info@baycreditunion.com

baycreditunion.com/

Savings Madness

An exclusive savings plan with a high interest rate to help you save with a goal in mind. Our Savings Madness term deposit has a rate of 5 compounding on each payment into the Savings Madness Term.

How does it work?

If you want to save your money for a vacation, down payment, or special purchase, for example, and want to have the cash in a specified time frame, we break down the  total you need into payments over tha time period, and set up an automatic transfer from your account into the term on a schedule that works with you!

For example, John needs to save for a 5% down payment on a home. He needs $10,000 over the course of two years to make his down payment.

He wishes to make payments bi-weekly, on the same day he gets paid from his employer. So over 2 years, 52 weeks of payments (bi-weekly), he needs to make a deposit into his term of $193.00 every two weeks to save $10,000 for his down-payment.