Should we add Steinbach Credit Union to the chart? | Steinbach Credit Union | Discussion forum

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Should we add Steinbach Credit Union to the chart?
February 5, 2018
8:58 pm
Peter
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Steinbach Credit Union (https://www.scu.mb.ca/) has been discussed in this forum a few times over the years (such as here), but nobody has ever suggested that we add it to the comparison chart. It was previously reported that they accept members from outside of Manitoba.

The pros:
* Their regular savings account interest rate is currently 2.15% and their TFSA is 2.20%
* Their GIC rates are competitive

The cons:
* Interest is calculated on the minimum monthly balance
* Interest is paid annually

The cons are so out of the ordinary that I have trouble recommending that we include Steinbach.

February 5, 2018
9:42 pm
Loonie
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If I'm not mistaken, another con is that they don't offer easy transfer in and out to other FIs. I'm not sure what their specific arrangements are.
The annual pay on interest makes it hard to compare directly with other FIs, but it means that the rates are effectively not quite as high as they seem. However, for Seniors (60+), interest is paid out monthly: https://www.scu.mb.ca/personal-accounts/seniors-accounts/seniors-savings

Another con: discriminatory rates on RESPs. On the other hand, they do offer them, which many don't.

I'm open to having them, if there is significant support for that, but not feeling the need to do so. I don't see that they offer much that can't be gotten elsewhere, and probably more easily. With unlimited insurance in MB CUs, you may really only need one.

February 6, 2018
2:29 am
Rick
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I guess you could include every niche credit union that goes national. Not sure listing them on the chart with all their eccentricities would aide their cause, and sounds like a lot of effort. On the other hand, they seem to fit the profile for the forum. They pay higher interest and are national. Doesn't sound like they are a fit for me though.

BTW.... are we to read "PC Financial" on the services chart as "Simplii"?

February 6, 2018
4:46 am
Top It Up
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While I'm certainly NO fan of the "cons" Peter pointed out in his opening post, the one the thing I will say in SCU's favour is, they were THE only HISA financial institution, in Manitoba, to allow the setting up of a Testamentary Trust account.

February 6, 2018
7:09 am
Trump
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I guess it could be there. I have contacted them a few times and like them but every time I had funds to invest there was someone out there that was just a bit better. So I have never dealt with them.

February 6, 2018
7:35 am
Peter
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Rick said
I guess you could include every niche credit union that goes national. Not sure listing them on the chart with all their eccentricities would aide their cause, and sounds like a lot of effort. On the other hand, they seem to fit the profile for the forum. They pay higher interest and are national. Doesn't sound like they are a fit for me though.

BTW.... are we to read "PC Financial" on the services chart as "Simplii"?  

Thanks for pointing that out. I've updated the title now, but the details likely need to be updated.

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