Grow your savings without locking your money away
A place to set money aside, earn interest, and still have access to it when you need it.
No monthly account fees- Unlimited deposits
Trusted by 65K+ members
FSRA insured up to $250,000
Monthly account fee
$0
Interest
0.05%
What is a YNCU Savings account
Save for short-term, medium-term, and longer-term goals—while keeping your money within reach. Give your savings a clear purpose, whether you’re building a cushion, planning a purchase, or setting money aside for something later.
GrowEarn interest on every dollar
Earn interest on your account balance, so the money you set aside can keep working.- Give everyday savings a clear home for goals, emergencies, and future plans.
- Add money when you can, keep it separate, and access it when you need it.
SaveNo monthly account fees
- Save more without a monthly account fee chipping away at your balance.
- Keep more of your money focused on goals, emergencies, or future plans.
- A YNCU Savings Account is a practical place for savings you want to build without paying a monthly account fee.
SimplifyAutomate your savings
- Set up recurring transfers from your chequing account to your savings account.
- Move money into savings automatically on payday, before it gets mixed into everyday spending.
- Build your savings habit in the background, with less effort every month.
Reach your savings goals faster
Give your savings a little more power by pairing it with a registered account that aligns with your goals. Whether it’s retirement, a child's education, or your first home, your money can earn interest while making use of available tax advantages.
RRSP
Learn more about RRSPPut your long-term savings inside an RRSP to help build for retirement while taking advantage of the tax benefits.
TFSA
Learn more about TFSAUse a TFSA to keep savings separate from everyday spending—and grow tax-free while still enjoying flexible access to your money.
FHSA
Learn more about FHSAPutting your savings inside an FHSA can help eligible first-time home buyers save for a down payment—with added tax benefits.
RESP
Learn more about RESPGive your child a leg-up by saving for their education with tax-deferred growth and access to government grants for eligible members.
LIRA
Learn more about LIRAA LIRA (Locked-in Retirement Account) keeps pension money set aside and earning interest until it can be used for retirement income.
Our Savings account details and fees
Here’s what to know before you open a Savings account. Review the account details below to see how your money earns interest, who it's right for, and what fees to expect. See all fees here.
| Features | YNCU Savings |
|---|---|
| Best for | Everyday savings and flexible access |
| Interest | 0.05% |
| Monthly fee | $0 |
| Access | Unlimited deposits and transfers between accounts |
| Why choose it | A flexible account to earn interest on your savings while still being within reach |
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Open a Savings account online in minutes
Become a YNCU member from home.
Security, always with you
YNCU helps protect your account with digital safeguards, fraud prevention support, and FSRA to insure your first $250,000.
Access over 4,700 no-fee ATMs across Canada
With YNCU, you don't have to worry about ATM fees because you have access to thousands of no-fee ATMS from coast-to-coast
I can save without thinking about it?
Commonly asked questions
A YNCU Savings account is best for members who want to keep money separate from everyday spending while still being able to access it. It can work well for short-term goals, planned expenses, backup money, or savings you want to build over time.
A chequing account is for money that moves often, like pay, bills, debit purchases, and everyday spending. A savings account is for money you want to set aside, keep separate, and earn interest on.
Yes. Your savings earn interest at the posted rate. Interest is calculated daily and paid monthly.
Some transactions may have fees. Deposits and online transfers between YNCU accounts are included, while other transactions may cost extra. Check the fee table on this page for current account fees and transaction details.
It depends on what you’re saving for. A regular Savings account can work well for short-term goals and money you may need soon. A TFSA can help with flexible, tax-free saving. An RRSP is usually used for retirement savings. An RESP can help save for a child’s education. An FHSA may help eligible first-time home buyers save for a home.
Yes. YNCU is an Ontario credit union. Eligible non-registered deposits, including chequing and savings accounts, are covered up to $250,000 through FSRA. Eligible registered deposits, like TFSAs and RRSPs, have unlimited FSRA coverage.
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Legal stuff
Account eligibility and agreements
Personal savings accounts are offered by Your Neighbourhood Credit Union Limited (“YNCU”), an Ontario credit union. Account opening is subject to applicable membership requirements, identity verification and account eligibility requirements. Your account and related services are governed by the applicable account, debit card and digital banking agreements provided to you.
†Interest rates and calculation
Interest rates are expressed as annual rates and may change. Interest on YNCU savings accounts is calculated daily and paid monthly. The applicable rate depends on the account and any stated balance requirements. See the current rate table for rates, balance thresholds and effective dates.
Where tiered interest rates apply, eligibility for a particular rate and the balance to which that rate applies are determined by the account’s interest calculation rules. An advertised maximum rate is available only when the applicable requirements are met. Refer to the product details and account disclosures for the calculation method.
‡Monthly account fees and other charges
Where a savings account has no monthly account fee, this refers to the monthly account maintenance fee only. It does not mean that all transactions and services are free. Charges may apply to withdrawals, debit transactions, Interac e-Transfers, branch-assisted services and transactions exceeding the account’s included allowance.
Additional charges may apply for services such as printed statements, bank drafts, wire transfers, returned items and withdrawals at non-participating ATMs. See the applicable account details and YNCU’s Fee Schedule for included transactions and current charges.
Deposits and transfers
Where unlimited deposits or eligible online transfers between your own YNCU accounts are included, this refers to the number of qualifying transactions. It does not include every type of withdrawal, transfer, debit purchase or payment without charge. Transfers to other members, other financial institutions or through Interac e-Transfer may have separate fees and limits.
Access to your savings
Access to funds is subject to available balances, deposit holds, transaction limits and the terms of your account. Flexible access does not mean that every withdrawal is immediate or free of charge. Certain savings products and registered plans have additional restrictions.
Account-specific requirements
Features and eligibility requirements vary by savings account. Minimum deposits, balance thresholds, maximum balances, limits on the number of accounts per member, deposit periods and withdrawal restrictions may apply. Review the details for the specific account you choose.
Automatic savings transfers
Scheduled transfers are subject to sufficient available funds in the source account, applicable limits and service availability. Charges may apply under the terms of the source or destination account. Setting up automatic transfers does not guarantee a particular savings balance or return.
Interac e-Transfers
Interac e-Transfer availability, fees and limits depend on your savings account and digital banking service. Interac e-Transfers are not automatically included without charge because an account has no monthly account fee. Applicable transfer limits and service terms apply.
Participating ATM access
Where available with your account and eligible debit card, surcharge-free ATM access applies at participating ATMs. Surcharge-free access refers to the ATM network or operator surcharge; account transaction charges may still apply. Withdrawals at non-participating ATMs may incur YNCU fees and ATM operator charges. ATM locations and availability may change.
Online account opening
Online account opening is available to eligible applicants and account types and is subject to successful identity verification. Completion times vary. Additional information or assistance may be required before an account can be opened or used.
Digital banking
Digital banking features depend on your account, service enrolment and compatible devices and software. Internet or mobile connectivity is required, and your service provider’s charges may apply. Service interruptions and scheduled maintenance may affect availability. Applicable transaction limits and digital banking terms apply.
Registered accounts and tax benefits
A regular personal savings account is not automatically a registered account. To receive the applicable benefits of a TFSA, RRSP, FHSA, RESP or LIRA, funds must be held within the appropriate registered plan.
Registered plans are subject to their own eligibility requirements, contribution or transfer limits, withdrawal rules and applicable tax or pension legislation. Tax treatment depends on your circumstances and compliance with the relevant rules. Excess contributions and certain transactions may result in taxes or penalties. Government grants and incentives are subject to eligibility requirements and program limits and are not guaranteed.
LIRA funds are generally locked in for retirement and are subject to the pension legislation governing the transferred funds. The flexible-access features of a regular savings account do not override registered-plan or locked-in account restrictions.
*Deposit insurance
Eligible deposits payable in Canada in Canadian dollars are protected by the Deposit Insurance Reserve Fund administered by the Financial Services Regulatory Authority of Ontario (“FSRA”), subject to its coverage rules.
Basic coverage for eligible non-registered deposits is up to $250,000 per depositor at YNCU, including principal and interest combined. Eligible deposits held in the same ownership category are combined when determining coverage; opening additional accounts or holding deposits at different YNCU branches does not create separate coverage.
Separate coverage may apply to qualifying joint and trust accounts under FSRA’s rules. Eligible deposits in registered accounts have unlimited coverage. This protection applies to eligible deposits, not to every investment that may be held within a registered plan.
Foreign currency deposits, including U.S. dollar savings accounts, membership shares, mutual funds and securities are not covered. Deposit insurance does not protect against fraud, unauthorized transactions or loss of purchasing power. FSRA’s liability to insure deposits is limited to the assets of the Deposit Insurance Reserve Fund.
Visit FSRA’s deposit insurance page for complete coverage details and exclusions.
Financial information and articles
Articles and educational content are provided for general information and do not constitute financial, investment, tax or legal advice specific to your circumstances. Examples are illustrative and do not guarantee future results. Consult an appropriately qualified professional when making decisions about your savings or registered plans.
Trademarks
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