A Desjardins RRSP can be a smart choice for Desjardins clients trying to plan for their future. As with all Registered Retirement Savings Plans (RRSPs), this account offers a tax-free home for any retirement savings, with room and opportunity to add several types of investments – as long as it stays within the government-set annual contribution limits.
While most features of a Desjardins RRSP remain consistent with most other RRSP options out there, it does offer the opportunity to use any BONUSDOLLARS as RRSP investments. So if you already have a Desjardins credit card, you can essentially use your credit card to help fund your retirement.
Desjardins RRSP features
Have a look at the main features of a Desjardins RRSP.
Why You Want It
Convert BONUSDOLLARS into RRSP investments + Get flexible options.
Special Features
- Contribute to your RRSP with BONUSDOLLARS
Eligibility
- Age of majority
- Canadian resident
- Under 71 years old
- Be a current Desjarins client
Provinces
ALL
GIC Rates
Cashable
1 year
2.15%
Non-Cashable
1 Year
2.7%
2 Years
2.75%
3 Years
2.8%
4 years
2.9%
5 years
3.15%
6 years
3.15%
7 years
3.15%
8 years
3.15%
9 years
3.15%
10 years
3.15%
Features
Self-directed RRSP Platform
Desjardins Online Brokerage
Self Directed Base Fee (Dollar)
$0
Self Directed Base Fee (Percentage)
N/A
RRSP GICs List
- Market-linked
- Non-Cashable
- Cashable
- US Dollar
Self-directed Available?
RRSP GICs Available?
RRSP Mutual Funds?
See Issuer for Details
RRSP Portfolios?
RRSP Savings Account?
Min RRSP Savings Account Interest Rate
0.65%
Max RRSP Savings Account Interest Rate
0.65%
Promotion
N/A
Promotion End Date
N/A
Average Mutual Fund MER
N/A
Investment Portfolios Fees
See Issuer for Details
Desjardins RRSP product rating: 5.0 stars
The Desjardins RRSP offers a wide range of investment options for your RRSP in one place, making it easier to save for your retirement. You can choose between a variety of investments, and even convert your BONUSDOLLARS into contributions.
If you live outside of Quebec, though, Desjardins may not be your first choice of financial institution, and therefore not a top option for an RRSP.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of a Desjardins RRSP
Here's what to look forward to with a Desjardins RRSP.
Pros
Tax sheltered and tax deductible
Any contributions you make to your Desjardins RRSP are tax deductible, and the funds can sit there, free from being taxed, until you're ready to withdraw your money. And by the time you do retire and withdraw those funds, you'll likely be in a lower tax bracket and will therefore be required to pay less taxes anyway.
Easy and quick online setup process
If you're already a Desjardins client, you probably already have an AccèsD online account, which makes it quite simple to open an RRSP. Simply log into your account, click "Contribute Online," choose your investment type(s), and decide whether or not you'd like to set up automatic transfers. Or, if you prefer, you can call Desjardins and do this over the phone or in branch.
Ability to convert BONUSDOLLARS into RRSP investments
Those with select credit cards from Desjardins earn between 0.5% and 3% BONUSDOLLARS rewards points on their spending. Among the various options for redeeming these points is converting them into investments for your RRSP. This is a surprisingly unique option not offered by many other credit card providers.
The cons of a Desjardins RRSP
Here are a few areas where we think the Desjardins RRSP can improve.
Cons
Withdrawal creates a tax penalty
Unfortunately, withdrawing funds from your Desjardins RRSP will trigger a tax penalty. Usually, account holders only withdraw once they've reached retirement and are therefore in a lower tax bracket, which means less tax to pay. This isn't always the case, though, and withdrawing your money can mean taking a hit.
Limited nation-wide presence for Dejardins
If you prefer to visit a branch, speak to someone face-to-face, do all of your banking in one place, and you don't live in Quebec, a Desjardins RRSP may not be the right choice for you. While they do have multiple locations, ATMs, and services in Quebec, there are only partner ATMs in most other provinces.
Desjardins RRSP alternatives
Here's how Desjardins RRSP options compare to other banks on the market.
 |  |  |  | |
|---|---|---|---|---|
| Account | Desjardins RRSP | Scotiabank RRSP | BMO RRSP | TD RRSP |
| Genius Rating | ||||
| Why You Want It | Convert BONUSDOLLARS into RRSP investments + Get flexible options. | Grow your money tax sheltered + Get plenty of investment flexibility. | Secure your retirement with a big bank + Track your investments in one place. | Wide selection of investment options + Enjoy tax-deferred growth. |
| GIC Rates | Cashable
Non-Cashable
| Cashable
Non-Cashable
| Cashable
Non-Cashable
| Cashable
Non-Cashable
|
| Self-directed RRSP Platform | Desjardins Online Brokerage | Scotia iTrade | BMO InvestorLine | TD Direct Investing |
| Self Directed Base Fee (Dollar) | $0 | $9.99 | $9.95 | $9.99 |
| Self Directed Base Fee (Percentage) | N/A | N/A | N/A | N/A |
| RRSP GICs List |
|
|
|
|
| Self-directed Available? | | | | |
Show More | ||||
| Open an account See more Desjardins products Compare | Learn More See more Scotiabank products Compare | Learn More See more BMO products Compare | Learn More See more TD products Compare |
FAQ
What is a Desjardins RRSP?
A Desjardins RRSP is a Registered Retirement Savings Plan offered by Canadian cooperative financial group, Desjardins. With a heavy presence in Quebec, Desjardins offers a variety of financial products and services, including this RRSP option. You can see the features of a Desjardins RRSP here.
Is there a penalty for a Desjardins RRSP withdrawal?
As with all RRSPs, Desjardins RRSP account holders will have to pay taxes on any funds they withdraw. There are, though, specific circumstances where you can defer taxes on a withdrawal, such as if you're using the funds to purchase a home through the Home Buyers' Plan.
Where can I find a Desjardins RRSP contact number?
You'll find contact numbers on the Desjardins website that will direct you to service agents ready to discuss your Desjardins RRSP or any other of their products and services.
Is there a Desjardins RRSP transfer fee?
Since the only transfers you can do with a Desjardins RRSP is to transfer funds into the account, there are no fees for doing this, unless you do so at an ATM. In this case, there may be a fee charged and the amount depends on the type of account you're transferring from.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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