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Steinbach Credit Union Savings Rates - Effective September 1, 2018
September 1, 2018
9:05 am
Top It Up
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Savings Rates

All deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba. Applies to Canadian deposits only. Some restrictions may apply. These rates were last updated on September 1, 2018.

Regular Savings/RRSP - less than $100,000 - 2.45%

Regular Savings/RRSP - $100,000 - $250,000 - 2.55%

Regular Savings/RRSP - more than $250,000 - 2.75%

TFSA - 2.70%

---------------------------------------------

What you should know about SCU's interest rate calculation - from their website

Regular Savings

- Competitive Interest Rate from dollar one
- No minimum monthly balance required
- Interest calculated on minimum monthly balance
- Interest paid annually
- Tiered rates starting @ $100,000
- First monthly withdrawal free; up to $1.00 per subsequent withdrawal

September 5, 2018
4:50 am
gamgam
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Plus Member Bonus! Unlike Access CU, good rates but no Member Bonus.

September 5, 2018
5:20 am
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CORRECT.

Here's the link to how the 2017 member bonus was calculated and paid out in March 2018.

https://www.scu.mb.ca/memberbonus

September 5, 2018
5:53 am
gamgam
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Yes! So 2.75% could in fact work out to 2.85% or even 2.90%! For not locking in and someone wanting to stay liquid, that’s not bad!

September 5, 2018
7:00 am
gicjunkie
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Never been a fan of their savings account.
As stated above: Interest calculated and paid on minimum monthly balance.
Interest only paid annually.

Will only put money into an account where interest is calculated daily and paid monthly.

September 5, 2018
7:08 am
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It is a HISA - meant for savings but hey, suit yourself.

Know of any other FI paying those rates?

September 5, 2018
7:30 am
gamgam
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Yes for savings only. One withdrawal free per month. Make sure this is done on the first of the month. Consider it the same as a GIC which is locked. Although this you can access. Worst case you could lose a few weeks interest should you withdrawal in the middle or end of the month. Must be totally aware of how these accounts work!

September 5, 2018
12:44 pm
gicjunkie
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Top It Up said
It is a HISA - meant for savings but hey, suit yourself.

Know of any other FI paying those rates?  

If I required accessibility to the funds I would rather put that kind of money into Hubert's one year, cashable, quarterly interest GIC:
The first three months: 2.70%.
Months four to six: 2.80%.
Months seven to nine: 2.90%.
The last three months: 3.00%. (Avg. 2.85%+ if left in for a year)

You don't have to put all the money in one GIC if you think you may need some cash along the way and don't want to cash everything out.

Or, failing that, Hubert's savings account @ 2.35%, daily interest, monthly payout is a good option. Sometimes the small extra reward isn't worth the added inconvenience.

September 5, 2018
4:31 pm
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gicjunkie said

Sometimes the small extra reward isn't worth the added inconvenience.  

Hard to find the inconvenience unless you're just trifling.

September 6, 2018
10:26 am
gicjunkie
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Most people I know, myself included, use a savings account to keep cash available for some future known, possible unknown or emergency purpose. The point is that the cash should be easily accessible within short notice. Often the balance within the account will fluctuate because of the nature of the account. Nothing is locked in. Having such an account earn a reasonable rate of interest is often a challenge in today's financial climate. The main problem I see with the Steinbach savings account is that the interest is calculated on the lowest monthly balance. So, if for some reason you need to withdraw a major portion or all of the funds any time other than at the very beginning of the month, you will get little or no interest for that month. Similarly, if you deposit money during the month, those new deposits will attract no interest for the month. Many other FIs, such as Hubert, calculate the interest daily on final balance in the account at the end of each day. Therefor one low balance moment for the month doesn't kill your interest for the entire month. You would pretty much have to make your deposits on the last day of a month and withdrawals on the first of the month to maximize the interest in this account. A fluctuating balance may negate any expected gains generated by a higher basic interest rate. I guess it all depends on how the account is used and monitored. There's the inconvenience.

September 6, 2018
11:03 am
gamgam
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Very well said. Exactly how deposits and withdrawals would have to be made to maximize interest earned. Unlike Hubert’s cashable 1 yr GIC, you could lose almost 3 months interest if you withdrew the full amount before a quarter would end!

September 6, 2018
11:18 am
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Again, you're trifling using it as an everyday account. It's a HISA - park the cash and collect the interest. Obviously playing around withdrawing and depositing the same $1,000 is not worth the effort anywhere, including your beloved Hubert, where you have to go through hoops to move that same $1,000 in and out (no cheques, no ATM, no Interac e-transfer, pfft - the only way in or out is -

- Remember, you will only be able to transfer funds from accounts that we’ve verified.

- To transfer funds to one of your external accounts, we’ll need verify it first.

NOW, that's an inconvenience.

September 6, 2018
12:40 pm
gicjunkie
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Everyone knows their own deposit and withdrawal habits. I often have a few significant enough deposits to make each month so that I don't want to have to worry about the timing of each one. When I need some money for a major purchase or investment, I have it transferred to my primary bank, and this often only takes one day, two at most. It is then immediately available to me. If that is "going through hoops", I can live with it. I also make sure that my primary bank account isn't depleted, for smaller, more timely needs. I had a Steinbach account. I didn't like it for all the reasons stated above, so I closed it. If it works for you, great.

To be clear: I am not a Hubert promoter or employee. They have decent deposit and GIC rates and have provided me with excellent service when needed. Hubert is only one of a few institutions that I use for various purposes. I pretty much invest where the rates are best, as long as the service is good. I used to invest a bit with ICICI, but their service was poor, so, no more. Have to have some principles. Everyone has their own needs and experiences to draw from. This site is for informational purposes only, to share thoughts and experiences, not to convince others how to invest. Make the best choices for yourselves based on the info provided.

September 7, 2018
11:48 am
JenE
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Very well said, GIC Junkie.sf-smile

September 7, 2018
1:09 pm
gicjunkie
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JenE said
Very well said, GIC Junkie.sf-smile  

Mine is just one of many opinions, but thanks for the support.

September 7, 2018
2:14 pm
Nehpets
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gicjunkie said

Mine is just one of many opinions  

...founded on well thought out common sense, in this particular discussion...sf-smile

Stephen

September 7, 2018
9:25 pm
gicjunkie
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Nehpets said

...founded on well thought out common sense, in this particular discussion...sf-smile

Stephen  

Thanks Stephen. I do try to be logical.

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