Essential Savings

Daily Interest Savings

The Daily Interest Savings account is systematically opened with a new membership and forms the foundation of your relationship with HMECU.

It's simple to use - set up a payroll deduction or automatic transfer into to your Daily Interest Savings account. Enjoy watching your money grow at the Credit Union while you save for whatever you want - vacation, future education, holidays, birthdays, etc.

The convenience of an HMECU Member Card^® debit card allows you access to the largest national network of ding free^® ATM's in Canada.

The Daily Interest Savings account coordinates with other HMECU products, for example:

• Loans - make payments from here
• Term Deposits - funds automatically deposit here at maturity

Begin your membership with Healthcare and Municipal Employees' Credit Union today and start saving for the future.

Special Savings

What's special about the special savings account? Direct your payroll deduction or automatic transfer to this account for convenient, regularly scheduled savings.

This account is suggested to save for property taxes or for mutual fund electronic debits, though there are numerous other reasons to save. You will not be able to access this account with your Member Card^® debit card, but can transfer from your special savings into the chequing online or by telephone.

Premium Savings

Investor Savings

This premium rate savings account is ideally suited to members who maintain a higher balance in their savings account but need, or want, to have access to those savings at any time.

Earn a regular interest rate on your balance under $2500. If your balance is over $2500, you can enjoy a premium rate of interest applied to your entire balance. Access your funds by making transfers online or by telephone at no charge. This account is not accessible with your Member Card^® debit card. No minimum balance is required.

Pay Day Savings

Pay Day Savings is a favourite among our healthcare and municipal payroll groups and is available to all of our members!

The purpose of this account is to promote greater saving, as funds are not transferrable out of the account online or by telephone and are not available through your Member Card^® debit card. The only access to this savings account is in-branch withdrawal or transfer, at no charge. No minimum balance is required, payroll deduction and automatic transfer are available.

Tax-Free Savings

The Tax-Free Savings Account (TFSA) is a powerful savings vehicle introduced in 2009. Some of the major benefits to you are:

• All income or gains made within a TFSA will never be taxed
• Full range of investment options are available, such as variable interest savings account, term deposits/GIC's, and mutual funds
• You can withdraw amounts for any reason 
• Amounts you withdraw from your TFSA will not affect federal income tested benefits and credits so you are not penalized for saving
• Amounts withdrawn do not decrease your contribution room as you get it back in the following calendar year
• It is important to remember to wait until the following calendar year to recontribute amounts withdrawn to avoid penalties

If you don’t make the maximum contribution, you don’t lose the contribution room! The unused contribution room gets carried over to the following year. There is no limit to how much contribution room can be carried forward.

As of January 1, 2013 the annual contribution limit has increased to $5,500. Canadian Residents who are 18 or older can contribute $5,500 each year going forward. Previous to 2013 back to 2009 the contribution limit was $5,000.

Your TFSA contribution room information can be found by going to one of the following Canada Revenue Agency services:

• My Account
• Quick Access; or
• Tax Information Phone Service (TIPS)

While the goal of both the RRSP and TFSA are the same, to help Canadians save money, each is a unique savings vehicle with specific advantages. Click here to make an appointment with one of our financial planning experts to determine the best option for you.

Foreign Currency Savings

USD Savings

Our USD Savings account is ideal for members looking to have US currency available for when it's needed.

Whether you are saving for shopping, travelling, or a rainy day, this USD savings account is an optimal choice! Minimize costly exchange fees by depositing your US currency to a USD savings for future expenses. Make transfers into and out of your USD Savings account online or by telephone, or have HMECU set up an automatic transfer for you.

Please note there is no access to this savings account through your Member Card^® debit card. Daily exchange rate applies to transfers and withdrawals.