CHF BC’s Co-operative Housing Interest Pool (CHIP) with Vancity provides member 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 3.55%. Regular business depositors earn little or nothing on similar accounts.
The Bank of Canada increased the key interest rate on September 8, 2022, by another .75% in an attempt to control inflation that is costing consumers more for food, gas, and building materials. Financial institutions are slowly increasing lending rates to bring stability to the financial sector and cool the red-hot real estate markets across Canada. As rates are rising, the CHIP rate of 3.55% is good news for co-ops as it provides above-market returns on your operating and savings accounts and continues to create value for your membership dues.
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 firstname.lastname@example.org.