Solidarity Savings
Solidarity Savings:
A savings account that unions can count on.
It helps unions come together, confidentially pool their funds, and receive an interest rate that’s exclusive to the pool. The more unions that participate in Solidarity Savings, the greater the potential return for all. And joining now means taking advantage of the highest interest rate available under the program.
This program is a collaboration with VCIB and Union Savings, Canada’s only not-for-profit, union run, members’ benefit program.1
Benefits
- Pools your funds with other unions and gives you a higher return compared to savings accounts in other financial institutions
- Provides a savings and investment option for your reserves and strike funds, keeping the money secure and available when needed without locking access to it.
- Provides an opportunity for organized labor to benefit from working together, while supporting values-aligned work in the community, such as investing in affordable housing, housing and work coops, loans to front-line community organizations, and more
Features
- Withdraw funds anytime without fees or penalties to your union
- Has a variable interest rate to ensure you benefit if the prime rate increases.
- Comes with a confirmed rate until end of 2023 giving you confidence for long-term planning.
- No management fees.
- VCIB is a member of Canadian Deposit Insurance Corporation (CDIC), and deposits are eligible for deposit insurance.
What’s an investment pool?
When unions come together under the same program, the bank counts their collective balances as a total “pool” and sets an interest rate exclusive to this pool. The greater the participation in the pool, the higher the interest.
How it works.
It is a pooled investment program, meaning each union deposits their reserves, building reserves, or strike funds into their own Solidarity Savings accounts, and VCIB counts the totals held in these accounts as one investment pool with an interest rate based on that total. The more funds included in the pool, the higher the interest rate.
Plus, the investment pool contributes exclusively to impact lending, meaning your resources circulate to support a more resilient and progressive local economy. Both VCIB and our parent organization, Vancity, is one of the largest financial coops in Canada, are committed to building a clean and fair world for all — and that includes the labour movement.
Participating Unions
Interest Rate tier.
In 2022, the Program reached the highest tier, meaning that all existing and new participants immediately benefit from the highest intertest available under the program. Whether the deposit size is $25,000 or $2,500,000, small and large unions across Canada benefit equally from the interest rate applicable to the entire pool.
| Investment pool balance tier* | Interest rate for the pool is VCIB Prime minus: | Current Interest rate2 |
| $0 – $999,999 | 1.95% | 5.25 % |
| $1,000,000 – $4,999,999 | 1.80% | 5.40 % |
| $5,000,000 – $9,999,999 | 1.70% | 5.50 % |
| $10,000,000 – $20,000,000 | 1.60% | 5.60 % |
Our Alignment with the Labour Movement
For over 75 years, VCIB and Vancity have been working together to put people first.
Vancity is one of Canada’s largest financial co-op’s and has over 555,000 members and $33 billion in assets. As a subsidiary, VCIB promotes Vancity’s values and financial tools across Canada to help make a positive impact on people and banking.
VCIB has played an active role in people and labour movements by:
- Being a founding member of both the Living Wage Campaign and Poverty Reduction Campaign
- Helping champion union training centres and the BC Centre of Women in the Trades
- Collaborated with the Electrical Joint Training Committee
Download our Solidarity Savings Information package to learn more.
Affordable Housing HISA
To download the Affordable Housing HISA Package, please fill out the following form.
Frequently Asked Questions
What type of organizations qualify for this product?
This product is available to organized labour, 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.
How is the interest calculated?
Multiply the relevant interest rate (5.1% as of October 2023) from the table above by your end-of-month balance. Then, divide by 12 to calculate your monthly interest. For example, $100,000 of your reserves held in a Solidarity Savings account, will earn $421 in monthly interest.
Is the money locked in?
No, your money is available whenever you need it. It is not locked in any committed time frame.
What if I forgot my password or do not have one?
If you have forgotten your password, it can be reset by your online banking administrator.
Are there penalties to withdraw?
No.
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?
Solidarity Savings functions like a typical savings account. 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?
VCIB can open accounts virtually for Canadian-based organizations.
Vancity Community Investment Bank is a member of CDIC and is a Certified B CorpTM