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Current Steinbach Rates
April 7, 2020
11:48 am
Loonie
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Savings rates now down to 1.3, 1.4, 1,55, depending on size of deposit.

May 26, 2020
6:34 pm
Briguy
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I have an account with them, but pocket change in it. I wonder if it's worth keeping open in case they decide to get competitive again. I also have one with Access with pocket change in it but I'd rather keep Access open since their customer service is much friendlier.
@Loonie @Bill @Shawguy

May 26, 2020
6:46 pm
Doug
British Columbia, Canada
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Briguy said
I have an account with them, but pocket change in it. I wonder if it's worth keeping open in case they decide to get competitive again. I also have one with Access with pocket change in it but I'd rather keep Access open since their customer service is much friendlier.
@Loonie @Bill @Shawguy  

I would see it through to the end of the year, @Briguy, and then, if the rates do not see a meaningful uptick or, alternatively, they hold their rates while everyone else falls down near their level, then I would look to close the Steinbach HISA and membership in December 2020 to finish up the tax year cleanly. You can always re-open a new membership, either as a new membership number or your existing one, in a few years time. 🙂

Cheers,
Doug

May 26, 2020
6:55 pm
Briguy
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Doug said

I would see it through to the end of the year, @Briguy, and then, if the rates do not see a meaningful uptick or, alternatively, they hold their rates while everyone else falls down near their level, then I would look to close the Steinbach HISA and membership in December 2020 to finish up the tax year cleanly. You can always re-open a new membership, either as a new membership number or your existing one, in a few years time. 🙂

Cheers,
Doug  

OK, I'll give them till end of year. ( i'll be like Bill with lots of accounts- I already have Peoples Trust, Motive, Alterna and LBC - all of which have better rates ) I also have some with worse rates than Steinbach LOL

May 26, 2020
8:15 pm
Loonie
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I would wait til end of year too, if only because that's when they dole out the interest, small though it may be!

Steinbach has been a rate leader IF you have a lot of omoney there and get the third tier rate.

We have account there but took out almost all of it at end of April.
I am doubtful we will use it much in future but am not sure.
I find it annoying that they don't notify you when rates change; you have to get lucky and check that day. When you combine this with the fact that interest is based on lowest monthly balance, it makes it difficult to keep track and do the best thing with your money.
I can live with the fact that i the interest is only paid at the end of the year, as I just deduct 2 or 3 basis points from the rate.
I have not had problems with the reps. However,
i asked them to send emails about rate changes and they seem unlikely to do so. Also, there were some screw-ups with my statements which were only partially fixed, and I was not happy absout that.

May 27, 2020
4:04 am
Briguy
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@Loonie @Doug There's 3 credit unions that I lump together because they seem similar- Niverville, Access and Steinbach. All 3 recently became non competitive, but I'll give the 2 that I have accounts with till Dec 31 to get back in the game.

I also have a TFSA at Achieva and RRSP at Hubert, but those are still competitive and seem to have more of a Canada wide attitude, so I have no intention of moving out of those.

May 27, 2020
4:48 am
Doug
British Columbia, Canada
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Briguy said
@Loonie @Doug There's 3 credit unions that I lump together because they seem similar- Niverville, Access and Steinbach. All 3 recently became non competitive, but I'll give the 2 that I have accounts with till Dec 31 to get back in the game.

I also have a TFSA at Achieva and RRSP at Hubert, but those are still competitive and seem to have more of a Canada wide attitude, so I have no intention of moving out of those.  

Not disputing what you are saying @Briguy with those three credit unions, but in terms of GIC rates, I would say that Niverville Credit Union and Fusion Credit Union are both still competitive. If included within the GIC chart, they would not even be at the bottom. They would be in the third tier of FIs, sure, but their 1-5 year GIC rates would be above the usual Alterna Bank, Canadian Tire Bank, Simplii Financial, Manulife Bank, and Tangerine. Hoping Peter will eventually add Niverville Credit Union, Fusion Credit Union, and Casera Financial to the GIC chart as they so clearly and overwhelming meet the criteria. sf-cool

Cheers,
Doug

May 27, 2020
8:13 pm
Loonie
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The question for me is, how many MB CUs do we need to list, given that all have unlimited insurance and many have very similar rates and not much else to distinguish them?

May 28, 2020
3:37 am
Briguy
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Loonie said
The question for me is, how many MB CUs do we need to list, given that all have unlimited insurance and many have very similar rates and not much else to distinguish them?  

Good question Loonie, we have one member Shawguy who is an expert on Manitoba CU so we will see if he responds to that question.

May 28, 2020
7:44 am
gicjunkie
Ontario
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Loonie said
The question for me is, how many MB CUs do we need to list, given that all have unlimited insurance and many have very similar rates and not much else to distinguish them?  

I think all the "competitive", nationally marketed credit unions and banks should be listed here. By competitive I mean those offering the higher GIC and savings account rates. Many Manitoba credit unions are, in fact, not very "competitive" at the moment. More localized institutions with superior rates and specials should go into the Promo section of this forum for those people who can take advantage of them in their area. Just my opinion.

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