SOURCE: Luminus Financial

Luminus Financial

April 20, 2015 08:00 ET

Luminus Financial Announces Highest Personal Investment Savings Account Rate in Ontario With No Minimum Balance

1.75 Per Cent Rate Applies to Existing Accounts and New Deposits

TORONTO, ON--(Marketwired - April 20, 2015) - Luminus Financial ("Luminus") announced a new personal Investment Savings Account (ISA) rate at 1.75 per cent with no minimum balances. The rate, which is the highest at any credit union or bank in Ontario, takes effect immediately for existing accounts and new deposits.

"We hope this new across-the-board ISA rate will continue to demonstrate our commitment to our members and the growth Luminus has in the sector," said George De La Rosa, CEO of Luminus Financial. "The new rate bucks the trend of offering lower personal savings interest rates while increasing banking fees."

For some Luminus members, this new rate represents an increase of 145 basis points, a significant rise that will help build their savings faster. Prior to this announcement, Luminus had the following ISA rates in place since October 2014:

Investment Savings
(Regulars and RSP Eligible)
Rates
$0 - $4,999.99 0.35%
$5,000 - $99,999.99 1.50%
$100,000 and over 1.75%

Luminus' announcement comes two months prior to the opening of its new financial hub, scheduled to be open at 1 Yonge Street in June 2015.

Luminus Financial Hub - a different banking experience:

Luminus Financial's new financial hub aims to provide a boutique banking experience. Unlike a traditional bank, this new branch will offer a one-stop shop for banking, wealth management, insurance and foreign exchange. It will also be a beacon for demonstrating the Credit Union's commitment to providing more member-oriented services for today's urban bankers. As with the tradition of the credit union, this financial hub emphasizes community and personable interactions.

About Luminus Financial

Luminus Financial (formerly Starnews), an Ontario credit union, was founded in 1951. Headquartered in Toronto, Canada, Luminus provides banking products and services, including business and personal banking, loans, investment products and insurance to anyone living or working in Ontario.

Renamed in 2011, Luminus Financial started as the designated credit union for employees of Toronto Star, Metroland, Air Canada, Globe and Mail, Campbell's and Metro.

Members of Luminus are also owners of the credit union. Its member-owners have access to financial services at the lowest possible cost and receive a portion of the Credit Union's profits in the form of bonus interest on deposits and interest rebates on loans and mortgages.

More information on Luminus Financial is available at www.luminusfinancial.com.

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