Dreaming of Retirement? Special RSP Offer | PARAMA

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Dreaming of Retirement? Special RSP Offer

Your dream retirement is built on the investing you do today. Invest safely with GICs. 

Special RSP Offer - 1 Year GIC at 1.5%.

RSP Loans at Prime. 

Contact Joey by email or at 416-207-9239

Check out other great rates on Savings and Investments.

Get our Everyday Chequing Account for all your banking needs! Download and fill out our account opening package, email it to us and we'll be in touch to get you started. Or call one of our branches.

Terms & Conditions:

Great Rate RRSP Offer

  • PARAMA Credit Union’s Great Rate RRSP offer (“the offer”) of 1.5%** on a 1 year non-redeemable term deposit is available to Members who invest new money in the term deposit beginning January 19, 2021 to a registered plan.
  • The Member must meet the requirements for holding a RRIF, RRSP, RESP or TFSA.
  • The offer is available in branch or by virtual meeting/phone to new and existing Members. If you are an Ontario resident you may become a Member. Learn about Membership here, or give us a call. Transfers and deposits to new registered plans require original signatures. A deposit into an existing plan does not require an original signature and may be done by virtual meeting/phone.
  • The investment must be new to PARAMA with the funds having come from an external source over the past 30 days. Transfer of a registered product from another financial institution is eligible. The offer rate is an annual rate. Interest will be calculated daily and paid at the end of the term into the Member’s registered investment savings account.
  • It is the Member’s responsibility to verify that they have adequate contribution room in their registered product (RRIF, RRSP, TFSA, and RESP) prior to making an investment. Contribution room is the maximum amount you can contribute and is comprised of unused contribution amounts and withdrawals from previous years. Anyone who exceeds their contribution limit is subject to a tax penalty from the Canada Revenue Agency (CRA).
  • If funds are being transferred from another financial institution, the T2033 transfer form must be signed before March 1, 2021.
  • PARAMA will pay up to $100 in compensation for transfer charges for RSP funds transferred from another financial institution.
  • PARAMA Credit Union reserves the right at its sole discretion to, without advance notice, terminate or suspend the offer, in whole or in part, or modify it in any way.
  • PARAMA reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this offer to any Account holder it finds or believes to be manipulating or otherwise abusing the process, fairness or integrity of this offer.
  • Your deposits are safe and sound – Eligible deposits in registered accounts have unlimited coverage through FSRA - Eligible deposits (not in registered accounts) are insured up to $250,000. Read more about Ontario Credit Union deposit insurance here:  https://www.fsrao.ca/consumers/deposit-insurance-and-credit-unions

** APR. Rates are subject to change at any time​

 To take advantage of this offer please contact Joey Nicastro at 416-207-9239 x 220 or one of our Member Services Representatives.

PARAMA’s Instant RRSP Loan

All PARAMA members who have an existing RRSP with PARAMA, or open a new RRSP account, qualify for an instant RRSP loan providing the loan proceeds are deposited to an RRSP account at PARAMA.

  • Amount: $25,000 maximum
  • Amortization: one (1) year maximum
  • Minimum Rate: PARAMA’s Prime Rate 
  • PARAMA reserves the right to decline any loan request at its own discretion.