RESPs

Youth Education Savings Plan

Say YES to your child’s future with a Y.E.S. RESP.

With the help of a Registered Education Savings Plan (RESP) you, as a parent, friend or family member, can start putting aside money for a child’s post-secondary education.  Bow Valley Credit Union offers you two options to help you save.

Y.E.S. Variable Rate Savings Account

With a minimum balance of $100 and a minimum monthly contribution of as little as $25, it’s easy to save for your child’s education!

Your variable rate Y.E.S. Savings account will earn a superior rate of interest. Interest is calculated on the full balance, accrued daily and paid on a quarterly calendar basis.

Y.E.S Fixed Rate Investment

This fixed term investment is available for terms of 1 to 5 years. Interest is compounded so you’ll see fast growth with interest earned upon interest.

The Y.E.S. Fixed Rate Investment is non-redeemable. The minimum balance is $500. (Some early redemption exceptions apply; ask for details.)

How to Open and RESP

Opening an RESP is not difficult. In fact, it only takes two simple steps:

  • Apply for a Social Insurance Number (SIN) for the child.
  • Choose the RESP option that’s right for you and visit your local branch.  We’re happy to get you started off right!

Y.E.S RESP Hot Tips

Tip #1: When making RESP contributions for your child, remember to ask about provincial and federal grants. These grants can add up to a great deal for your child’s education!  For more information about the Canada Education Savings Grant refer to the Canlearn web site at http://www.canlearn.ca/eng/saving/index.shtml

Tip #2: If you receive monthly child benefit payments, consider investing this money in RESP’s. You’ll be surprised how quickly the savings add up!

 

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