Get more with UCU savings accounts

A savings account is a secure place to keep your money while earning interest. Your accumulated savings can be used for what’s important to you, or to meet the minimum balance requirements of higher-yielding term investments like GICs. Many people also open a chequing account for regular banking when opening a savings account. You can also have more than one savings account at the Ukrainian Credit Union.

You can open a savings account online or in-branch, depending on your preference and convenience. Please note that you have to be at least 18 years of age to open a bank account and be a UCU member.

UCU savings accounts do not require a minimum balance.

To open an account online, please click here.

For an in-branch account opening, schedule a meeting online and make sure you have the following documents with you:

• A valid Social Insurance Number (SIN)
• Two pieces of government-issued IDs

You can also open a joint account at UCU with any member of UCU. Both parties must visit their local UCU branch. Be prepared to provide valid identification, such as a driver’s license or passport.

A savings account lets you:

• Quickly use your money for daily expenses.
• Save for big goals like education, a car, a house, or travel to your dream destination.
• Earn interest risk-free, growing your money safely.

At UCU you can access your savings account online. Use UCU Online Banking or the UCU Mobile Banking app for easy access anywhere.

Interest payment on savings accounts such as Daily Interest Savings, High-Interest Savings and ucublu Daily Interest Chequing is calculated every day on the balance at the end of the day and added to the account at the end of each month.

Such setup ensures that your earnings from interest are tailored to how you use and manage your account, rewarding regular saving and maintaining balances.

To stay up to date on UCU interest rates, please visit the Rates page on our website.

Also please note that the ucublu Virtual High-Interest Savings Account offers a higher interest rate compared to standard options.

UCU savings accounts come with no monthly fees for both the personal savings account and the ucublu virtual high interest savings account, making them cost-effective options for managing your savings.

Yes, your money is safe in a savings account.

Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA). For more information visit: FSRA Deposit Insurance Reserve Fund (DIRF)

Yes, you can withdraw money anytime from a UCU Savings Account. There are no minimum terms and you can withdraw or transfer funds to another account at any time, with no penalties.

A beneficiary can be designated for a registered product like an RRSP. Where no beneficiary is designated, if the account is a joint account, the right of survivorship usually applies on the death of one of the depositors, and the surviving joint depositor(s) become(s) the owner of the account. In either case, the way you set up your account for the purposes of passing on your savings account should take into account how you wish to dispose of the account under your Last Will.

A U.S. Dollar account is a type of bank account denominated in US currency (USD), offered by Canadian banks and credit unions to facilitate transactions in U.S. dollars.

Who can open a U.S. Dollar account in a Canadian bank or credit union?

Any UCU member can open a U.S. Dollar Account.

To open a U.S. Dollar Account with UCU, you can either visit your local branch or call the UCU Contact Centre for assistance. Our representatives will guide you through the process and provide you with all the necessary information and documentation required to open your U.S. Dollar Account.

How to deposit funds into my U.S. Dollar account?

You can deposit funds into your U.S. Dollar account through various methods, including wire transfers, electronic transfers from other accounts, cheque deposits in USD, or converting Canadian dollars to U.S. dollars.