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Periodic Savings Plan by instalments

A perfect way to accumulate savings and achieve your goals!

The Periodic Savings Plan (PSP) by instalments is a practical, flexible, effortless solution to gradually reach your savings objectives.

PSP by instalments is eligible for the Investment Savings Account, and is TFSA- and RRSP-eligible. Through it, you can invest your accumulated amounts in all Épargne Placements Québec productswith no management or administration fees.

The main advantages of PSP by instalments:

  • Periodic withdrawals for the amount (minimum of $10) and at the frequency (weekly, every two weeks or monthly) you choose, from an account with your financial institution.
  • Attractive interest rates that vary with the market, regardless of the amounts accumulated.
  • Interest calculated on the daily closing balance and compounded monthly.
  • Withdrawal amount and frequency can be changed any time.
  • Amount accumulated can be redeemed in whole or in part, at any time, by electronic transfer of funds.
  • Capital and interest fully guaranteed by the Québec government, with no time or amount limits.

More details

When offered: Continuously.
Issue date: Date of the first withdrawal.
Type of interest: Compound.
Payment of interest: Monthly capitalization (on the 15th of the month). Accrued interest calculated daily on the day’s balance.
Interest rate: Interest rate varies with the market, regardless of the amounts accumulated.
Minimum purchase amount: Minimum periodic withdrawal of $10.
Authorized purchasers: Persons or groups of persons or of properties, domiciled in Québec and subject to the rules of Québec law (natural persons, general or limited partnerships, legal persons, successions of persons, foundations and personal or social trusts).
Characteristics of withdrawals: Continuous withdrawals until terminated by the account holder. Withdrawals made weekly, every two weeks or monthly, as chosen by the account holder. Withdrawal amount and frequency can be changed at any time.
Redemption: Total or partial, any time the account holder wants: minimum amount of $10 or balance of the product. A holdback may apply to new amounts received, that is, within 3 business days for any amount of less than $100 and 10 business days for any amount equal to or greater than $100.
Eligible accounts: Investment Savings Account, tax‑free savings account (TFSA) and registered retirement savings plan (RRSP).
Assignment and transfer: The Bonds are assignable and transferable only under the conditions and in the cases provided for in the Regulation respecting savings products (CQLR, chapter A-6.001, r. 9), in particular in the event of divorce or death of the participant.
Hypothec: Not authorized.

Rates in effect