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Looking to Open Achieva Financial Savings Account
November 22, 2022
6:47 pm
Pirithous
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Forum Posts: 3
Member Since:
November 21, 2022
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Hi all,

I've used the site on-and-off and it's been very helpful. The info here helped me find and then set-up a Wyth Financial account. Now with Wyth closing, I need a new place to park some savings. This account's primary purpose is to stash emergency cash with a decent rate.

I've poked through the Achieva Financial forum thread already, and it seems that Achieva has grown and changed quite a bit over time.

Is there anything that someone with an account would point out as something to be aware of? The awareness of the sorts of intricacies and oddities that usually come with using an account.

I'm okay with the possible snail-mail part of opening an account, I've noted the $1 for electronic statements, noted the deposit guarantee through DGCM (different from CDIC), and I'm assuming that there is currently no support for e-Transfers. Has anyone had any difficulties transferring money in or out of their Achieva accounts? What is the length of any holds placed on funds? I typically use EFT to move money around my various savings accounts, so would really want that to be an effective and solid functioning part of the account (e-Transfers have played a smaller role, so if that's not an option I wouldn't be terribly disappointed).

Let me know any other thoughts you might have about what I should know before diving in, or if I should stay away and keep searching for my Wyth replacement.

Thanks!

Pirithous

"Sometimes I do what I want to do. The rest of the time, I do what I have to."

November 23, 2022
7:14 am
ertyu
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January 4, 2015
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No oddities are coming to mind today.

There are no e-transfers as of yet, you can create transfer links to external accounts, but it requires mailing in a cheque. I've successfully linked my Achieva account from other banks that offer electronic transfers and usually push or pull from those accounts instead. It's been a while since I transferred something so I don't recall the hold period.

November 23, 2022
9:01 am
ca-tech-fire
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October 3, 2022
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I've been with Achieva for a long time. The pros are that instead of CDIC it has Manitoba Credit Union insurance so all deposits are guaranteed, without limit. (https://dgcm.ca/)

There are holds (looks like it's ten (10) days) but you can buy a GIC right away.

Their GIC rates are not great. They raised rates in the summer and haven't since. They have the option to change your interest option to not compound which is helpful. Their daily HISA rates have been competitive.

Regarding EFT, you do have to create a link by sending in a cheque. I have successfully created an EFT at my other bank with Achieva. I don't believe they accept Interac e-Transfers. (That's one way I get around holds at other institutions)

The last thing to note that you only get one free transfer out a month. Each additional transfer out is $1. That's very limiting for me, so I only use the account for GICs.

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