†Illustrative example assumes a $10,000 deposit at 4.25% annual interest, compounded annually for five years, with all interest reinvested and funds held to maturity.
Your Neighbourhood Credit Union Limited (“YNCU”) is offering a special 5-year non-redeemable Guaranteed Investment Certificate with an annual interest rate of 4.25% (the “Offer”).
The Offer is available for a limited time, at YNCU’s discretion, to new and existing eligible members who purchase the 5-year GIC, in accordance with these terms and conditions.
1. Eligible members
To be eligible for the Offer, an individual, corporation, partnership, or other eligible entity must:
- Be a new or existing YNCU member in good standing;
- Hold an active YNCU membership share; and
- Meet all standard account opening, membership, identification, and eligibility requirements established by YNCU.
2. Eligible deposits
The Offer is available on eligible deposits used to purchase the 5-year GIC.
Funds may come from another financial institution or from eligible funds already held at YNCU, subject to YNCU’s standard product, account, and deposit requirements.
YNCU may require documentation or verification to confirm eligibility.
3. How to qualify
To qualify for the Offer, the member must:
- Open and fund a 5-year GIC while the Offer is available;
- Deposit the minimum amount required by YNCU for the 5-year GIC; and
- Complete the purchase in accordance with YNCU’s account opening and funding process.
4. Eligible product
The Offer applies only to the special 5-year GIC at 4.25% offered by YNCU.
Unless otherwise stated by YNCU, the Offer does not apply to:
- GICs with different term lengths;
- Redeemable or cashable GICs;
- Market-linked, index-linked, or variable-rate products;
- Demand accounts, savings accounts, chequing accounts, or other deposit products; or
- Any product not expressly identified by YNCU as eligible for this Offer.
5. Interest rate
The promotional interest rate for this Offer is 4.25% annually for a 5-year non-redeemable GIC.
The rate is subject to change without notice and is not guaranteed until funds are received by YNCU and the 5-year GIC is opened and funded.
Interest is calculated and paid in accordance with the terms of the 5-year GIC agreement and any applicable YNCU account or term deposit agreements.
6. Limited-time offer
The Offer is available for a limited time only and may be changed, extended, suspended, or withdrawn by YNCU at any time without notice.
YNCU reserves the right, at its sole discretion, to limit the availability of the Offer by member, account type, channel, region, deposit amount, or any other criteria YNCU considers appropriate.
7. Combination with other offers
Unless YNCU expressly states otherwise, this Offer cannot be combined with any other promotional rate, bonus, incentive, discount, or special offer.
8. Verification and disqualification
YNCU reserves the right, at its sole discretion, to verify eligibility and to decline, limit, suspend, or revoke the Offer for any member who YNCU determines has:
- Provided incomplete, inaccurate, or misleading information;
- Attempted to manipulate or abuse the Offer;
- Failed to meet YNCU’s membership, account opening, or deposit requirements; or
- Otherwise acted in a way that affects the fairness, integrity, or proper administration of the Offer.
9. Changes, errors, and cancellation
If YNCU is unable to run the Offer as planned for any reason, including system errors, technical issues, fraud, unauthorized intervention, operational issues, administrative error, market conditions, or any cause beyond YNCU’s reasonable control, YNCU may, at its sole discretion and without notice, modify, suspend, or terminate the Offer in whole or in part.
YNCU may correct any error, omission, or misprint related to the Offer at any time.
10. Conflicts with other materials
If these terms and conditions conflict with any advertisement, communication, rate sheet, webpage, branch material, verbal statement, or other message about the Offer, these terms and conditions will govern.
11. Standard terms continue to apply
The 5-year GIC is also subject to YNCU’s standard membership, account, deposit, and term deposit terms and conditions, as applicable.
If there is a conflict between these Offer terms and YNCU’s standard terms and conditions, these Offer terms will apply to the Offer until maturity, unless otherwise required by law.
12. Deposit insurance
Eligible deposits held at Ontario credit unions are insured by the Financial Services Regulatory Authority of Ontario (“FSRA”), subject to applicable limits and requirements.
FSRA states that eligible non-registered deposits at Ontario credit unions are insured up to $250,000 per depositor at each credit union, while eligible deposits in registered accounts have unlimited coverage. FSRA also lists GICs and other term deposits as insurable deposit products.
For more information about deposit insurance coverage, members should visit FSRA’s website.
