Prime Rate Change!
The Bank of Canada announced a very unusual change to the overnight rate. They decreased the target rate by 0.05%. TransCanada Credit Union has reduced our prime rate by 0.50% effective Thursday October 24, 2024. Our new prime rate is 5.95%.
This outsized rate cut is virtually unprecedented. The Bank of Canada typically does not drop rates by more than 0.25% and hasn't done so since 2020 during the COVID-19 pandemic. The markets expects at least another 0.25% cut by the end of the year. This very aggressive rate cut cycle seems to suggest the Bank of Canada is concerned about future economic growth in Canada. Only time will tell as to whether the bank can "stick the landing" as Governor Macklem hopes.
First Home Savings Accounts
NOW AVAILABLE -Fantastic opportunity for First Time Buyers!
An FHSA is a tax-advantaged registered plan that lets you save for your first home. Your contributions reduce your taxable income (up to a lifetime maximum of $40,000), and you can withdraw the money—tax-free—for any qualifying home purchase!
You can open an FHSA if you:
- Are a Canadian resident
- Are aged 18– 71
- Are a first-time homebuyer
Contact us for more details on this excellent tax saving opportunity.
2023 Profit Share Announcement
Common Share Dividend of 5.50%!
We are excited to announce to our members our 2023 Profit Share decision.
We are delighted to confirm that the Board of Directors have agreed a dividend on Common Shares of 5.50% for the 2023 fiscal year.
Don't forget, if you do not have the maximum common share holding (the maximum was increased to $3,500.00 at our 2021 AGM) then you can top this up from your savings account, or external bank account at any time simply by emailing your request to credit_union@tcenergy.com.
The 2023 profit-sharing distributions were paid to member accounts 15th January 2024.
To find out more about the way the profit share distributions are calculated, please click on the 'Find out more' button
TFSA's are here!
Same great rates, just no Tax!
We are pleased to announce that we now offer TFSA's to our members. Our same great products (savings accounts and GIC's) and rates will be available, just under the tax-free shelter of a TFSA. We will be able to accept transfers of existing plans from other financial institutions and you also get the added benefit of your TFSA funds being covered by our 100% deposit guarantee!
Savings Interest Rate now 2.50% on balances over $10,000
Our Bank Busting Rate!!
We are pleased to announce that we have increased our savings rate for balances in excess of $10,000 to 2.50% per annum with effect from the end of January 2023 interest payment!!
This rate represents a market leading return on easily accessible funds, which also benefit from our 100% deposit guarantee, with no limits!
Funds can easily be added to your savings account by bank transfer, cheque deposit or payroll deduction and there are no restrictions on withdrawals, so you can access your funds whenever you need them!
So don't delay, get your funds working as hard for you, as you worked for them!
Contact us today for more details, or to arrange a deposit to your account credit_union@tcenergy.com
Opening Hours
Our office is open to members from 8.30am till 4pm on Mondays, Tuesdays and Thursdays with staff working remotely on Wednesdays and Fridays
Special Offer - Vehicle Loans from 6.49%
Time to update your vehicle, trailer, boat or recreational vehicle? In fact, if it moves, we can likely provide you financing from as low as 6.49% for up to 84 months. This is a limited time offering and is subject to terms and conditions and qualification.
Once a Member, ALWAYS a Member
We just wanted to remind you of one of our CORE values here at the Credit Union, once you become a Member, you are welcome to remain a Member for LIFE. So even if you retire or leave TransCanada, you are still eligible for the same great services and interest rates!
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