GIC Specials

Are you trying to save for a special vacation or that renovation you've been putting off? Motor City offers some of the best rates and flexible solutions to turn your goals into realities!

Contact us to start saving!

Non-Redeemable GICs - Special Rates (Rates effective 2020-06-18) Rates
15 Month Special 1.40%
30 Month Special 1.60%
45 Month Special 1.80%

Investing at Motor City

Motor City Community Credit Union offers you a wide variety of investment services to suit your specific wants and needs.

Below is a summary of what investment products and services are directly offered my Motor City and which are offered by our trusted partners.

A detailed description of each can also be found below. To learn more about any of our Investment options or our partners please contact your Financial Services Representative or your branch.

GICs & Index-Linked GICs | Provided by Motor City Expand/Collapse

About GICs

GICs (Guaranteed Investment Certificates) are investments which earn you a fixed rate of interest when you deposit your money for a specified period of time. Motor City offers redeemable term deposits (not locked in), which are usually short term deposits and also non-redeemable term deposits (locked in), which are usually longer term deposits.

Motor City provides competitive rates for both short term (20 to 364 days) and long term (1 to 5 years) deposits.

The principal and interest on your non-registered accounts (which includes GICs) is insured and guaranteed up to a maximum of $250,000.¹ To learn more click here.

GIC Rates

About Index-Linked GICs

If you are thinking of getting back into the investment market, but want the security of a term deposit with stock market gains, an Index-Linked GIC is an excellent investment option.
Index-Linked GICs offer unlimited earning potential with zero risk to your principal investment. Your investment will be locked in for a pre-determined period and linked to stock market performance. Returns are calculated based on the S&P/TSX 60 Index*, which tracks sixty foremost companies in leading industries in Canada.

You should consider investing in Index-Linked GICs if you:

  • Are looking for an investment where the principal is guaranteed
  • Want the potential return from the stock market
  • Are interested in an investment that offers the potential for a return higher than a term deposit
  • Accept that at maturity, there is a chance that you may only receive your principal investment amount with no return
  • Will not need to access your principal for the term of the deposit

Features and Benefits:

  • Low minimum deposit of $500.00
  • No commissions, management or administration fees
  • Unlimited potential
  • Choice of 3 or 5 year terms
  • Not redeemable prior to maturity
  • RRSP/TFSA eligible
  • Depositors are 100% protected by the Deposit Insurance Corporation of Ontario (DICO)
Track IL here: 5 year or 3 year

Index-Linked Info Sheet

*Standard & Poor's® and "S&P®" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Central 1 Credit Union and sublicensed by the Credit Union. "TSX" is a trademark of the Toronto Stock Exchange and has been licensed for use by Central 1 Credit Union and sublicensed by the Credit Union. The Product is not sponsored, endorsed, sold or promoted by Standard & Poor's or the Toronto Stock Exchange and neither party makes any representation regarding the advisability of investing in these deposits.

RRSPs | Provided by Motor City Expand/Collapse

RRSP Banner
Make the right decision for you.

Planning for your retirement years does not have to be difficult. With the help of a Motor City Community Credit Union financial specialist you will not only reduce taxes but increase your financial security.

A Registered Retirement Savings Plan (RRSP) is a savings plan that is registered with the Canadian government. Contributions to your RSP reduce your taxable income, which allows you to pay less tax now and build a larger retirement fund for the future.

All deposits made to registered savings plans are insured and guaranteed with no limit on the maximum amount. Deposits held in registered savings plans are separately insured form deposits held in other accounts. Registered savings plans include RRSP, LIRA, LIF, RDSP and TFSA. To learn more click here.

RRSP’s also offer features such as spousal options and withdrawals for life events such as your first home purchase or pursuing further education.

Considering a Spousal RRSP? Know the Basics

A spousal RRSP is a strategy where one spouse makes the contributions, but the other spouse “owns" the plan.

A Spousal RRSP might be a good plan for you if:

  • You have been making significant contributions to your RRSP over the years and are concerned about the taxes you will pay at retirement.
  • You are worried that your spouse many not have enough retirement income.
  • To check if you and your spouse are on track for retirement, please use the Retirement Planner calculator
Retirement Planner

With a Spousal RRSP, usually the individual who will have the higher retirement income (through company pension, CPP, etc.) refrains from maximizing his/her own RRSP and instead contributes to a Spousal RRSP.  Upon retirement, income from the Spousal RRSP is paid to the spouse, ensuring a more independent lifestyle for that partner.

Speak to your Motor City Community Credit Union financial specialist today to find out why you should invest in a Spousal RRSP.

RRSP Rates

All RRSP annuitants please be aware that there is an updated Declaration of Trust that can be found here.

TFSAs | Provided by Motor City Expand/Collapse

A Tax-Free Savings Account (TFSA) is a registered savings account that you earn interest income tax-free inside the account! Let’s say you invested $1,000 in your TFSA last year and you earned $30 in interest after the year was over. You don’t have to pay taxes on that $30, it’s all yours!

A total of $6,000² can be contributed for 2020 and the current maximum cumulative amount that can be held in a TFSA account as of January 1, 2020 is $69,500.

2019-2020 TFSA Brochure

TFSA Eligibility

Any individual person (not trusts or corporations) who meets all the following three requirements is eligible to open a TFSA:

  • Resident in Canada, and
  • 18 years of age or older, and
  • Holds a valid Social Insurance Number (SIN).

There is no maximum age limit to open or hold a TFSA and a person may hold more than one TFSA.

TFSA Contribution Limit

The individual owning the TFSA is the 'Holder'. Contributions to a TFSA may only be made by the Holder and the amount is not tied to the income of the Holder.

  • $6,000² is the annual TFSA dollar limit for the year 2020
  • Contributions are not tax deductible
For more information about TFSA contributions click here.

TFSA Rates

RRIFs | Provided by Motor City Expand/Collapse

A RRIF (Registered Retirement Income Funds) is a retirement fund that you establish and that we register in order to provide income during your retirement. You transfer property into a RRIF from a Registered Retirement Savings Plan (RRSP), Registered Pension Plan (RPP) or from another RRIF.

With a RRIF,you decide the amount and frequency of income you receive.  Motor City Community Credit Union offers the following investment channels for your RRIF:

  • Term Deposits
  • Mutual Funds
  • Online Brokerage offered through Q-Trade

Please use the RRIF calculator to see what your payment may look like or how much you can expect to earn in interest.

RRIF Calculator

RRIF Rates

All RRIF annuitants please be aware that there is an updated Declaration of Trust that can be found here.

RESPs | Provided by VirtualWealth® Expand/Collapse

A RESP is a government-registered savings plan that helps you save for a child’s post-secondary education. And the federal government can add to your savings with education grants.

Plus, your savings grow tax-deferred until withdrawn. When the student withdraws the investment income and grants for educational purposes, the withdrawals are taxed in the student’s hands, typically at a lower rate.

VirtualWealth® will place your funds in a balanced portfolio based on your risk tolerance to help your RESP funds prosper.

Get Started Today!

VirtualWealth is a trade name of Qtrade Securities Inc., Member of the Canadian Investor Protection Fund.

Digital Advice | Provided by VirtualWealth® Expand/Collapse

Virtual Wealth Header Image

Digital advice from VirtualWealth®

Invest your money, not your time.

Digital advice, or robo-advice, from VirtualWealth is a simple and convenient online investing service that provides you with a professionally managed, low-cost portfolio to match your personal financial goals.

Getting started is easy. Tell us a little about yourself and your goals and decide how much you want to invest. VirtualWealth will invest your money in a well-diversified portfolio of exchange-traded funds (ETFs). Your portfolio is continuously monitored and automatically rebalanced, so you don’t need to spend time selecting or adjusting your investments.

VirtualWealth provides:

  • A professionally managed portfolio with a carefully designed asset mix to suit your requirements
  • Automatic rebalancing to keep your investments on track, no matter what happens in the markets
  • Friendly support from knowledgeable representatives by email and phone
Get started with VirtualWealth today.

A service you can trust

VirtualWealth is part of Qtrade Financial Group, the team behind Qtrade Investor, one of Canada's top-ranked online brokerages (according to The Globe and Mail, MoneySense and Surviscor), and the asset manager OceanRock Investments Inc., which has been recognized for fund performance and management quality with awards from Morningstar and Fundata Canada. That technology and investing expertise goes into making VirtualWealth a user-friendly, secure and stable service that you can rely on.

Get Started Today!

VirtualWealth is a trade name of Qtrade Securities Inc., Member of the Canadian Investor Protection Fund.

Stocks & Mutual Funds (Online Investing) | Provided by Q-Trade Expand/Collapse

We are pleased to partner with Qtrade Investor - Canada’s leading independent online brokerage. Qtrade Investor has been named the best online brokerage in Canada by The Globe and Mail in their 2016 survey.

Whether you currently use an online broker or are interested in doing so, Qtrade Investor is our online brokerage of choice. Qtrade Investor offers you, among other things:

  • Market-leading service and support
  • A full range of investments including stocks, options, mutual funds, and fixed income securities.
  • Comprehensive investment tools and research, news, real-time quotes, portfolio watchlists, email alerts and more.
  • Low trading commissions.
  • Easy electronic funds transfer to and from your chequing account.
  • Registered accounts for your investments (TFSA, RRSP, LIRA/LRSP, RESP, RRIF, and LIF)
Open An Account

Qtrade Investor is a division of Qtrade Securities Inc., member IIROC and CIPF.

¹Principal and interest is guaranteed by the Deposit Insurance Corporation of Ontario (DICO). The role of DICO is to protect depositors of Ontario credit unions. Deposit insurance is part of a comprehensive protection program in all Ontario credit unions which is backed by provincial legislation. If you would like to know more about DICO or have a question about the insurance of your deposits, please contact DICO at 1-800-268-6653 or visit their website by clicking here.

²The annual contribution limit for TFSAs is set by the Government and can change every year. For more information about TFSA contributions click here.


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Rate Specials

Non-Redeemable GICs - Special Rates (Rates effective 2020-06-18)
15 Month Special 1.40%
30 Month Special 1.60%
45 Month Special 1.80%