Savings

Whether you're building a savings nest egg, putting money aside for an emergency, planning for a major purchase or looking ahead to the month when auto insurance, property taxes and other major bills come due, there’s a savings account suited to your needs at Reddy Kilowatt Credit Union.

With competitive interest rates and flexibility, you’ll reach your savings goals at your own pace, one deposit at a time. With deposit insurance, you have peace of mind as your savings grow.

 Tax-Free Savings Account (TFSA)

Tax-Free Savings Accounts are available and allow you to set money aside in eligible investment vehicles, tax-free.

How the TFSA works:

  • Contributions to a TFSA will not be deductible for income tax purposes; but investment income, including capital gains earned in a TFSA will not be taxed even when withdrawn.
  • Unused TFSA contribution room can be carried forward to future years.
  • You can withdraw funds from the TFSA at any time for any purpose.
  • The amount withdrawn can be put back in the TFSA at a later date without reducing your contribution room.
  • Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits.
  • Contributions to a spouse's TFSA will be allowed and TFSA assets can be transferred to a spouse upon death.
Plan 24

A daily interest savings account that provides a good way to save with convenient access to funds.

Power Savings Plan

A multi-level savings program designed to provide high earning power with a competitive rate of return and access to funds anytime.

Monthly Savings Plan
Designed as a bond alternative, this convenient plan can be purchased through a payroll savings plan or automatic transfers.

Voting Share
Voting Shares represent equity in your Credit Union and forms part of your own personal wealth.

 

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