Financial Relief for Members

​If you have been impacted by COVID-19, we have a variety of options to help.

Interior Savings is committed to helping our members through this unprecedented time as members may be facing job loss, pay disruption due to childcare challenges, or other loss of income directly or indirectly due to COVID-19. This help will include up to a six-month payment deferral for mortgage payments and other forms of financial relief for other credit products, all of which is assessed on a case-by-case basis.

Payment deferrals are a helpful short term solution for anyone experiencing financial hardship, but they might not be the best solution for everyone. Our advisors are here to help you determine what the right option is for you.

Also, effective April 13th, our credit card partner, Collabria Financial, has added a temporary interest rate reduction to their financial relief bundle. More information in the Frequently Asked Questions below.

As we receive information on new government programs, we will continue to share updates here and in the links below.

If you are a member needing assistance at this time, we ask that you Book an Appointment.

BC Recovery Benefit

The BC Recovery Benefit is a one-time, tax-free payment of up to $1,000 for eligible families and single parents and up to $500 for eligible individuals. Applications are now open until June 30, 2021.

Eligible applicants - Before you apply, you'll need your bank account information for direct deposit.
Here is how to find it:

Finding Your Account Information in Online Banking:

  1. Login to Online Banking.
  2. Select the CHEQUING or SAVINGS account that you want to withdraw from or deposit to.
  3. Click on the ‘Direct Deposit and Pre-Authorized Debit (PAD) Form’ link, which will appear above your account transactions (wait for the link to appear).
  4. A PDF file will then download a ‘void cheque’ with your account information.
    To see an example PDF please click here.
  5. You can now use this information to complete your application and recieve your benefit faster through direct deposit.

Finding Your Account Information on a Cheque:

There are three identification numbers within the encoding on a cheque that are required to set up a pre-authorized transaction. Using the Sample Cheque Image, locate your account information to complete your benefit application:

  • Transit/Branch Number
  • Institution Number
  • Account Number
A blank example of an Interior Savings cheque

If you have any questions about your account information, please call our Member Service Centre at 1-855-220-2580.

Frequently Asked Questions

Will I qualify for a payment deferral?

We are here to help you get through this. Every member is in a unique situation and we will look at what makes the most sense for you.  If you are facing job loss, pay disruption due to childcare challenges, or other loss of income and you’re worried about your ability to cover your loan costs and take care of yourself and your family, payment deferrals might be the right solution for you.

Are there fees for changing my payments?

No, fees associated with deferred mortgage payments have been waived at this time. 

What does it mean to defer a mortgage or loan payment?

Payment deferrals (also known as skipping payments) can provide short term financial relief - allowing you to pay your debt later so that you can afford to pay for your essential needs now.

Deferring payments does not reduce your debt. You are still obligated to pay the amount of the skipped payment at a later date which is often accomplished by extending the remaining amortization or through a higher mortgage payment at renewal.

There are a number of things you’ll want to consider when looking at payment deferrals and our team is ready to help you understand your options. For instance, how many months you should defer (1 month up to 6 months) and whether you should defer your entire payment or keep paying the interest portion.

The first thing we’ll recommend, depending on your financial situation, is continuing to pay your interest costs and defer only the principal.  This means it could take you longer to pay off your mortgage but you won’t accrue any extra interest costs.

If you do need to defer your entire payment (principal plus interest), it’s important to know that the unpaid interest is added to the principal balance of your loan.   This means you will likely have a higher principal balance when you need to renew your loan. Also, though it may not be a substantial amount, future interest will accrue on this higher balance.

For loans, the loan may not be paid off at the end of the existing term and a renewal may be required.

Will it cost me more in the long term to defer my mortgage payments?

Not necessarily, but it can. It depends on a few things. For instance, as you’ll see above, if you defer your interest as well as your principal, while likely not substantial, you can accrue additional interest costs. Every member’s situation is different; your Interior Savings representative will work with you to help you understand your options and choose the one that will best serve you today and in the future.

Is there help available for credit card payments?

Also, effective April 13th, our credit card partner, Collabria Financial, has added a temporary interest rate reduction to their financial relief bundle.

In addition to payment deferrals, cardholders facing financial hardship can receive a temporary interest rate reduction on purchases and cash advances to 10.9% for up to 6 months.  This offer will be available to all qualified cardholders. The one exception is Centra Gold cardholders who will continue to be eligible for the Payment Deferral program, however are already in a low interest rate product.

Cardholders can apply for Collabria’s ‘Financial Relief Bundle’ in three-month increments, with an option to extend for another three months if they are still experiencing financial hardship due to the COVID-19 pandemic. To learn more and apply, contact Collabria at 1-855-341-4643.


Are there other options for financial relief?

Yes, depending on each member’s situation, there are a variety of ways we may be able to support our members. For instance, if you have mortgage secured by Genworth or CMHC insurance, we will also work with those partners to find solutions for you.


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Individual Members

If you are a member needing assistance at this time, we ask that you book an appointment.

Resources for Personal Members