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Achieva Financial Review 2022

Achieva Financial is a digital bank offering one of the best high-interest savings rates in Canada.

In addition to its non-registered high-interest savings accounts, the bank also offers opportunities to save/invest in TFSA, RRSP, and RRIF accounts using savings and term deposits.

This Achieva Financial review covers what you need to know about its financial products and how it compares with other popular digital banks like Tangerine and EQ Bank.

Who is Achieva Financial?

Achieva Financial is a division of Cambrian Credit Union similar to some other online-only banks like Outlook Financial (Assiniboine Credit Union), Hubert Financial (Sunova Credit Union), and Implicitly Financial (Entegra Credit Union).

Achieva Financial was established in 1998 as the direct banking arm of Cambrian Credit Union.

Unlike the credit union which limits its membership to only residents of Manitoba, Achieva Financial serves anyone who is a resident of Canada.

Achieva does not have brick-and-mortar branches that you can walk into like a traditional bank. This savings in overhead is how it is able to offer competitively high-interest rates on savings accounts.

As a customer, you can conduct all your transactions online using a phone, computer, or tablet.

Related: Simplii vs Tangerine – Online Banks in Canada

Achieva Financial Review

Who is Cambrian Credit Union?

Cambrian Credit Union was founded in 1959. It is the third-largest credit union in Manitoba with over 60,000 members and more than $3.6 billion in assets under management.

When you sign up for an Achieva Financial account, you also become a member of Cambrian Credit Union and are eligible for member perks including profit-sharing, voting for the Board of Directors, and more.

Achieva Financial Accounts

They offer their customers a wide array of high-interest deposit products in both registered and non-registered accounts.

Achieva Daily Interest Savings Account

This account offers a high-interest savings rate that is calculated on your daily closing balance and is paid out monthly.

  • No minimum balance
  • Non-promotional high-interest rate (1.80%*)
  • No monthly account fee
  • 1 free cheque, direct transfer, or pre-authorized debit per month
  • Get a $1 bonus every month when you sign up for e-Statements

Achieva TFSA Savings Account

This account has similar features to the Daily Interest Savings Account and earns a high-interest rate of 1.30%*. The same rate also applies to their RRSP and RRIF accounts.

RRSP Savings Account (1.80%*)

RRIF Savings Account (1.80%*)

Achieva GIC Rates

Achieva Financial offers high-interest rate Guaranteed Investment Certificates with varying terms of 1 to 5 years. The minimum investment amount is $1,000.

The GIC rates* for Achieva are:

  • 1 year: 3.60%
  • 2-year: 4.00%
  • 3-year: 4.10%
  • 4-year: 4.20%
  • 5-year: 4.45%

Related: Best GICs in Canada

*Rates current as of June 2022.

How To Open an Achieva Financial Account

The account opening process is generally completed online through their website or via the Achieva Mobile App. You can also mail in a completed application to Achieva Financial, PO Box 2729 Stn Main, Winnipeg, MB, R3C 4B3.

To open a new Achieva account, you need to meet the following requirements:

  • Be at least 18 years of age
  • Be a permanent resident of Canada
  • Have a Canadian credit file
  • Become a member of Cambrian credit union
  • Have a valid social insurance number
  • Provide a personalized cheque from another financial institution

There are currently no options to open an Achieva Financial business account.

Ways To Bank

You can use the mobile app to:

  • Check your account balance
  • Deposit cheques
  • Transfer money
  • Refer friends and family for a cash bonus
  • Check current rates
  • Find an ATM

Note that there is a $400 limit to ATM withdrawals from your Achieva Financial account through the Interac system. ATM withdrawals at any credit union ATM in Canada (Acculink Network) are surcharge-free.

You can reach their customer service by phone at 204-925-6824 (Winnipeg) or 1-877-224-4382 (outside Winnipeg) from 8am to 6pm CST Monday to Friday. You can also email them at [email protected].

Achieva has a referral program that pays out $25 to you per eligible friend or family member when they open a new account using your Referral Petal Code. Your referral also receives a $25 bonus. Members can earn up to $100 in bonus cash each year.

Related: Best High-Interest Savings Accounts in Canada

Achieva Financial Fees

Not all your banking with Achieva is fee-free. Some of the service fees that may apply include:

  • Additional cheque, PAD, or Transfer outs: $1 each
  • Non-credit union ATM withdrawals (in Canada): $2
  • Cirrus U.S. and International ATM withdrawals: $3.50
  • Interac Direct Payments: $0.60 each
  • Bill payments (online or Touchtone): $0.50
  • Stop payments: $10-$15
  • NSF Fee: $45
  • Payout assistance fee for RRSP/RRIF/TFSA accounts: $175/hour
  • Account closing within 6 months of opening: $15
  • Rejected PAD/Payroll deposit fee: $15

For a complete and updated list of the service fees, visit their website.

Is Achieva Financial Safe? 

Achieva Financial is a division of Cambrian Credit Union which is a member of the Deposit Guarantee Corporation of Manitoba.

What this means is that your deposits are 100% guaranteed without limit should the bank fail.

Achieva Financial vs. EQ Bank and Others

Online-only banks have become more popular over the years due to the high-interest rates they offer on savings accounts.

Compared to the big 5, the interest rate you earn can be significantly higher. Some of the rates available as of June 2022 are:

Is Achieva Financial For You?

Virtual banks can save you a lot in fees when you consider that the average Canadian pays more than $200 in bank account fees every year.

Achieva Financial does not offer a complete suite of banking services e.g. chequing, credit cards, in-house mutual funds/ETFs, insurance, etc.

You can choose to open these separate accounts with their parent company, Cambrian Credit Union, or at another traditional bank.

The bottom line is that if all you need is a savings account to grow your money, an online bank often offers a better savings rate and lower fees.

An online bank account that generally offers one of the best rates in Canada is the EQ Bank Savings Plus Account.

That said, if you require or prefer in-person support for your banking transactions or want all your accounts to be in one place, an online-only bank may not meet your needs.

Wondering whether there are ways to save money on your investments as well? Read my complete guide to Digital Investment Managers in Canada and how to get a cash bonus!

Achieva Financial Review
4.5

Summary

Achieva Financial is an online-only bank in Canada offering high-interest savings account rates and low-fee banking. It’s a division of Cambrian Credit Union.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

4 thoughts on “Achieva Financial Review 2022”

  1. Gravatar for Steve Bridge

    Enoch, with all of the fees associated with this credit union, I don’t see how it can be a good choice for regular banking, do you? With only one cheque, PAD or transfer allowed per month and then a $1 charge after that seems excessive. I guess that’s how they make their money!
    Steve

  2. Gravatar for Ben

    Hi Enoch,
    I think you might have made an error in the following title:

    “How To Open an Alterna Financial Account”

    Using Alterna instead of Achieva.

    • Gravatar for Enoch Omololu

      @Ben: Oops! Updated. Thanks!

  3. Gravatar for SH

    This bank is digital? Ha! We have been in over a year of a pandemic where I can now sign a Will and Power of Attorney via digital format, and yet, to make my bank account joint and create a TFSA, I have to use snail mail!!! Not even an email address to upload documents!!! What a joke of a bank. Then they give you wrong instructions verbally (because they cannot email them to you!!) and I am on the 4th time I now have to send other documents to get this done!!! Forget it! I am done with Achieva. Good luck to the rest of you.

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