Dream One

Catalyst Credit Union would like to introduce you to an innovative way to manage your money that could save you tens of thousands of dollars in interest, without increasing your monthly payments — and you could be debt-free years sooner, too. This isn’t a gimmick — it’s for real. This is a genuine opportunity for you to save a significant amount of money, from a rock-solid financial institution of which you’re already a part owner.

Our Dream One account brings all your accounts together, applying the money you have on deposit against your debt. Money on deposit is still yours to spend — but, until you do, it reduces the amount you owe. You’ll pay interest on a smaller balance owing, and you’ll pay it at a lower overall rate. It’s that simple.

First, Let’s do something about that ‘balance owing’

If you’re a typical member, you’ll have a variety of accounts with us — some with positive balances (chequing and savings accounts, for example), and some with negative balances (any kind of loan, including mortgages, consumer or auto loans, lines of credit and so on). Each loan is handled in isolation from your other accounts, and each has its own payback terms and rate of interest.

Dream One brings all your accounts * together under one umbrella, effectively leaving you with a single overall balance — all your debt, less all the money you have on deposit at any given time. Your ‘balance owing’ — the amount of money you pay interest on — will fluctuate day-by-day, with every transaction you conduct. Overall, though, it will be less than before, because the amount you owe has been ‘reduced’ to reflect the funds you have on deposit.  For a visual demonstration, Click on the Dream One video.

* Excluding registered accounts (RRSPs, RESPs, RRIFs) and Tax-Free Savings Accounts (TFSAs)

Now, Let’s get you a better rate

Interest rates charged for borrowing can vary quite a bit, depending on the type and term of the loan, market conditions at the time it was opened, whether the rate is fixed or variable, and other factors. Rates for consumer and auto loans are typically a little higher, while mortgages — because they’re backed by significant collateral (your house) — will usually be comparatively lower.

Under the Dream One model, though, you’ll pay the same rate of interest on your entire balance owing — and, overall, it will be lower than what you’re paying now… it could even be lower than your current mortgage!

Day-To-Day Banking at its finest

Dream One is a complete solution for all your banking.

Call us today to see what the Dream One account can do for you! Click here to visit the Dream One Website

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