Access Credit Union Thread
Gonna run through the five W's...
- Who & Where - a credit union in Southern Manitoba offering membership through online sign-up's for deposit accounts to all Canadian residents, province-agnostic
- What & Why - top tier rates on TFSA. For non-reg, you'll get better rates doing musical chairs or sticking with Motive. They don't seem to offer uLOC's. Their USD chq account PPU fee is slightly higher than over at SCU. Can sign up for a Plan 24 non-reg savings for funds transfer (external account transfers, bill pays, link to PayTM, PayPal and the likes, etc.) so it can be a simplistic setup
- When - you're ready to utilize their competitive TFSA no-term rates. There doesn't seem to be a welcome bonus nor referral incentive, but they'll reimburse a bank to bank TFSA to TFSA transfer fee of up to $120
- How - will explain below...
- signup online. Soft pull. Choose Plan 24 only. E-transfer $105 ($100 min funding, $5 member share)
- Call them as soon as you can. Request: PAD form/letter with teller stamp (teller stamp only matters if you use Simplii), suppress debit card, suppress paper statements. Granted, these requests are optional, but most of us don't want paper statements or debit card for a "deep savings" outlet
- You won't be able to add your accounts from other FI's as external Access-side. Instead, use PAD info to link Access Plan 24 as external to Simplii, Tangerine, EQ, and your other CU's and subbies that allow external account linking. You can link to PayTM but note that because it's a 12 digit account number (greater than 10), send PAD credentials to PayTM via in-app support (they'll inject MD's and claw back later)
- Assuming you now have access to online banking, go back to the signup page and order the TFSA no-term. You will have the option of e-transfer, or move the $100 from Plan 24 to TFSA
- Now game on and feast!
- You may wish to bookmark their login page, was somewhat tricky to find when browsing on a phone
- withdrawals - Plan 24 has five (5) no-fee withdrawals per month, and that includes internal transfers (should be enough). TFSA has only one (1) no-fee withdrawal per month, then it's $5 PPU fee
- Plan 24 interest is lower than at SCU, but the flexibility of Access CU's Plan 24 keeps it simple...we're in it for the TFSA anyway, right?
- TFSA interest calculated on daily balance, paid out twice per year (end of June and end of December). Unlike SCU, they don't pay out a dividend each year, so you're strictly going by the daily rate
- Access will turn down those who have too many recent credit union inquiries, oddly enough. If you've signed up for more than one credit union in the past 3-6 months, might be better to wait a bit before joining Access
@dmehus @Shawguy friendly tags...