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Q. The iSave interest rate - Is the rate arrived at after consultation at the Synergy Credit Union level, after comparison with other bank's similar rates or is it just the way it happens? Keep the iSave investors better informed of this. We shouldn't have to depend on the 'voice' on the telephone.
A. The Synergy iSave products are designed to earn an interest rate (rate of return) that floats with Prime Rate. And as you probably are aware, prime rate does change from time to time to reflect the current rates in the marketplace.
To keep informed of rate changes you have four convenient ways that you can obtain up-to-date iSave rates.
- Go online to our member website at www.synergycu.ca, click the ‘Investing’ tab, then click ‘Rates’
- Via MemberDirect online banking
- Call TeleService, 1.888.825.6669, our automated telephone banking service
- Or, you can call our Member Contact Centre, 1.866.825.3301, to speak with one of our representatives, Monday to Friday from 7 a.m. to 8 p.m. and on Saturday from 7 a.m. to 3 p.m.
If you would rather or would find it more convenient to lock in your investments and receive a guaranteed rate of return, you may want to consider term deposits or a combination of investment vehicles to obtain your desired results. We’d be pleased to discuss alternatives with you, just give us a call.
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