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Access Credit Union, Fusion Credit Union, Niverville Credit Union, and Rosenort Credit Union add all-digital membership openings to all Canadians
May 27, 2019
11:36 pm
Doug
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A veritable flurry of additional Manitoba credit unions have followed the existing eight (8) Manitoba credit unions with virtual banking branches, plus Steinbach Credit Union, are now offering all-digital membership opening solutions to all Canadians. I have surveyed all of the Manitoba credit unions except those that either:
(1) already operate a virtual banking branch;
(2) are obvious closed-bond credit unions (i.e., Winnipeg Police Credit Union); and
(3) are named Amaranth Credit Union, Belgian-Alliance Credit Union, and Me-Dian Credit Union.

From what I've been able to discern, almost all Manitoba credit unions have updated their bond of association to permit residents from any Canadian province to join; however, only four (4) appear to permit all-digital membership opening.

As follows, they are:
(1) Access Credit Union;
(2) Fusion Credit Union;
(3) Niverville Credit Union; and,
(4) Rosenort Credit Union.

They seem to be following Steinbach's model whereby they don't create a separate brand or branch and you, presumably, just pick a random physical branch at which to domicile your account. Access and Fusion are using the Cumulus new-to-bank ("NTB") membership opening platform that you may be familiar with from the likes of FirstOntario Credit Union, Steinbach Credit Union, and VantageOne Credit Union. Identity verification appears to use the Canadian credit bureau check and you uploading a recent (last month or two, presumably) online banking e-Statement from your existing Canadian financial institution, which is super nice.

Niverville and Rosenort, meanwhile, appear to be using a NTB membership opening platform of which I've not seen before and I can't discern who the vendor is.

I've been wanting to join Niverville for years as they come well recommended by a former work colleague and are known for their premium GIC rates.

Careful with transaction fees on the savings accounts as only Rosenort and Access offer at least 1 free debit transaction per month, though all of them offer either a no-fee seniors' chequing account or a chequing account whereby all fees are waived with $1,000 minimum balance.

I particularly love Fusion's website, the organization, the simplicity, and their logo! sf-cool

Rates on high interest savings accounts range from 2.1% to 2.5%, so they'd be in the middle of the pack to the upper tier of the pack of the "comparison chart". Term deposit rates range from 2.25% on a 1-year GIC (2.5-2.7% are common) to 3.05-3.2% on a 5-7 year GIC, so quite competitive.

Peter will probably wait a month or two before adding them to the "profiles" page, creating sub-forums for them, and adding them to the "chart", but this is very promising! sf-cool

One more thing: Caisse Financial Group is also an open bond caisse populaire with an online account opening process, but appears to possibly require finalization in branch. They could well soon become a further Manitoba credit union to add to the chart, though. Also, Noventis Credit Union may be a fifth one to this list but I can't discern whether finalization in branch is required.

Cheers,
Doug

May 28, 2019
1:49 pm
Briguy
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Thanks for all your hard work , Doug !

Took a quick look at Niverville GIC rates- I like the way their 1 yr cashable GIC and HISA rates are the same (2.6%), so if you are worried that interest rates are going up or down, you can put money in a GIC and take it out if you need it or if you want to reinvest it.

May 28, 2019
2:47 pm
Doug
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Briguy said
Thanks for all your hard work , Doug !

Took a quick look at Niverville GIC rates- I like the way their 1 yr cashable GIC and HISA rates are the same (2.6%), so if you are worried that interest rates are going up or down, you can put money in a GIC and take it out if you need it or if you want to reinvest it.  

Good point. I hate when FIs make their 1-year GIC rate lower than their HISA rate. sf-cool

And you're over 59-60 so you can open up a seniors' chequing account and not have to worry about the $0.55 per item debit transaction fee. That's the only downside - would be wonderful if they gave people at least 1 free debit per month. Mind you, if you're earning 2.60% on a HISA or in a GIC and have to pay 1-2 x $0.55 transaction fees per year, that's not too bad, I guess. 😉

Cheers,
Doug

May 28, 2019
4:00 pm
Briguy
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Why is it that Manitoba has all the high interest paying credit unions and Saskatchewan has none? At least in Ontario we get good GIC specials at our credit unions (eg. Duca and Meridian ) and we now have Motus, Eq and Alterna Banks with pretty good rates year round.

May 28, 2019
4:14 pm
Doug
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Briguy said
Why is it that Manitoba has all the high interest paying credit unions and Saskatchewan has none? At least in Ontario we get good GIC specials at our credit unions (eg. Duca and Meridian ) and we now have Motus, Eq and Alterna Banks with pretty good rates year round.  

Saskatchewan does seem to have some good GIC rates and, interestingly, their legislation does permit them to passively accept out of province residents (like Ontario and Manitoba). However, all their credit unions except for Innovation Credit Union haven't either (a) amended their bond of association to permit any Canadian to join or (b) they haven't fully digitized their membership opening process. Conexus and Cornerstone have digital membership opening processes, but require you to certify that you're a Saskatchewan resident. I don't want to test it, but I wonder if you could still get the account opened even if you said you're a Saskatchewan resident but used your actual out of province address as your residency/mailing address.

British Columbia credit unions occasionally have some decent GIC rates, but they tend to be the smaller ones and only North Peace Savings and Credit Union has an all-digital account opening process. The downside, though, is B.C. doesn't permit out of province residents to join its credit unions. It'd be nice if they'd change that, and maybe they could stem provincial credit unions from considering federal continuance. 😉

As for Manitoba, though, I suspect they're smart and realized that with rural residents increasingly moving to urban areas, to maintain their survival, they had to try and look elsewhere for deposits, so they could try and keep as many branches open as they can.

Ontario, meanwhile, is kind of like Saskatchewan actually in that only Meridian Credit Union has amended their bond of association in 2015 to allow out of province residents to join. DUCA used to, but then changed back. Libro, technically, does if you declare yourself to be a potentially "future Ontario resident". However, I've never tested if that would work or not.

Cheers,
Doug

May 28, 2019
4:32 pm
Briguy
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Very interesting observations Doug. One exception in BC-Peoples Trust is a privately owned CDIC insured trust company in BC that has a completely digital account opening process and accepts out of province clients. I found they originally had really good rates, then they drifted down, and now they are back up again.

A long time ago I used to belong to a trust company in Ontario called Victoria and Grey who amalgamated with National Trust to form National Victoria and Grey, who then got bought out by Scotiabank. That is how I ended up with Scotiabank. I miss the old days when I was with a trust company, I imagine it's the same feeling that one gets with credit unions these days. I'm not sure if there are many trust companies left.

May 28, 2019
4:52 pm
Doug
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Briguy said
Very interesting observations Doug. One exception in BC-Peoples Trust is a privately owned CDIC insured trust company in BC that has a completely digital account opening process and accepts out of province clients. I found they originally had really good rates, then they drifted down, and now they are back up again.

A long time ago I used to belong to a trust company in Ontario called Victoria and Grey who amalgamated with National Trust to form National Victoria and Grey, who then got bought out by Scotiabank. That is how I ended up with Scotiabank. I miss the old days when I was with a trust company, I imagine it's the same feeling that one gets with credit unions these days. I'm not sure if there are many trust companies left.  

Right, but trust companies are an interesting exception in that they can be both provincially incorporated (and non-deposit taking) or federally incorporated but regulated provincially. That's partially why Equitable Bank has yet to launch its Equitable Trust GIC and/or HISA issuer because they have to obtain provincial approvals in each province.

In the case of Peoples Trust Company, though, they're federally incorporated so can take deposits as a CDIC issuer and they've obtained their provincial clearances so they can serve as trustee for certain registered plans and the like.

I remember when Scotiabank bought out National Trust and then they bought out the larger Montreal Trust. For a time, Scotiabank branch exterior signage would say "Scotiabank & Trust" on them. Montreal Trust even had a Kelowna branch on Bernard Avenue in what would later become the MCC Thrift Store and which is now home, at least upstairs, to the Downtown Kelowna Association business improvement area association. You can still book National Trust GICs through investment dealers (i.e., discount brokerages), if you have an affinity for them. 😉

There's still a few trust companies around, some with branches and some with "stores" (accounts domiciled centrally under one transit, but you can access your accounts from their stores). Some notable examples include Peace Hills Trust, which is owned by the Samson Cree First Nation of Alberta and which has a retail branch here on Westbank First Nation lands, and Home Trust Company. Home Trust operates as Oaken Financial and has storefronts, but are very much a trust company (Home Bank is their subsidiary and dual issuer).

Peoples Trust even has a retail branch on the main floor of their Vancouver office and their staff seem quite friendly. Equitable Trust will start taking deposits soon, but Equitable doesn't have retail storefronts.

Perhaps the best known, and largest, trust company was Canada Trust Company prior to its merger with TD Bank. They were quite large out west and fully half (or more) of their current branches in the Okanagan were Canada Trust (only a few were TD Bank).

Cheers,
Doug

May 28, 2019
5:11 pm
Briguy
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I've had an account with Access Credit Union since July 2018 opened digitally, and I live in Ontario, so it's nothing new with them.

Fusion alone of the four doesn't look like it has great interest rates so I wouldn't include that on the site's list.

May 28, 2019
5:18 pm
Doug
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Briguy said
I've had an account with Access Credit Union since July 2018 opened digitally, and I live in Ontario, so it's nothing new with them.

Fusion alone of the the four doesn't look like it has great interest rates so I wouldn't include that on the site's list.  

Fusion is comparable to the other Manitoba CUs (within 20 bps) in terms of GIC rates and on HISAs, they're still 2% or better. The criteria for inclusion is to offer a "competitive" rate and they certainly exceed that, besting Canadian Tire Bank and Manulife Bank (not yet on the chart, but Peter will likely add in a couple weeks). They're tied with Peoples Trust in fact on HISA rates.

We have always not discriminated in terms of adding new HISAs to the chart if they meet the three or four criterion and I don't think we should start, don't you? Having said that, one idea Peter may want to consider is creating a separate chart for provincial credit unions (say /cu-chart/) and then have /chart be for banks, federal credit unions, and trust companies. An advantage to this is it would reduce the growing "chart bulk" and we could also eliminate the "CU" column because we could specify that the deposit insurance is through either CDIC for the main chart or thru provincial deposit insurer for provincial CUs. What do you think?

That's good to know you discovered Access Credit Union and opened an account last year. I'm surprised you never mentioned them! They could've been on the chart already. 😉

They do seem quite good - 1 or more free debits per month and rates are comparable.

Cheers,
Doug

May 28, 2019
6:16 pm
Briguy
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With Access, you need to get 2 accounts to make it practical:
1)Plan 24: 5 free withdrawals per month. 0.5% interest non-registered, for me2me transfers or bill pay
2)Platinum Savings (2.55%) or TFSA (2.85%) as "deep savings"

I have found Access Credit Union staff very pleasant to deal with.

Double checked the savings accounts at the other 3:
Fusion is only 2.25% and Niverville 2.0%.
Rosenort is 2.6% and as mentioned, Access is 2.55%.

So it looks to me like Rosenort and Access are the winners for HISA, but I guess even 2 and 2.25% makes Fusion and Niverville worthy for inclusion 🙂

May 28, 2019
6:47 pm
Doug
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Briguy said
With Access, you need to get 2 accounts to make it practical:
1)Plan 24: 5 free withdrawals per month. 0.5% interest non-registered, for me2me transfers or bill pay
2)Platinum Savings (2.55%) or TFSA (2.85%) as "deep savings"

I have found Access Credit Union staff very pleasant to deal with.

Double checked the savings accounts at the other 3:
Fusion is only 2.25% and Niverville 2.0%.
Rosenort is 2.6% and as mentioned, Access is 2.55%.

So it looks to me like Rosenort and Access are the winners for HISA, but I guess even 2 and 2.25% makes Fusion and Niverville worthy for inclusion 🙂  

Yeah, we really should be fair. I agree they'd be near the bottom (for Rosenort, would likely have to go with the lowest balance rate to qualify). Fusion is the same as Motus Bank, but since they use MemberDirect for online banking and presumably either a Fiserv or Celero core banking system, their EFT processing times will be way faster (comparable to Hubert and Implicity) than Meridian/Motus.

That's true you'd need to have the two accounts with Access, but only if you need to do more than debit per month. For me, I could work with only 1 debit per month and just wouldn't use them for day-to-day transactions.

I also liked Niverville's redeemable 1-year GIC rate, too. Very compelling! And, many of them offer 2.6% on their registered RSP and TFSA Variable Savings accounts, so that in itself puts them near the top of the chart.

Cheers,
Doug

May 28, 2019
6:58 pm
Doug
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Access Credit Union's Platinum Savings rate is 2.55% with no minimum balance (2.85% with $250,000 or more), so they qualify. RRSP/RRIF/TFSA Variable Savings is 2.85% (no tier), so that qualifies.

Fusion Credit Union wouldn't qualify on the lowest balance as you need $100,000 to get 2.25%, but could still have their own profile page & forum (like Steinbach) and be in the GIC chart.

Niverville Credit Union's Regular Savings rate is 2%, so that qualifies. Registered Variable Savings (i.e., TFSA), is 2.6%, which puts them near the top. They could also be in the GIC chart.

Rosenort qualifies for forum, profile page, and chart status at 2.6% (their top rate is a Canada-leading 2.9%, but you need $250,000). Interest is calculated daily and paid monthly, like normal. I could not find GIC information for them, so they'd be out of the GIC chart.

Hope that's helpful for you and Peter. 🙂

Cheers,
Doug

May 28, 2019
7:03 pm
Briguy
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Yes, it's great research !!
Already have too many Manitoba FIs though- Steinbach,Hubert,Access, and Achieva. Hubert is still my favourite though I like them all.
Maybe I'll consider adding Rosenort in the future 🙂 But their 2.6% HISA is like Steinbach's:
Interest is calculated on the minimum monthly balance and is paid out annually.
The first withdrawal each month is free. Subsequent withdrawals are subject to a service charge

May 28, 2019
7:14 pm
Doug
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Briguy said
Yes, it's great research !!
Already have too many Manitoba FIs though- Steinbach,Hubert,Access, and Achieva. Hubert is still my favourite though I like them all.
Maybe I'll consider adding Rosenort in the future 🙂 But their 2.6% HISA is like Steinbach's:
Interest is calculated on the minimum monthly balance and is paid out annually.
The first withdrawal each month is free. Subsequent withdrawals are subject to a service charge
  

Interesting line up...I thought you'd have Achieva or Outlook in there.

I have the following: Hubert and Implicity (love them both, but Implicity does micro-withdrawals to verify your HISA except they sometimes forget to credit your Implicity account and the funny thing is, they also require a paper-based form to be scanned and e-mailed or faxed). However, Implicity's statements are beautiful and detailed. They are also modernizing to an all digital, paperless product opening process, so that might modernize the linking process a bit. They also are adding online board of directors voting for next year and added online PDF tax slips last year (which Hubert doesn't have yet). Another advantage of them is that all withdrawals are free and unlimited. You just can't do bill payments and Interac purchases are $1.00 each. However, if you don't need those things, could potentially be for day-to-day banking, too. EFT processing times are 1-2 business days, like Hubert, so faster than Meridian's 3-4 business days. Still, am considering dropping them now that I opened EQ Bank Savings Plus Account. May re-open membership in a few years time.

I also have Tangerine as a backup chequing and savings - am going to give them one final chance to implement a few quick and easy upgrades re: statement narrative detail and making e-Transfers free and unlimited, but will likely drop them and close accounts next year. Same with Coast Capital Savings, where I'll likely switch to either Motive or Alterna for day-to-day banking; possibly, First West.

Have a really old Scotia Money Master was keeping for posterity, but likely will close that as well. That way, I can make room for a new FI. Will be choosy.

Thanks, @Briguy, re: Rosenort's High Yield Savings. On that note, we should just have a forum and profile page for them (like Steinbach and Fusion). Niverville and Access definitely sound like great additions, though. 🙂

Cheers,
Doug

May 28, 2019
7:22 pm
Briguy
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We should consider having a single combined forum with subforums ,for institutions with extremely high interest rate HISAs where interest is calculated on the minimum monthly balance and is paid out annually, since that is a turn off for a lot of members. So that would include FIs like Steinbach, Access, Rosenort etc.

May 28, 2019
7:33 pm
Doug
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Briguy said
We should consider having a single combined forum with subforums ,for institutions with extremely high interest rate HISAs where interest is calculated on the minimum monthly balance and is paid out annually, since that is a turn off for a lot of members. So that would include FIs like Steinbach, Access, Rosenort etc.  

Not Access, though. My understanding is that their HISA pays interest normally.

I have suggested to Peter to re-alphabetize the forum listing and create separate categories for certain types of forums (i.e., "General discussions" and "Financial institution-specific forums").

Cheers,
Doug

May 28, 2019
7:43 pm
Briguy
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Access has same interest rate structure like Steinbach for their Platinum savings account, which is their high paying account, ie interest is calculated on the minimum monthly balance and is paid out annually.
https://www.accesscu.ca/Personal/Banking/SavingsAccounts/Platinum/

May 28, 2019
7:50 pm
Doug
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Briguy said
Access has same interest rate structure like Steinbach for their Platinum savings account, which is their high paying account, ie interest is calculated on the minimum monthly balance and is paid out annually.
https://www.accesscu.ca/Personal/Banking/SavingsAccounts/Platinum/  

Awww...crap, that sucks. I was looking at the "Rates" page. Still, I guess they're good for the profile page, forum, and GIC chart. sf-cool

We can still, and should, add Niverville Credit Union, at a minimum. We should also add Casera Financial, too, since their lowest rate is 1.55%, which is 5 bps better than Canadian Tire Bank and Manulife Bank.

Cheers,
Doug

May 29, 2019
2:40 pm
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I posted this on RFD but figured I would post it here as well...

I contacted Rosenort CU as they did not have their service fees online. They replied back to me (I have attached a picture below).

Plan 24 Savings (1.85%) - Interest on daily balance, paid annually
- First Transaction Free, Additional transactions $3.00 per transaction per month.

High Yield Savings (2.60%) - Interest on min monthly balance, paid annually
- First Transaction Free, Additional transactions $5.00 per transaction per month.

Tax Free Savings (2.85%) - Interest on minimum monthly balance, paid annually
- First Transaction Free, Additional transactions $5.00 per transaction per month.
- Transfer to another institution is $5 per $1000 held in the account. Minimum $50 fee to a maximum fee of $100.
(It also appears that they charge a fee to TRANSFER funds to them from another financial institution under the same fee structure)

**Another thing to note is they have a fee if you make more than 10 mobile deposits per month. $0.50 per mobile deposit over 10 per month. Not applicable to most, but first I have ever seen in a fee booklet. There is also a $0.50 fee for balance inquiries at the ATM. Interac e-transfers appear to be $1.00.

(I am unable to upload a picture of the service fees as it says ERROR 108 - Could not create user folder)

May 29, 2019
2:55 pm
Shawguy
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Also as I opened accounts at Access CU recently I have their Service Fee Booklet as well so I thought I would share on here too;

Plan 24 Savings (0.50%) - Interest on daily closing balance, paid semi-annually
- 5 free withdrawals, $0.50 per additional transaction per month

Investment Savings (1.30%) - Interest on daily closing balance, paid monthly
- 2 free withdrawals, $2.00 per additional transaction per month

Platinum Savings (2.55%) - Interest on minimum monthly balance, paid annually
- 1 free withdrawal, $2.00 per additional transaction per month

Tax Free Savings (2.85%) - Interest on minimum monthly balance, paid annually
- 1 free withdrawal, $5.00 per additional transaction per month

Other relevant fees (in addition to any transaction fees)
- Interac E-transfer $1.00
- Interac online payment $0.40

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