It’s that time of year again! We’re only about a month away from 2019, and many people have started to reflect on how much they have accomplished in the past year. If you’re one of them, you might also be thinking about your goals for the next few years. Are you considering purchasing a home, planning a wedding, or retiring?
On the one hand, Alberta’s economy is still recovering from the recession. On the other hand, saving for the near future can give you peace of mind, and peace of mind is priceless. Perhaps it takes a bit of financial planning – but we’re here to help you get there!
Term Deposits are a great way to make your money work for you. The longer you leave your money in the term deposit, the higher the interest rate you will receive. At Encompass Credit Union, we offer three types of term deposits: redeemable, non-redeemable and an escalator product.
Check out our website to learn more about them and why they offer more advantages than a savings account. Also, you can open a term deposit account online!
Have you ever heard of a tax-free savings account (TFSA)? Introduced by the Canadian Government in January 2009, this type of savings account allows you to save money without having to pay taxes on the interest you earn. There is a set contribution limit for each year, and you can opt for a TFSA investment that lets you withdraw money whenever you need it.
Whether you have children or are planning to, you should think about their future. In case you didn’t know, post-secondary education is very costly in Canada: The investment can be as high as $66,000 for a four-year program. Fortunately, a Registered Education Savings Plan (RESP) can help you budget for your children’s education. Each year, the government pays you 20 cents on each dollar contributed, up to a maximum grant of $500.
Don’t wait until you retire to think about your finances. You have to start saving now, and a retirement savings plan (RSP) can help you do that because it provides a few benefits. For example, all of your contributions are tax deductible until your funds are withdrawn.
At Encompass Credit Union, we care about your future and financial health! We have branches in Wainwright, Wetaskiwin, Hardisty, Edgerton, Chauvin, Hughenden and Irma. You can also contact us through our website or by calling any of our branches for more information on our services.