I was just looking to shop out a renewing RSP deposit coming due at a bank and looked at Achieva where I opened an account just over a year ago and have been moving my longer term savings. They have traditionally had some of the best rates available with a full deposit guarantee and have seen they recently increased their GIC rates well above other banks and online providers ---- current posted rates 4.5% on 3 years & 5% on 5 years. http://www.achieva.mb.ca/produ...../index.asp
Just when I thought we would never see the 5% rate again...
Actually I just received communications from Achieva regarding their 10th Anniversary. You can also see their "rate history" for their savings account online since their opening. Given they are a virtual institution, 10 years does build upon the reliability you can expect.
All I know is their GIC rates are exceptional, with the savings rate being more mid-tier when compared to Citizens, HSBC, ING.
December 12, 2009
Achieva Financial is an operating division of Cambrian Credit Union. As such, you're a member of Cambrian Credit Union when you join Achieva Financial, regardless of what province you live in. Achieva pays your membership equity share requirement and sells that share back to Cambrian when you close your accounts. So, your deposits are fully insured by the provincial Credit Union Deposit Guarantee Corporation of Manitoba, which has no insured limits or limitations on province of residence. They're able to do this because they have a lot, lot less deposits to insure than CDIC federally or CUDIC in British Columbia even. 🙂
I just shopped out another renewing GIC I have in my retirement account at the Royal, where they do have a decent GIC speacial for 4.3% however, when I asked for them to match the 5% offer at Achieva, they wouldn't, however, they did try to have me consider one of their mutual funds???? Hello, anyone watching the market these days?
Anyways, I moved more money to my Achieva account and I have to say that over the past several years since first opening a simple high daily savings account with them, they have always had one of the best rates available for my renewing GICs at other institutions.
Best of all, they are fully guaranteed and I don't have to go through the "rate negotiation dance"!