Solidarity Savings Program

Align your investments with your values

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.)

How it works

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.

About Vancity Community Investment Bank (VCIB)

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

Features

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


*Interest Rates

TIER BASED ON AGGREGATE PROGRAM ACCOUNT BALANCESPRIME
LESS
CLIENT
RETURN
$0 TO $999,9991.95%0.50%
$1,000,000 TO $4,999,9991.80%0.65%
$5,000,000 TO $9,999,999*1.70%0.75%
$10,000,000 TO $20,000,0001.60%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