Term Deposits

Earn a Higher Return on Your Savings

A term deposit, or Guaranteed Investment Certificate (GIC), is an investment that offers a guaranteed rate of return over a fixed period of time.

HMECU is pleased to offer members a wide range of market-competitive fixed rate term deposits with terms from 30 days to 5 years. At HMECU, all fixed rate term deposits are principal and interest guaranteed and your deposit qualifies for deposit insurance protection.

Some fixed rate term deposits are eligible to be held in registered plans, depending on the term selected. For registered deposits, the funds at maturity are automatically reinvested into the same term with the current posted interest rate.

For more information on any of the investment products below, please visit or contact your branch.

Short-term

Short-term Deposits

  • 30 to 364 day terms
  • $2,500 minimum balance
  • Not redeemable prior to maturity
  • Interest is paid into the term deposit at maturity
  • At maturity, you can choose to reinvest the principal and interest or reinvest the principal and pay the interest into your savings account
  • Details of your term deposits are accessible at anytime in branch or through online banking

Long-term

Long-term Deposits

  • 1 to 5 year terms
  • Not redeemable prior to maturity
  • Interest is paid into the term deposit annually on the anniversary date
  • Optionally, you may have the interest pay into your savings account annually on the anniversary date
  • At maturity, you can choose to reinvest the principal and interest or reinvest the principal and pay the interest into your savings account
  • Details of your term deposits are accessible at anytime in branch or through online banking

Rate Riser

Rate Riser Term Deposits

A Rate Riser term deposit is an excellent investment alternative during times of low interest rates as you are assured that each year your interest will increase.

The Rate Riser term deposit is only available for a 5 year term. Your initial deposit will start at a base interest rate for the first year and then the interest rate will climb 1/2% per year until maturity.

For example:

Year 1: 0.75%
Year 2: 1.25%
Year 3: 1.75%
Year 4: 2.25%
Year 5: 2.75%

Index-linked

Index-Linked Term Deposits

If you have always wanted to invest in the stock market without risking your principal investment, now you can with an HMECU Index-Linked term deposit.

An Index-Linked term deposit benefits you by providing a safe way to participate in the Canadian Equity Markets. There is no risk to your principal investment because your principal deposit is guaranteed. Your return is based on a calculation of the average monthly value of the S&P/TSX60 Index during the term versus your effective start date.

You have the potential for higher returns versus traditional term deposits with no downside risk. The S&P/TSX 60 Index is a well-diversified portfolio made of 60 large publicly traded Canadian companies. Index-Linked term deposits are eligible to be held in registered plans, specifically TFSA's and RRSP's.