Solidarity Savings
A competitive savings account unions and labour-affiliated organizations can count on. Grow your returns based on the growing number of participating members.
Why solidarity savings.
Competitive interest rates^. funds any time.
Interest rates are based on the combined balance of all union deposits, which means the more unions participate, the higher the interest rates, and the greater the potential return for all.
No monthly fee and access your funds any time.
Securely access your money without any restrictions or penalties. Your deposits are eligible for deposit insurance by Canada Deposit Insurance Corporation (CDIC).
Helping people and the planet.funds any time.
Your funds uplift the community through our impact loans that support affordable housing, climate change projects, and other socially responsible organizations.
How it works.
Using a combined investment approach, each union deposits their reserves, building reserves, or strike funds into their own Solidarity Savings account. The totals held in these accounts are counted as one investment with an interest rate based on the total collective investment+.
The Solidarity Savings account features a prime-linked variable interest rate ^ that helps your savings grow. VCIB accepts deposits up to $3 million for new union account holders and $5 million for existing account holders. Accounts can be opened online quickly and easily, for all Canadian based unions.
| Combined balance of deposits from all participating Unions | Interest Rate |
| $0 – $999,999 | VCIB Prime less 2.25% |
| $1,000,000 – $4,999,999 | VCIB Prime less 2.20% |
| $5,000,000 – $9,999,999 | VCIB Prime less 2.10% |
| $10,000,000 – $ 19,999,999 | VCIB Prime less 2.05% |
| $20,000,000 – $ 29,999,999 | VCIB Prime less 2.00% |
| $30,000,000 – $40,000,000 | VCIB Prime less 1.90% |
To open an account, please email Flo@vcib.ca
Frequently Asked Questions
What type of organizations qualify for this product?
This product is available to organized labour unions and labour-affiliated organizations, student societies and other closely related organizations. To learn if you qualify, send us an email at info@vcib.ca.
I am an individual member of the union. Do I qualify?
Solidarity Savings currently is not available to individuals.
Is the money locked and are there any penalties to withdraw?
No, your money is available whenever you need it. And as it is not locked in any committed time frame, you’re free to withdraw it without any penalties.
How much does it cost to open and maintain this account?
There are no opening, management, or other fees.
Can other program members see my account’s balance?
No, only you can view your balance.
Do I need to notify other unions if I want to withdraw funds?
No. Solidarity Savings functions like a typical savings account. The difference is we use the collective total to determine the interest rate for everyone in the pool.
I don’t have a Vancity or VCIB branch in my city. Can our Local still open an account?
Yes. We can open accounts virtually for Canadian-based organizations.
Vancity Community Investment Bank is a member of CDIC and is a Certified B CorpTM