Toronto-based Luminus Financial Services & Credit Union Ltd. Monday announced a new personal investment savings account (ISA) rate of 1.75% without any required minimum balances.
“The rate, which is the highest at any credit union or bank in Ontario, takes effect immediately for existing accounts and new deposits,” according to the firm’s statement regarding the announcement.
Prior to this move, only members whose investment savings accounts held a minimum of $100,000 were eligible for a rate of 1.75%.
“We hope this new across-the-board ISA rate will continue to demonstrate our commitment to our members and the growth Luminus has in the sector,” says George De La Rosa, CEO of Luminus Financial.
The firm makes this announcement two months prior to the opening of its new financial hub in downtown Toronto, which promises to provide a one-stop shop for banking, wealth management, insurance and foreign exchange.