Pay day Term Deposit
It makes good dollars and sense to set up a payroll deduction or automatic transfer to deposit into a PayDay Term Deposit that allows you to systematically build your savings over time. Many members enjoy the convenience of painlessly saving by having a set amount deducted right from their pay cheque. They also appreciate the discipline of a term deposit product with minimal (but some) restrictions on access.
- Minimum $1,000 commitment (savings goal)1 year term
- Purchase of the term deposit is paid for through payroll deduction/AFT or automatic funds transfer from a Tandia account
- Interest is calculated on the daily balance and paid at maturity
- Cashable any time after 90 days with full interest
- At maturity, your PayDay Term Deposit will rollover to a Cashable 1 Year Term Deposit.
Round up and save
A nice complement to a PayDay Savings Program is Round Up and Save – linked to your Tandia debit card, all of your purchases using debit will be rounded up to the nearest dollar and deposited into a Tiered Interest Savings Account. Why not save as much as you can without feeling the pinch?
Get started now
The process is easy. Choose a goal of how much you’d like to save over a one year period (minimum $1,000) and then divide it by the number of pays you have for that time frame. Call us with this PayDay savings amount and the date you’d like to start and then, watch it grow!