Solidarity Savings is a pooled high-interest savings account program for Labour Solidarity Savings is a pooled high interest savings account program for labour unions. Labour unions get higher interest rates by pooling their savings and also make a difference by investing in issues important to their communities. The program was created by Union Savings and Vancity Community Investment Bank (VCIB) and is the first of its kind in Canada.
(Program is not available in Quebec.)
Labour unions open a Solidarity Savings account with VCIB.
As the collective balance increases, so does the collective interest rate*.
The more unions that participate, the greater the benefit.
Labour unions have full daily access to their account and can move funds in and out of their account.
VCIB is a values-driven bank on a mission to finance a greater tomorrow. We are an Ontario-based schedule 1 federally chartered bank, and a subsidiary of Vancouver City Savings Credit Union (Vancity). We are the only Canadian bank exclusively focused on financing organizations that drive change and we use our clients’ deposits to fund loans that support transformational work in the community including affordable housing and clean energy projects.
See how your money is invested into the community.
VCIB 2020 Impact Report
Pooled High Interest Savings Account
Interest rates based on collective balance
Competitive rates for large and small unions
Risk protection with prime linked account
3 year guaranteed pricing
No hidden fees
Online banking
Monthly Statements
Daily access to balances
Dedicated account managers
Canada wide community based investment
Labour focused values
| TIER BASED ON AGGREGATE PROGRAM ACCOUNT BALANCES | PRIME LESS | CLIENT RETURN |
| $0 TO $999,999 | 1.95% | 0.50% |
| $1,000,000 TO $4,999,999 | 1.80% | 0.65% |
| $5,000,000 TO $9,999,999* | 1.70% | 0.75% |
| $10,000,000 TO $20,000,000 | 1.60% | 0.85% |
CLIENT RETURN = PRIME - PRIME LESS
PRIME AS OF SEPTEMBER 1, 2021 - 2.45%
To provide confidence for long-term planning, VCIB is guaranteeing this PRIME LESS pricing for a confirmed three years.
CLIENT RETURN as of September 1, 2021
2.45% - 1.70% = 0.75%
*Current Tier as of September 1, 2021
Contact us
Amir Bashir, Executive Director, at abashir@unionsavings.ca or 416-500-4796