Savings
Regular Shares
Each member of TransWest must own at least one $25 share of the Credit Union, which allows them to use all its services. In addition, TransWest pays a dividend each quarter for the use of our members’ money. If you have less than $1,000.00 to deposit, this is the best place to put your money with unlimited access to your funds.
Green Savings
Green Savings differs from Regular Shares in that it rewards members who “go paperless” when signing up for eStatements with higher dividend rates (see green rates). Benefits include FREE eStatements, higher dividend rates than a Regular Shares account, and the peace of mind that comes with helping the environment. Click here for more GREEN details
Club Account
This secondary account pays the same dividend as a Regular Shares account. The benefit of this type of account is that it allows you to keep funds separate when you want to save for something specific, such as Christmas, taxes, college, or a special vacation.
Money Market Account
When depositing more than $1,000, the Money Market account is a great place to keep your money. You earn high Money Market rates and interest is paid monthly. This account has some restrictions. For example, you can only make a maximum of six withdrawals per month. The Money Market Account gives you immediate access to your money, and as long as you keep at least $1,000.00 in the account, you’ll earn high money market rates. If you drop below $1,000.00, the interest rate will be the same as Regular Shares accounts earn.
Certificates
A Certificate may be purchased with as little as $1,000.00. Certificates pay higher interest rates for various terms (6 or 9 months, and 1, 1.5, 2, 3, 4, or 5 years. With a Certificate, you’re actually loaning us money for a fixed term. In return, we pay interest for the use of your money. We rely on the money to be in the account for the specified term, so if you withdraw the money before the term matures, an early withdrawal penalty will be applied. Depending on the market there are traditionally some great rates on our Certificates and historically TransWest’s have earned a much higher rate than most financial institutions. Check out our rates
Progressive Growth Certificates
Members can benefit from increased certificate rates through the use of a Progressive Growth Certificate by making an initial deposit of $500. Additionally, this option allows for monthly deposits in order to reach a desired end goal amount. The term length options available are 1, 1.5, 2, 3, 4, or 5 years. In the event of early withdrawal, the penalties will be the same as those applied to regular certificates. Furthermore, in the case of missed payments, penalties may be imposed upon maturity.
