ucublu®

High Interest Savings


Are you saving for that new car, vacation, home renovation, next semester’s tuition, or just interested in watching your dollars grow? ucublu® is made for those of our members who are interested in earning a high interest rate on their money, but don’t want to lock it up in a term deposit.

ucublu® Features

Your ucublu® High-Interest Savings account pays one of the best rates among similar virtual savings accounts. The rate of interest paid on your ucublu high interest savings account is calculated on your daily closing balance and paid on the last day of every month. View our current rates.

ucublu can only be accessed virtually by a secure online or telephone banking login. This way, we pass on the cost savings to you in the form of premium interest.

We also offer the ucublu® tooTM  Virtual Chequing No Fee Daily Chequing account with free transactions and tiered interest.

Read more about ucublu too Virtual Chequing here.

How it Works

Exclusively for existing UCU members, ucublu® is a high-interest savings account accessible through our online and telephone banking channels. By eliminating in-branch services, we offer premium interest rates.

Key Features:

  • Build your savings with competitive interest rates.
  • Make unlimited deposits to grow your funds.
  • Access your account 24/7 online.
  • Enjoy free account management and balance inquiries.
  • Conveniently transfer funds to and from your other UCU accounts.

Note: A first debit is free, subsequent debits incur a fee.

Not a member yet? Apply for ucublu by calling the UCU Contact Centre at 416-922-4407 or 1-800-461-0777.

Depositing Your Savings into ucublu®

Deposit as much as you want, whenever you want, with these convenient options:

  • Transfer funds from other UCU accounts using UCU Online Banking, UCU Mobile Banking App, or U-Touch.
  • Set up direct deposits from your payroll or pension.
  • Schedule recurring transfers from other financial institutions.
  • Transfer funds from other savings accounts using the following account number format: [first nine digits of ucublu account number].

For transfers to ucublu from other virtual savings accounts, please use the following account number sequence, filling in the blanks with the first nine digits of your ucublu high interest savings account:

Transit & Institution Number: 01972-828

Account Number: __ __ __ __ __ __ __ __ __

Service Charges

Saving with ucublu® is free, plus you receive a great interest rate!

Free services include:

  • Opening your ucublu account online or at a UCU Branch.
  • Automated transfers from another financial institution to ucublu.
  • Direct deposit of part or all of your payroll or pension to ucublu.
  • Internet or automated telephone transfers to ucublu from your other UCU accounts.
  • Balance of account transfers from another financial institution.
  • Online statements anytime.
  • Balance of account inquiries or other information obtained by contacting the UCU Contact Centre.
  • One self-serve transfer out per month.

Services subject to charges

The following optional services are subject to a fee:

  • Printed mailed statement for current month – $1 per statement.
  • Printed mailed statement for prior month – $5 per statement.
  • Second and subsequent self-serve transfer out per month from ucublu – $5 per transfer.
  • Transfer to or from the ucublu High-Interest Savings account facilitated by UCU Contact Centre – $5 per transfer.
  • Transfer to or from a ucublu account facilitate by UCU branch staff – $15 per transfer.
  • Fees for other applicable services not listed on this page shall be as per service charge schedule applicable to UCU full-service accounts.

Accessing Your Money

Withdrawing funds from ucublu®

ucublu® is designed to help you build substantial savings. To achieve this, we’ve made it accessible exclusively through UCU Online Banking, UCU Mobile Banking App and U-Touch banking channels.

To access your savings in ucublu, you can make one free Internet or automated telephone transfers per month to your full-service UCU account. Because ucublu is designed to encourage savings, and not to be a daily banking account, additional

transfers in a month are subject to service charges.2 UCU Contact Centre support and balance inquiries for ucublu are always free.

You cannot access your ucublu account at the counters of a UCU branch, nor by cheque clearing or debit card. For this please see ucublu too Virtual Chequing.

ucublu® FAQs

If you are not currently a member of UCU, you need to visit one of our branches to become a full-service member, or open your accounts online. You will need two (2) pieces of legal ID (including one with photo; health card cannot be used). A $150 deposit of Membership shares is required. Membership shares are not a fee – rather, they entitle you to co-ownership of the credit union and the ability to do business with it. Once you’ve completed a membership enrolment, apply for ucublu® accounts using the online ucublu application form. You will be contacted within two business days. For UCU Branch locations, click here.

Yes, provided that the full-service account with which your ucublu® account is associated is also a joint account with the same person and does not require more than one signature to authorize a transaction. If more than one signature is required to authorize a transaction, ucublu is not available.

Yes, provided that the full-service trust account with which your ucublu® account is associated does not require more than one signature to authorize a transaction. A declaration of trust agreement must also be signed by the trustee(s) for the ucublu account at the time it is opened.

Deposits can be made to your ucublu® account by transferring funds from another account at UCU, from accounts at another financial institutions, or by direct payroll or pension deposit. Transfers from other UCU accounts can only be done via our telephone or online banking services. Contact your other financial institution or other payee to setup transfers from other accounts or other companies. Information about your ucublu account, including balances, is always available FREE. The UCU Contact Centre can be reached at 416-922-4407 or 1-800-461-0777.

No, there is no minimum deposit amount required for the ucublu® High-Interest Savings account and interest is paid from the first dollar on deposit.

Withdrawals from your ucublu® account must be made via a transfer to your full-service UCU account first, and then withdrawn or transferred in the usual way from there. You are entitled to one free transfer out of your ucublu account each month. After the first free withdrawal, a charge of $5.00 for each subsequent withdrawal will be debited to your account at the end of the month. Your ucublu account is not eligible for ATM, POS purchases or in-branch withdrawals.

 

Yes. You may move money back and forth between your ucublu® and the full-service personal UCU account with which ucublu is associated. Please note that your first withdrawal is free in any month, and that a charge of $5.00 for each subsequent withdrawal will be debited to your account at the end of the month. Please note that a transfer to our other virtual account ucublu virtual chequing™ will count towards your monthly withdrawal count.

No, the ucublu® account cannot be accessed with your ATM card.

UCU’s internet banking is available 24 hours a day, seven days a week. It safe, secure and convenient! You can also access your ucublu® account using our UCU Mobile App, or our U-Touch telephone banking at 416-922-4407 or 1-800-461-0777 (Press “1”).

The ucublu® account is a virtual high interest savings account. As it is not intended for day-to-day banking use, the following transactions are not permitted:

  • ATM deposits or withdrawals
  • Interac transactions (such as POS purchases)
  • Automated transfer debits to another financial institution or third party
  • In-Branch banking

No, a passbook is not available on the ucublu® account. You can view your statements any time through our internet banking.

Statements for the current month are available online only, at no charge. Other statement requests will be subject to a $1.00 charge for the current month, and $5.00 for each previous month requested.

Interest is calculated on daily closing balance and paid to your ucublu® account on the last day of each month.

The interest rate is a variable rate and is subject of change without notice.

All dealings you have with UCU are held in the strictest of confidence and subject to the compliance standards of the new PIPEDA legislation. PIPEDA is the short form of Personal Information Protection and Electronic Documents Act. UCU takes the protection of our member’s information very seriously and we want to give you our assurances that only you will have access to your banking information when you access your ucublu® account online.

 

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)

For additional information or any questions, please contact the UCU Contact Centre at 416.922.4407 or 1.800.461.0777 or e-mail at ucucentre@ukrainiancu.com. You are also welcome to visit one branches. To find the closest UCU branch, you can use the branch locator tool available on the UCU website.

Depending on the type of deposit, a deposit ucublu® can be subject to a 3 to 10 day hold. Interest will be paid from the date on deposit on all items that are not returned.

UCU offers other high-interest account products for businesses and organizations. Please contact the UCU Contact Centre at 416.922.4407 or 1.800.461.0777 or ucucentre@ukrainiancu.com for more information.

Things our lawyers want you to know
01

Some conditions apply.

02

One free debit/transfer per month. A $5.00 service charge applies for every subsequent debit.

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