Name Changes
To better align with industry standards, we are changing the name from term deposit to certificate account. Here’s a breakdown of the updated account names:
OLD NAME
Term deposit
Term Deposit Plus
Youth/Mountain Climber term deposit
Christmas Club term deposit
Business term deposit
NEW NAME
Certificate
Growth certificate
Youth certificate
Christmas Club certificate
Business certificate
Early Withdrawal Charges
In addition to the new names, we are changing our early withdrawal penalty. In the past, if members withdrew from a certificate before it had matured, they had to pay a penalty on the full amount. From now on, we will only charge a penalty on the amount being withdrawn from the certificate. This will help members save money if they need access to their funds before their certificate account matures.