Personal Finance

Access Credit Union, Fusion Credit Union, Niverville Credit Union & Rosenort Credit Union open up to all Canadians

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  • Jul 24th, 2019 2:31 pm
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Access Credit Union, Fusion Credit Union, Niverville Credit Union & Rosenort Credit Union open up to all Canadians

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 not 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!

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. 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.

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
Thread Summary
As at May 28, 2019:

Niverville Non-Reg., RRSP, RRIF, and TFSA GIC and Savings Rates:
Variable Savings 2.60%
1 Year 2.60%
2 Year 2.75%
3 Year 2.90%
4 Year 3.00%
5 Year 3.05%

1 Year GIC is redeemable.

Fusion Non.-Reg., TFSA, RRSP, and RRIF Savings and GIC Rates
12 Months 2.55%
24 Months 2.65%
36 Months 2.85%
48 Months 3.10%
60 Months 3.20%

30 day rate applies to GIC early redemptions.

Savings account rate is not especially significant, 2.25% with $100,000+ on deposit. But their logo! It's awesome. ;)

Access Non.-Reg., TFSA, RRSP, and RRIF Savings and GIC Rates

12 to 19 Months 2.60%
20 to 29 Months 2.70%
30 to 39 Months 2.80%
40 to 54 Months 2.90%
55 to 60 Months 3.00%

Platinum Savings offers best rate, 2.55% under $100,000; 2.65% on balances above $100,000; and 2.85% on rates above $250,000. Unclear if you get the higher rate on that portion above the certain level or on all deposits. Also, Access allows 1 free debit transaction per month whereas Niverville and Fusion do not.

Rosenort Credit Union Savings Rate

High Yield Savings (Personal)
$0 to $100,000 2.6%
$100,000 to $250,000 2.7%
$250,000 and up 2.9%

Cannot find Rosenort's GIC rates, but their Savings account rate is juicy. Also, like Access, they permit 1 free debit per month.

Cheers,
Doug
144 replies
[OP]
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titaniumtux wrote:
May 28th, 2019 6:34 pm
Can you post in thread a snapshot of TFSA no term rates? These are delightfully tasty offerings. I know Access is very competitive with SCU.
Yeah, some don't permit 1 free debit transaction per month, which is too bad, but even still, $0.55 for the occasional transaction is not especially significant. Interestingly, @briguy (not sure if this is him but will tag him anyway) from another forum reported he found out about Access last July and successfully opened an account from Ontario.

The nice thing, though, is they calculate and pay interest monthly, instead of annually on the "minimum balance" like SCU (wish SCU would change that). Also, Rosenort occasionally offers preference shares with, presumably, 4-6% dividend yields.

I've added a thread summary, but it's very basic. Don't have a lot time of to spend right now. However, as you're a moderator (or you used to be, no?), feel free to modify it any time you like.

Cheers,
Doug
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@dmehus I'm not a mod now, but we can all edit thread summary. I was thinking posting a snapshot of rates in thread post since it'd land on first page, whereas thread summary is more relevant if actively updated. We can get those four CUs' rates added to the HISA (non-reg) and TFSA threads ideally, so only one place to actively update rates.

Looks like Access and SCU are the key winners for TFSA. 2.9% non-reg is nice at that other CU mentioned in thread summary, but that requires min balance of $250k, which kills the deal for many of us. For non-reg, our best bet will be musical chairs Simplii/Tang/etc. with Motive Financial as fallback.

I'm ok with PPU withdrawal fee if the rate is substantially higher. I can go max $5 withdrawal fee for an amazing TFSA no term rate (IdealSavings fee, but they don't have the best rate). I'm glad SCU dropped the $3 PPU fee in favour of one free withdrawal per month, and additional are $3.
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[OP]
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titaniumtux wrote:
May 28th, 2019 9:29 pm
@dmehus I'm not a mod now, but we can all edit thread summary. I was thinking posting a snapshot of rates in thread post since it'd land on first page, whereas thread summary is more relevant if actively updated. We can get those four CUs' rates added to the HISA (non-reg) and TFSA threads ideally, so only one place to actively update rates.

Looks like Access and SCU are the key winners for TFSA. 2.9% non-reg is nice at that other CU mentioned in thread summary, but that requires min balance of $250k, which kills the deal for many of us. For non-reg, our best bet will be musical chairs Simplii/Tang/etc. with Motive Financial as fallback.

I'm ok with PPU withdrawal fee if the rate is substantially higher. I can go max $5 withdrawal fee for an amazing TFSA no term rate (IdealSavings fee, but they don't have the best rate). I'm glad SCU dropped the $3 PPU fee in favour of one free withdrawal per month, and additional are $3.
Yeah, I agree that Access and Rosenort have the best rates, though Rosenort's 2.9% is unachievable for most of us unless you had $300,000 sitting around that you didn't want to invest. The other ones, except for Fusion, all offer 2.55-2.6% in their HISA on balances under $100,000. So, on that basis, they best most of the virtual Manitoba CU divisions and I would say would be a 3rd place for TFSA and second choice for non-registered savings.

I will try and update my OP with a snapshot and you can suggest changes, but won't be before the weekend.

You were more liberal than me - $1.00 per debit is my upper limit and even that I'm stingy about. I might get a Fusion Cash Back MasterCard just because I love their logo and card design so much.

Cheers,
Doug
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dmehus wrote:
May 28th, 2019 9:42 pm
Yeah, I agree that Access and Rosenort have the best rates, though Rosenort's 2.9% is unachievable for most of us unless you had $300,000 sitting around that you didn't want to invest. The other ones, except for Fusion, all offer 2.55-2.6% in their HISA on balances under $100,000. So, on that basis, they best most of the virtual Manitoba CU divisions and I would say would be a 3rd place for TFSA and second choice for non-registered savings.

I will try and update my OP with a snapshot and you can suggest changes, but won't be before the weekend.

You were more liberal than me - $1.00 per debit is my upper limit and even that I'm stingy about. I might get a Fusion Cash Back MasterCard just because I love their logo and card design so much.

Cheers,
Doug
All good. No rush. I think the PPU fee is only acceptable if you plan on rarely withdrawing. I would only do daily banking at unlimited withdrawals outlets. If I'm parking funds in TFSA until end of year, I can bite max $5 withdrawal fee. But again, it'd have to be an amazing, non-tiered rate.
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[OP]
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So, we now have fully twelve (12) Manitoba CUs, or virtual banking divisions, operating across Canada, effectively, plus Steinbach Credit Union. Also, worth noting that Rosenort's record-setting 2.90% High Yield Savings account is indeed like Steinbach on the "minimum monthly balance," though they do pay it monthly instead of annually.

We may also have Noventis Credit Union, which would make 14, but can't confirm if finalization can be done virtually or in branch.

Cheers,
Doug
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dmehus wrote:
May 28th, 2019 8:35 pm

The nice thing, though, is they calculate and pay interest monthly, instead of annually on the "minimum balance" like SCU (wish SCU would change that). Also, Rosenort occasionally offers preference shares with, presumably, 4-6% dividend yields.
All four of those financial institutions pay interest on the minimum monthly balance and paid annually as per what I see on their website.

Myself, I have accounts at Access CU and Steinbach CU. I have also sent an email to Rosenort to get clarification on their fees.
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Shawguy wrote:
May 28th, 2019 11:46 pm
All four of those financial institutions pay interest on the minimum monthly balance and paid annually as per what I see on their website.

Myself, I have accounts at Access CU and Steinbach CU. I have also sent an email to Rosenort to get clarification on their fees.
Thanks, @Shawguy. Yeah, I didn't realize that Access CU paid interest annually on the minimum monthly balance, like Rosenort CU and Steinbach CU, but @briguy corrected me over on another forum (I'd only looked at the "Rates" page). Still, nice to see Fusion and Niverville as additional, normally paid options. Niverville's 2.60% redeemable 1-year GIC and HISA is particularly compelling. Sorry, though, I should've updated this post sooner.

Cheers,
Doug
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dmehus wrote:
May 29th, 2019 2:09 am
Thanks, @Shawguy. Yeah, I didn't realize that Access CU paid interest annually on the minimum monthly balance, like Rosenort CU and Steinbach CU, but @briguy corrected me over on another forum (I'd only looked at the "Rates" page). Still, nice to see Fusion and Niverville as additional, normally paid options. Niverville's 2.60% redeemable 1-year GIC and HISA is particularly compelling. Sorry, though, I should've updated this post sooner.

Cheers,
Doug
HI Doug: I'm Bull Dog on this group, and briguy at High Interest Savings forum . I did open accounts digitally at Steinbach and Access back in July 2018. I see Steinbach,Access and Rosenort as being fairly interchangable with their extremely high interest rate but odd method of calculating interest on lowest monthly balance with annual payment, with Niverville being interesting for their one year cashable 1 yr GIC at 2.6% rate. I use Achieva for TFSA since it has free transfers out and Hubert for RRSP for the free transfer out and overall great service, but will probably go with Steinbach and Access and potentially Rosenort in future for additions to TFSA, since their interest rates are high from first dollar.
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Bull Dog wrote:
May 29th, 2019 6:12 am
HI Doug: I'm Bull Dog on this group, and briguy at High Interest Savings forum . I did open accounts digitally at Steinbach and Access back in July 2018. I see Steinbach,Access and Rosenort as being fairly interchangable with their extremely high interest rate but odd method of calculating interest on lowest monthly balance with annual payment, with Niverville being interesting for their one year cashable 1 yr GIC at 2.6% rate. I use Achieva for TFSA since it has free transfers out and Hubert for RRSP for the free transfer out and overall great service, but will probably go with Steinbach and Access and potentially Rosenort in future for additions to TFSA, since their interest rates are high from first dollar.
Hi, @Bull Dog, oh cool...I've seen your posts on here before then. Yeah, I agree that Steinbach/Rosenort/Access aren't well suited in non-registered accounts where you potentially need to access more than once per year. For a TFSA, the annual interest payment and different calculation methodology does make sense. I just wish they'd standardize the calculation methodology.

Cheers,
Doug
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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 minimum 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.
RCU Service Fees May 2019.JPG

For those reasons, I will stick with Access and SCU as their fee structure is much more simplified.

Hope that helps.
Shawguy
Last edited by Shawguy on May 29th, 2019 6:01 pm, edited 1 time in total.
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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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Shawguy wrote:
May 29th, 2019 5:30 pm
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 minimum 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.

RCU Service Fees May 2019.JPG


For those reasons, I will stick with Access and SCU as their fee structure is much more simplified.

Hope that helps.
Shawguy
Agreed, no advantage over Access and Steinbach, as it seems very similar but slightly more fees. If you have to have them all though, no harm in adding Rosenort, just don't transfer a TFSA directly out.
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@Shawguy I see you re-opened SCU? You had them, closed it to switch to Hubert, now back to being an SCU member? I figured the better rate, despite the unconventional calculation would still be favourable.
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