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Periodic Savings and Investment Plan - The Goal Getter

The Periodic Savings and Investment Plan (PSIP) is a tool that helps you put money aside on a regular basis.

For your short- and medium-term projects, the Goal Getter plans can make a difference in achieving your savings objectives.

For your long-term project, the Investment Plan (PAC) might be a better solution.

THE GOAL GETTER
The Goal Getter plans allow you to put aside a predetermined amount of money on a weekly or monthly basis and over a predetermined period of time.

Advantages:

  • Ease: It’s much simpler to put aside a small amount on a regular basis than a large one-time amount. As your payments are made automatically, you can grow your savings without thinking about it.
  • Flexibility:The Goal Getter plans offers you more flexibility. You choose how much and how often you want to save. Modify the program or cancel it altogether at any time.

Two plans are available:

  • Budget Plan
  • Security Plan

  THE GOAL GETTER11
  Budget Plan Security Plan
Your need
  • To achieve a short-term project
  • To cope with unexpected expenses
  • To achieve a medium-term project
  • To build an emergency fund
Horizon Short term Medium term
Eligible to a registered account (RRSP, TFSA) No No
Duration 1 year 5 years
Return None Low
Minimum payment $10/week
$50/month
$25/week
$100/month
Payment frequency Weekly, monthly Weekly, monthly
Modifications allowed
  • Payment
  • Payment suspension
  • Additional contribution
  • Payment
  • Payment suspension
  • Additional contribution
Annual statement of account Yes Yes
Automatic renewal Yes No
Payments can be made by an individual other than the beneficiary Yes Yes
Monthly fees No No

Summary

This product is suited for you if:

  • You are seeking a simple and efficient savings tool;
  • You want to adopt sound savings habits.

This product is not suited for you if:

  • You don’t have any difficulty to save.

 

* Trademark of Visa International Service Association and used under licence.

Legal notice

1. For further information about this service and banking fees, please refer to the “My Money” fee schedule guide.

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