Friday, May 16, 2008
Fat Cat | Head Start | StudentCHOICE | Education Loan | Student MasterCard
Fat Cat Savings Account: For ages 0 to 11
This savings account is for any child up to and including the age of 11 who wants to save money and learn how to manage a bank account. All deposits and withdrawals are free of charge. Interest is calculated on the daily closing balance and is paid monthly.
Head Start Savings & Chequing Account: For ages 12 to 17
This basic savings/chequing account is for youth members aged 12 to 17. All debits including cheques, in-branch and Macleod Savings' ATM withdrawals and Interac Direct Payment purchases are free of charge. The account also includes free standard personalized cheques (maximum of 400 per year). MemberCards are available on this account. Interest is calculated on the daily closing balance and is paid monthly.
StudentCHOICE Account
If you’re under 26 years of age and enrolled in a College, University or Technical School with a minimum 60% full-time course load, the StudentCHOICE Account is a great choice to save you money.
For a Low monthly fee of $2.95, you receive:
Interest accrues daily on your closing balance and is paid monthly into your account.
After you graduate, leave school, or if your enrollment becomes less than 60% of a full course load, you receive a 6 month grace period before you’re switched to full service charges.
If you qualify for the StudentCHOICE Account, you may also qualify for our education loans designed with students in mind.
Education Loan
The Macleod Savings & Credit Union Education Loan offers you a maximum annual disbursement amount of $7,500 per year, to a total maximum of $30,000 which can be funded by way of a term loan or line of credit.
You need only make monthly interest payments while you’re enrolled in school.
Funds can be used for living allowances, tuition, books, computer purchases, etc.
After you graduate, leave school, or if your enrollment becomes less than 60% of a full course load, you receive a 6 month grace period during which you continue to pay interest only. Monthly payments of principal & interest begin after the 6 month grace period, for a maximum term of 15 years depending on your financial situation.
To qualify for the loans in the package all applicants must satisfy the credit union’s standard credit criteria. Students who cannot meet the lending criteria on their own can apply with a guarantor such as a parent.
Student MasterCard Credit Card
If you’re 18 years of age or older and are pursuing a post-secondary education in Canada, you may be eligible for a Student MasterCard with a limit of between $500 and $1000.
In order to qualify, your annual income must be at least $1,200 (including wages, grants, bursaries, etc.). Your credit bureau report must be good (you may qualify even if you have no credit report at all).