CHF BC’s Co-operative Housing Interest Pool (CHIP) with Vancity provides member co-ops with above-market interest rates on their operating accounts. Over 150 co-ops have combined deposits of more than $151 million in the pool. The current Vancity CHIP rate is now 4.10%. Regular business depositors earn little or nothing on similar accounts.

CHF BC’s Co-operative Housing Interest Pool (CHIP) with Vancity provides co-ops with above-market interest rates on their operating accounts. Almost 156 co-ops have combined deposits of more than $151 million in the pool. The current Vancity CHIP rate is now 4.10%. Regular business depositors earn little or nothing on similar accounts.

The Bank of Canada increased the key interest rate on October 26, 2022, by another .50%, in an attempt to control inflation, which is costing consumers more for food, gas, and building materials. Financial institutions are slowly increasing lending rates to stabilize the financial sector.

As rates are rising, the Vancity CHIP rate of 4.10% is good news for co-ops as it continues to provide above-market returns on your co-op’s operating and savings accounts and continues to create value for your membership dues. For example, a co-op with savings of $100,000 would earn interest of $4,100 a year, compared to only $1,750 in a regular Vancity business savings account. The difference is more than the average co-op’s annual membership dues.

The CHIP rates at other CHF BC partner financial institutions are currently:

• Coast Capital – 3.28%
• CCEC – 0.05%

This CHIP summary (pdf) provides more information about the program’s benefits and features.

If you have any questions about CHIP or any other group buying program, please contact our Commercial Services Director, Arnold Sang. He can be reached by phone at 604-343-2355 or by email at asang@chf.bc.ca.