Banking

Co-op Housing Interest Pool (CHIP)

Join the more than 150 CHF BC members that are already taking advantage of these program benefits. 

Through CHIP, your co-op can earn higher interest on your co-op's accounts.  CHIP turns several small co-op accounts into one large depositor, making them all eligible for better interest rates.  The larger the total amount on deposit, the higher the interest rate.  Currently there is over $70 million on deposit in CHIP through three participating credit unions.

What does CHIP mean to your co-op?

  • Higher returns on your co-op’s accounts
  • Secure savings
  • Ease of management and regular monthly statements
  • Ready access to your co-op’s money
  • Support for the co-op sector 

It’s your money – and it’s there when you need it!

Your co-op’s accounts will remain independent; they are simply identified as part of CHIP for interest and service charge calculation purposes.  You will continue to have easy day-to-day access to your money.  Most participating credit unions have no withdrawal notice or minimum deposit requirements.

Co-op funds eligible for CHIP

Each co-op is allowed a maximum of three CHIP accounts at each credit union.  Co-ops can deposit share capital, replacement reserve funds, and subsidy surplus in CHIP accounts.  Co-ops can have their operating accounts in CHIP too.

On the Mainland, CHIP is offered at all branches of Vancity, and CCEC Credit Union.  On Vancouver Island, it is available at Coast Capital Savings and Vancity. 

Deposit guarantee

Each co-op’s deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of BC.

CHIP interest rates & service charges

The CHIP rate paid to participating co-ops is based on the credit union’s prime lending rate, the total deposits in CHIP, and the percentage of interest paid to the credit union and CHF BC.  As the total balance increases and as the prime rate changes so does the interest rate paid to participating co-ops. 

Current CHIP rates

Please contact Arnold Sang for current rates.

How to join

CHIP is only available to CHF BC member co-ops.

For more information about CHIP, contact our Commercial Services Director, Arnold Sang.

 

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