Valley First

After Grad Bonus™

This account is right for you if:

  • you want to get them out of the house faster.
  • you want to save for your child's future.
  • you like being rewarded with bonus cash!

$1000bonus*

$100minimum
monthly
deposit

Overview

Now you can get them out of the house faster! With a $1,000* bonus from Valley First toward your child's future, you’re even closer to your savings goals than you think.

Here’s How It Works

  1. Set up a After Grad Bonus™ Account to save for your child's future with an initial deposit of either $100 (up to age 7) or $1,000 (age 7-11).
  2. Make monthly deposits (min. $100) to your After Grad Bonus™ Account until your child turns 18 years old.
  3. We’ll add a $1,000* bonus to the savings you’ve already accumulated in your After Grad Bonus™ Account—which they can use towards education, travel, or even a new car.

Key Benefits

  • Set up is quick and simple
  • You'll receive a great interest rate on all your deposits
  • You only need to contribute $100 monthly as a minimum—a great way to take the pain out of saving
  • You can use your After Grad Bonus™ in addition to any RESP's you have.
  • Unlike an RESP, your child does not have to be enrolled in post secondary education to receive the bonus!

Terms

The After Grad Bonus™ account provides the opportunity to receive up to a $1000 credit (the “Credit”) from Valley First, a division of First West Credit Union (“Valley First”) by meeting monthly savings requirements until a child turns 18 years of age.

Terms and Conditions

  1. To register to receive the After Grad Bonus™ account Credit a member must:
    1. Open a new After Grad Bonus™ account before the 12th birthday of a designated child (the “child”).
    2. Provide required identification for all account holders.
    3. Deposit an initial $100 to the After Grad Bonus™ account if the child is under age 7. If the child is aged 7 to 11 then an initial deposit of $1000 must be deposited to the After Grad Bonus™ account.
  2. The Credit is for a maximum amount of $1000 after the account has remained open until the child’s 18th birthday and the minimum required balance and monthly contributions have been satisfied throughout.
  3. An account owner is eligible to skip one monthly contribution per 12 calendar month period beginning the calendar month in which the account was opened.
  4. In order to qualify for the Credit a member must:
    1. Set-up a recurring monthly transfer from an Valley First Chequing account to the After Grad Bonus™ account.
    2. Deposit at least $100 per month to the After Grad Bonus™ account and maintain the minimum required balance until the child’s 18th birthday.
    3. Maintain the minimum required balance and keep the account in good standing until the child’s 18th birthday.

    Schedule of the minimum required balance if child is under age 7 at time of account opening.

    Month Minimum Required Balance Month Minimum Required Balance
    1 $100 48 $4,400
    6 $500 60 $5,500
    12 $1,100 120 $11,000
    24 $2,200 180 $16,500
    36 $3,300 216 $19,800

    Schedule of the minimum required balance if child is age 7 to 11 at time of account opening.

    Month Minimum Required Balance Month Minimum Required Balance
    1 $1000 48 $5,300
    6 $1,400 60 $6,400
    12 $2,000 96 $9,700
    24 $3,100 120 $11,900
    36 $4,200 144 $14,100
  5. The minimum required balance is calculated each month by:

    1. If the child is under age 7 at time of account opening; taking $100 multiplied by (A) the number of calendar months the account has been opened minus (B) the number of full annual periods (12 consecutive months including month of account opening) that the account has been opened, plus (C) 1 if it is the last consecutive month of an annual period (example: month 12, 24 or 36) otherwise 0, minus 1. This calculation takes into account an allowable one missed payment per annual period

      $100 X {A - B + C - 1}

    2. If the child is age 7 to 11 at time of account opening; taking $100 multiplied by (A) the number of calendar months the account has been opened minus (B) the number of full annual periods (12 consecutive months including month of account opening) that the account has been opened, plus (C) 1 if it is the last consecutive month of an annual period (example: month 12, 24 or 36) otherwise 0, minus 1, plus $900. This calculation takes into account an allowable one missed payment per annual period.

      ($100 X {A - B + C - 1}) = $900

  6. If three consecutive monthly deposits have been missed Valley First reserves the right to close out the After Grad Bonus™ account. At this time any balance remaining in the After Grad Bonus™ account will be credited to a demand account with the same ownership structure as the After Grad Bonus™ account and no Credit will be paid.
  7. Only one account can be opened per child.
  8. Only one Credit will be paid per child.
  9. Individuals will be wholly responsible for any tax implications that receiving the bonus Credit may incur.
  10. The Credit will be made to the demand account with the same ownership structure as the After Grad Bonus™ account within 30 days after the child’s 18th birthday.
  11. Valley First reserves the right to discontinue the After Grad BonusTM account at any time. If discontinued 30 days notice will be given and individuals will be eligible for a pro rated Credit. The prorated Credit will be calculated by; dividing (A) the amount of annual periods an account has been opened (partial periods are rounded up) by eighteen minus (B) the child’s age at the time the account was opened, multiplied by $1000.

    (A/18-B) X $1,000

  12. Upon the breach of any term of this Agreement by the account holder, Valley First reserves the right to close out the After Grad Bonus™ account. At this time any balance remaining in the After Grad Bonus™ account will be credited to the Chequing account from which the monthly contribution is scheduled to come from and the Credit will not be paid.
  13. The interpretation of any provision of this Agreement by Valley First will be final and binding on the account holder.

*Terms and conditions apply.

Ready to apply? Opening an account with us is easy!

New Member?

Apply for membership today so that you can take advantage of the After Grad Bonus™ contact us to set up an appointment to open your new After Grad Bonus™ Account!

Existing Member?

If you’re already a member, contact us today to set up an appointment to open your new After Grad Bonus™ Account—it's quick and simple!

Need More Info?

If you’d like to call us for more information, here is a complete list of our branch numbers.