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March 18, 2010 | 07:46:41

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Deposit Accounts

Members interested in Deposit Accounts are also interested in:

Convenient Account chart to find the best account for you. Be sure to click the WHY WOULD I CHOOSE THIS ACCOUNT? links for more information on a specific account

Account Type	Rate	Minimum Balance	Interest Calculation	Access	Service Charges	Reporting	Other Features
Investor Savings WHY WOULD I CHOOSE THIS ACCOUNT?	Balance over $2500: 0.65% Balance under $2500: 0.10%	No minimum balance require although higher rates paid on balances over $2500	Calculated Daily and Paid Monthly	CU LINE™, CU NET™ and teller access. NO ATM access.	No monthly maintenance, deposit, withdrawal or transfer fees.	Statement mailed quarterly upon request	Insured by the Deposit Insurance Corporation of Ontario.
Tax Free Savings Account WHY WOULD I CHOOSE THIS ACCOUNT?	1.00% Interest earned is tax free – see below more for details	No minimum balance required	Calculated Daily and Paid Monthly	CU LINE™, CU NET™ and teller access. NO ATM access.	No monthly maintenance, deposit, withdrawal or transfer fees.	Account Statement mailed quarterly upon request NO PASSBOOK	Insured by the Deposit Insurance Corporation of Ontario.
Daily Interest Savings WHY WOULD I CHOOSE THIS ACCOUNT?	0.10%	Not Applicable	Calculated Daily and Paid Monthly	CU LINE™, CU NET™, teller, ATM and POS (debit) access.	No monthly maintenance, deposit, withdrawal or transfer fees.	Account Summary or Passbook Options Available Account Statement mailed quarterly upon request	Insured by the Deposit Insurance Corporation of Ontario. Payroll Deduction Available
Advantage 60 Account WHY WOULD I CHOOSE THIS ACCOUNT?	0.10%	Not Applicable	Calculated Daily and Paid Monthly	CU LINE™, CU NET™, teller access. NO ATM or POS (debit) access.	No monthly maintenance, deposit, withdrawal or transfer fees. Free money orders, travellers cheques (except cheques for two) stop payments, transfers and certified cheques.	Account Summary or Passbook Options Available Account Statement mailed quarterly upon request	Must be age 60 Insured by the Deposit Insurance Corporation of Ontario. Automatic 0.25% bonus rate on GICs. 25% reduction on safe deposit box rental fee.
Special Savings WHY WOULD I CHOOSE THIS ACCOUNT?	0.10%	Not Applicable	Interest paid at a variable rate and calculated on the minimum monthly balance and paid semi-annually.	CU LINE™, CU NET™, teller access. NO ATM or POS (debit) access.	No monthly maintenance, deposit, withdrawal or transfer fees.	Account Summary or Passbook Options Available Account Statement mailed quarterly upon request	Insured by the Deposit Insurance Corporation of Ontario. Payroll Deduction Available
Life Savings Account WHY WOULD I CHOOSE THIS ACCOUNT?	0.00%	Not Applicable	No interest paid.	CU LINE™, CU NET™, HMECU in-house ATM and teller access. NO INTERAC† ATM or POS (debit) access.	No monthly maintenance, deposit, withdrawal or transfer fees.	Account Summary or Passbook Options Available Account Statement mailed quarterly upon request	Insured by the Deposit Insurance Corporation of Ontario. Life insured up to $2000 at no cost to the member. Payroll Deduction Available
U.S. Savings Account WHY WOULD I CHOOSE THIS ACCOUNT?	0.00% Interest is higher if a balance of $2500 is maintained in the account.	Not Applicable	Calculated Daily and Paid Monthly	Available Transactions include: Deposits, withdrawals, transfers to and from Canadian account at a teller, CU NET™ or CU LINE™, US travelers cheques and money orders. THERE IS NO CHEQUING, ATM OR POS (debit) ACCESS	No monthly maintenance, deposit, withdrawal or transfer fees.	Account Summary or Passbook Options Available Account Statement mailed quarterly upon request	Deposits are NOT Insured by the Deposit Insurance Corporation of Ontario.

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"INTERAC® Trade-mark of Interac Inc. Hamilton Municipal Employees Credit Union Limited authorized user of the Trade-mark"

Account Descriptions:

Investor Savings Account
This premium rate daily interest savings account is ideally suited to members who maintain a higher balance in their savings account but need (or want) to have access to those savings at any time.

Click here for brochure

Tax Free Savings Account

Here’s some of the basics about the new Credit Union TFSA:

Beginning in 2009, Canadians aged 18 and older can save up to $5,000 every year in a TFSA.
Contributions to a TFSA will not be deductible for income tax purposes, but investment income, including capital gains, earned in a TFSA will not be taxed, even when withdrawn.
Unused TFSA contribution room can be carried forward to future years.
You can withdraw funds from the TFSA at any time for any purpose
The amount withdrawn can be put back in the TFSA at a later date without reducing your contribution room.
Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits.
Contributions to a spouse's TFSA will be allowed and TFSA assets can be transferred to a spouse upon death.

Download Brochure

Daily Interest Savings Account
This daily interest savings account is automatically opened with a new membership and forms the foundation of a relationship with HMECU. This account is a simple to manage and work perfectly with other HMECU products, GICs automatically renew to the account and loan payments can be made automatically. Payroll Deduction Available

Advantage 60 Account
If you are over 60 years of age this account provides significant value. Earn a higher rate of interest on your savings and enjoy many other cost saving benefits, including discounts on safe deposit boxes and rate bonuses on GICs.

Special Savings
This account is ideally suited to as a tax account or for Mutual Fund EFTs. This account offers convenient regularly scheduled savings without excessive service charges. Payroll Deduction Available

Life Savings
If you have funds on deposit in this account at the time of death, the life insurance will pay into the account either $2000 or the amount on deposit at the time of death, whichever is less. THE AGE OF THE MEMBER ON THE DATE OF DEPOSIT OR ON THE DATE OF DEATH IS NOT A FACTOR. Payroll Deduction Available

U.S. Savings Account
Ideal for members looking for a true US dollars daily interest savings account.