Investment

CHIP                  AHIP

Co-operative Housing Interest Pool (CHIP)

CHIP has been one of CHF BC’S most popular member services since it was created by CHF BC in 1985.

Through CHIP, you can earn higher interest on your co-op’s operating accounts.  CHIP turns several small co-op accounts into one large depositor, making them eligible for better interest rates.  The larger the total amount on deposit, the higher the interest rate.  Currently there is over $30 million on deposit in CHIP through four 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.

On the mainland, CHIP is offered at all branches of VanCity, CCEC and Prospera Credit Unions.  On Vancouver Island, it is available at Coast Capital Savings and VanCity. 

Deposit Guarantee

Each co-op’s deposits are guaranteed by the Credit Union Deposit Insurance Corporation of BC to a maximum of $100,000 at each credit union.

 

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 so too, does the interest rate paid to participating co-ops.  Service charges are based on the number of units in your co-op and charged as one low monthly fee.

 

Current CHIP rates

Please contact our Commercial Services Director, Julie Hunter for current rates.

 

How to Join

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

To join or get more information about CHIP, contact our Commercial Services Director, Julie Hunter.

 

Affordable Housing Investment Program (AHIP) 

The Affordable Housing Investment Program (AHIP) was started by CHF BC in 2004 when Phillips, Hager & North (PHN) was selected as the program’s investment managers.

After three years as AHIP’s investment managers, PHN concluded that the cost of delivering the program was too high and the asset growth too low to justify continuing in its current role and served notice that it was terminating its involvement in the program. 

PHN will not be accepting new clients in AHIP.  If your co-op has investments with PHN through AHIP you are welcome to continue to work with them on an independent basis.

CHF BC is committed to developing a comprehensive, long-term investment program for member co-ops.  We believe that sound asset management strategies are the cornerstone of our sector’s financial viability and are determined to help our members find the right combination of prudent asset growth and risk management.

We will keep you advised of our efforts to develop alternative arrangements for the delivery of AHIP.  If you should have any questions in the meantime, please contact Julie Hunter, our commercial services director, at 604-879-5111 (extension 138) or jhunter@chf.bc.ca.

 

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