The YNCU Emergency Savings Account pays a higher rate than our traditional savings accounts to encourage you to hold your funds there longer, so that the money is available in case of an emergency.
No minimum balance required
Premium savings interest rate
No minimum balance required
No monthly fees
Unlimited deposits and online transfers between YNCU accounts
Maximum savings amount of $15,000
What is an Emergency Savings Account for?
An Emergency Fund is what we refer to as the money you set aside to prepare for unexpected expenses, like urgent vehicle maintenance, job loss, veternarian visits, and health problems that result in missed work. You'll likely deal with at least one situation that requires funds fast or a drop in income at some point in your lifetime. These surprises usually don’t give you enough time to adjust your budget. That's where an emergency fund comes in! Setting up an Emergency Savings Account makes it possible to:
Handle an unexpected expense without going into debt
Avoid high-cost loans (like pay day loans or credit card cash advances)
Avoid incurring costly credit card interest rates
Have financial control and peace of mind
How to open an account online:
Log into Online Banking
Select “Account Services”
Then select “Open a New Account” and select an Emergency Savings Account
If you’re not a member, click here to book an appointment at the branch nearest you and we can set you up as a YNCU member and start your Emergency Savings Plan.
Don't Forget About Regular Contributions
To build funds in your Emergency Savings Account, we recommend setting up an automatic transfer to your Emergency Savings Account on each pay day. Having a recurring contribution will ensure regular deposits into the account that will be worked into your monthly budget.
Log into your Online Banking
Select “Transfers”
Set up your desired transfer accounts and amounts and select “Recurring Transfer”
Select the start and end dates and frequency of your recurring transfer
Select “Confirm”
If you need assistance with setting up a recurring transfer, contact our Service Excellence Centre at 1-888-413-YNCU or visit your nearest branch.
Rate is subject to change at any time without notice. One Emergency Savings Account permitted per member. The maximum amount that can be saved in the Emergency Savings Account is $15,000.
2024 Your Neighbourhood Credit Union Limited. All rights reserved.
Your Neighbourhood Credit Union (YNCU) is a licensed credit union operating in, and under the laws of, the province of Ontario. Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA) .
