Assiniboine Credit Union Review
Assiniboine Credit Union is a large credit union that resides and operates in Manitoba. Assiniboine takes pride in helping Canadians achieve their personal finance and business goals. To join the credit union, you’ll be required to pay a one-time membership equity share of $5. To learn more about Assiniboine Credit Union and their services, continue reading below.
About Assiniboine Credit Union
Assiniboine Credit Union was established in 1943 and their headquarters reside in Winnipeg. In 2007, Assiniboine merged with Astra and Vantis Credit Unions. Today, Assiniboine is the second biggest credit union in Manitoba, second to Steinbach Credit Union. The credit union also owns a digital bank known as Outlook Financial. It's a rather large credit union considering they manage about $5 billion dollars worth of assets. The credit union is also recognized by the Global Alliance for Banking on Values governing body.
Assiniboine has a total of 18 locations in Canada, sixteen branches in Winnipeg, one branch in Thompson and the last branch is in Gillam. There are also more than 30 Assiniboine ATMs between Thompson and Winnipeg. All other credit union ATMs can be used for free in Manitoba if you’re an Assiniboine member. The credit union currently has over 120,000 members.
Personal Banking with Assiniboine Credit Union
Assiniboine Credit Union offers various products and services for personal banking, as listed below. They also have an array of resources, tips and tricks on their website to help their customers be smart with their money!
Assiniboine Credit Union Chequing Accounts
- ACU Active. Ideal for daily use, this account allows for a set number of transactions every month for a small fee. If your balance is a minimum of $1,000, the fees are waived.
- ACU Digital. If you prefer to bank online without setting foot into a bank, this is the account for you. For a small monthly fee, obtain unlimited online transactions. Fees are waived if you keep a minimum balance of $3,500.
- ACU Light. Pay a fee for every service you use or maintain a minimum monthly balance to avoid almost all fees.
- ACU Unlimited. If you incur a lot of chequing account transactions in a month, this account gives you unlimited transactions for one monthly fee. If your monthly balance is a minimum of $5,000, the fee will be waived.
- S. Account. An account that holds US dollars for no monthly fee and no minimum balance.
Assiniboine Credit Union Savings Accounts
- Everyday Savings. A basic savings account for a financial goal or emergency fund.
- High Rate Savings. A simple savings account with a higher interest rate. Youth can obtain this account with free transactions.
- Matched Savings Account. People who are part of a Savings Circle or Individual Development Account (IDA) with a local not-for-profit organization are required to have one of these accounts. This account is designed to help you save and earn matching money. It pays higher interest when compared to basic savings accounts.
Assiniboine Credit Union Credit Cards
Assiniboine partners with Collabria to provide their customers credit cards. All their cards have a creative appearance too!
- Flexrate Visa Card. If you’d prefer a variable interest rate over a fixed interest rate, this is the credit card for you. The card has an annual fee of $40.
- Visa Infinite Card. Obtain all the bells and whistles of insurance, benefits and perks with this card for an annual fee of $120.
- Cash Back Visa Card. For no annual fee, earn cash back while you spend.
- Centra Visa Gold Card. This credit card has a low interest rate of 9.9% and an annual fee of $50.
- Travel Rewards Visa Gold Card. If you’re a travel bug, this card provides travel insurance, travel rewards and travel assistance all for an annual fee of $99.
- Visa Classic Card. For an annual fee of $30, take advantage of a lower interest rate of 11.9%.
- Student Visa Card. If you’re still a student and want to begin to build credit, this is an ideal card for you. There is no annual fee and a low interest rate of 11.9%.
- US Dollar Visa Card. If you travel or work frequently in the US, this card allows you to spend in the US without incurring foreign transaction fees. It also comes with travel insurance, travel rewards and travel assistance for $50 USD per year.
- Personal Loans. Whether you’re renovating your home, purchasing a car or buying a home, Assiniboine can help you out with a personal loan. Their personal loans have flexible repayment terms, choice of fixed or variable interest rates, collateral options and no early repayment penalties.
- RRSP Loans. If you’d like to contribute to your RRSP to obtain the tax benefits but don't have the cash available, you can use one of Assinibone’s RRSP loans.
- Lines of Credit. Assiniboine offers lines of credit for personal, RRSP and student use. The credit union also offers overdraft protection for chequing accounts.
- You can obtain a mortgage with Assinibone, they offer competitive rates as well! A unique feature of Assiniboine is they offer Islamic mortgages too.
- Car Loan. Assiniboine works with over 100 Manitoba car dealerships. If you’re looking to purchase a car or other leisure vehicle, Assiniboine can match you with a dealership and help you secure financing.
- The minimum deposit is $1,000 and you’ll receive more interest the longer you invest. The rates aren’t the most competitive on the market, but they will still help you earn money on your idle savings.
- Mutual Funds. Assiniboine offers mutual fund investment and management services.
- Investment Accounts. Invest in stocks and bonds with Assiniboine.
- Registered Accounts. Open a TFSA, RRSP, RESP, RDSP, RRIF and Group RRSP registered accounts with Assiniboine.
Business Banking with Assiniboine Credit Union
Assinibone offers an array of services for their business clientele from chequing to investing. All of the detailed information can be found below.
Business Chequing Accounts
- Basic Business. A pay as you go account for businesses that don’t incur a lot of transactions.
- Business 25. This account includes 25 transactions per month for a low fee.
- Business 75. This account includes 75 transactions per month which is ideal for businesses that incur a larger volume of transactions.
- Business 125. This account includes 125 transactions per month for a flat fee.
- Business 200. This account includes 200 transactions per month and pays interest daily on the closing balance.
- Community Builder. This account is designed for not-for-profit organizations, associations, clubs and charities. The account includes interest and free features.
- US Business. An account for businesses that manage US dollars frequently.
Business Savings Accounts
- Business Savings. Earn interest on your business savings.
- Monthly High Rate Savings. Earn the highest interest on your lowest balance for the month.
- Business High Rate Savings. Earn higher interest on surplus cash while having funds readily available.
- Community High Rate Savings. Designed for not-for-profit organizations, earn high returns while still having access to your savings.
Business Credit Cards
Assiniboine works with Collabria to provide the three unique business credit cards.
- Visa Infinite Business Card. For an annual fee of $99, earn Visa privileges for you and your company.
- Low Rate Visa Business Card. To keep financing costs low, obtain an interest rate of 12.9% for an annual fee of $25.
- No Fee Cash Back Visa Business Card. Earn cashback while you spend for no annual fee.
- Business Loans. If you need capital to execute your business plans, Assiniboine can help you secure business financing with a term loan. Assiniboine will work with you to set up an ideal repayment plan.
- Line of Credit. Available for businesses that have fluctuations in revenue and expenses or businesses that want an emergency fund ready for use.
- Businesses often need office spaces, equipment, vehicles and other assets to operate. An alternative to buying is leasing which Assiniboine helps out with.
- If your business needs to make a commercial real estate purchase, secure financing with Assinibone.
- If you have idle savings that you're not using, you can invest the money into a GIC. While Assinibone’s interest rates on GICs are not the greatest, you can still earn cash on your idle dollars.
- Mutual Funds. Once your business has built up a substantial amount of equity, you can consider investing in a mutual fund with Assiniboine.
- Group RRSPs. To help your employees save for retirement, you can set up a group RRSP with Assiniboine which deducts amounts from the employee's payroll and contributes to their RRSP. Assiniboine provides home buyers and lifelong learning withdrawals to help your employee achieve their financial goals.
Banking with Assiniboine
Assiniboine offers something for everyone. They are a safe credit union as they’re part of the Deposit Guarantee Corporation of Manitoba (DGCM) which insures all chequing and savings deposits without limits. You can complete your banking online, on your mobile device or by phone, whatever your preference is! Assiniboine offers newcomers to Canada a special package with free items to help new arrivals adjust. If you’re interested in banking with Assiniboine, contact them today!