Assiniboine Credit Union is the second-largest credit union in Manitoba after Steinbach Credit Union. It is recognized as one of the largest credit unions in Canada with approximately $5 billion in assets under management.
This review of the Assiniboine Credit Union covers the many financial products and services they offer to their members and why you may want to consider banking with them.
Who is Assiniboine Credit Union?
Assiniboine Credit Union was founded in 1943 and has its headquarters in Winnipeg. They have over 120,000 members and a total of 18 locations – 16 branches are in Winnipeg, 1 is in Gillam and the last one is located in Thompson.
Assiniboine Credit Union merged with Astra and Vantis Credit Unions in 2007.
They are a member of the Global Alliance for Banking on Values along with two other Canadian credit unions – Vancouver City Credit Union and Affinity Credit Union.
Assiniboine members have access to more than 30 Assiniboine Credit Union ATMs in Winnipeg and Thompson. You can also utilize other credit union ATMs in Manitoba for free.
The credit union owns a digital bank, Outlook Financial.
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Assiniboine Credit Union Accounts: Personal Banking
Here are the accounts they offer members with personal accounts:
1. Everyday Savings: No monthly account fee, 2 free electronic transactions per month, 1 free in-branch transaction, earn interest at 0.05%*, additional electronic transactions cost $0.50, ATM withdrawal ($1.50), Interac e-Transfer ($1 each) and in-branch transactions ($0.70-$1.50 each).
2. High-Interest Savings Account: No monthly account fee, earn a tiered interest rate up to 1.15%*, 20 free transactions for those under 18, electronic transactions cost $1 each, ATM withdrawal ($1.50 each) and in-branch transactions ($1 to $1.50 each); deposits are free.
3. Savings Circle, Individual Development Accounts and Inner City Homebuyer Plan: These savings accounts help low-income individuals save for the future – for tuition, business start-up, home down payment and more.
They come with a savings matching program that can see your savings matched by up to a 3:1 ratio.
Assiniboine Credit Union (ACU) Light: $3 monthly fee, pay only for transactions you make. Debit card purchases, ACU or credit union ATM withdrawals, Interac online payments, and pre-authorized debit payments.
Transaction fees are waived with a $1,000 minimum monthly balance.
ACU Active: $7 monthly fee (waived with a $1,000 minimum monthly balance) that includes 35 free electronic transactions per month, and 5 free in-branch transactions.
ACU Digital: $10 monthly fee, free electronic transactions, no monthly fee if you keep a $3,500 minimum monthly balance.
ACU Unlimited: $16.50/month fee (waived with a minimum monthly balance of $5,000), unlimited transactions, 4 free small safety deposit box, free cheque orders, free Canadian and U.S. bank drafts, earns interest (up to 0.05%*).
USD Chequing: No monthly account fee, 2 free transactions, earns interest (up to 0.05%*), pre-authorized electronic debits and in-branch transactions cost $1.00 each.
Note that other service fees may apply per transaction. Check Assiniboine Credit Union’s website for updated information.
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The Assiniboine Credit Union offers personal loans, lines of credit, mortgages, car loans and credit cards.
The personal credit cards they are offering via Collabria are the:
- ACU Cash Back Visa Card
- ACU Centra Visa Gold Card
- ACU Visa Classic Card
- ACU FlexRate Visa Card
- ACU Visa Infinite Card
- ACU Student Visa Card
- ACU Travel Rewards Visa Gold Card
- ACU Dollar Visa Card
Assiniboine Credit Union offers popular registered investment accounts including RRSPs, TFSAs, RESPs, RDSPs and RRIFs.
Members can invest using Guaranteed Investment Certificates, mutual funds, bonds, stocks and Exchange-Traded Funds. The investment securities are offered through Credential Securities (Aviso Wealth Inc.).
Professional money management is also available from VirtualWealth, a Canadian robo-advisor.
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They offer life insurance, home insurance, vehicle insurance, travel and small business insurance.
The insurance services are offered through Winnipeg Insurance Brokers Limited which is a wholly-owned subsidiary of Assiniboine Credit Union.
Assiniboine Credit Union: Business Banking
1. Business Savings: No monthly account fee, earn interest (0.05%), free pre-authorized credits, service fees apply per electronic/in-branch transaction.
2. Monthly High Rate Savings: No monthly account fee, free pre-authorized credits, free account deposit books, interest rate up to 1.10%*, and service fees may apply transaction.
3. Business High Rate Savings: no monthly account fee, free pre-authorized credits and account deposit books, earn interest up to 0.65%*.
4. Community High Rate Savings: No monthly account fee, free deposits (ATM, in-branch, night), free account deposits and pre-authorized credits, earn interest up to 0.65%*. Service fees may apply for other transactions.
1. Basic Business Chequing: $5/month and 1 free monthly transaction/$500 minimum monthly balance.
2. Business 25: $16 monthly fee and includes 25 free monthly transactions.
3. Community Builder: No monthly account fee, 5 free monthly transactions plus one additional per $200 minimum monthly balance, earn interest up to 0.25%*.
4. Business 75: $45 monthly fee and includes 75 free monthly transactions.
5. Business 125: $75 monthly fee and includes 125 free monthly transactions.
6. Business 200: $120 monthly fee and includes 200 free monthly transactions. The fee is waived with a minimum monthly balance of $30,000. Earn interest up to 0.65%.
7. U.S. Business: $5 monthly account fee and $1 per debit transaction.
*Rates as of September 2020.
Credit Cards: Including the ACU Visa Infinite Business Card, ACU LowRate Visa Business Card, and ACU No Fee Cash Back Business Card.
Business Loans, mortgages, line of credit and leasing services through Concentra Financial.
Other services offered to businesses are investing and business insurance.
Ways To Bank With Assiniboine Credit Union
Assiniboine Credit Union offers its members various options to conduct their banking:
Online: Through their website.
Mobile App: Download the ACU Anytime app on iPhone, Android and Blackberry devices.
Telephone: Call 204-958-8588 (Winnipeg) or 1-877-958-8588 (toll-free outside Winnipeg) on Monday to Friday (8am to 8pm CST) and Saturday (9am to 4pm CST).
To become a member, you must be:
- At least 18 years of age
- A resident of Manitoba
- Not have declared bankruptcy in the last 7 years
- Purchase a one-time membership equity share of $5
A membership application can be completed online or you can book an appointment at one of their locations.
Newcomers to Canada Package
Newcomers to Canada can benefit from an Assiniboine Credit union membership in the following ways:
- Chequing: A free chequing account for one year plus a free book of cheques.
- Car Loan: Apply for a loan after you have had 6 months of employment history in Canada. A 25% down payment is required and you can borrow up to $30,000.
- Free safety deposit box for one year.
- Newcomer package: Alternative sources of payment history may be considered in lieu of Canadian credit history. Islamic mortgages are also available to Muslims.
Is Assiniboine Credit Union Safe?
Assiniboine Credit Union is a member of the Deposit Guarantee Corporation of Manitoba (DGCM). What this means is that your deposits (e.g. chequing and savings) are 100% guaranteed without any limits.
Note that stocks, member equity share and mutual funds are not considered to be deposits and are not covered by DGCM.
The mutual funds and investment securities offered through Credential Qtrade Securities Inc (VirtualWealth and Qtrade) may be insured against insolvency up to $1 million through the Canadian Investor Protection Fund (CIPF).
Assiniboine Credit union offers its members an opportunity to bank with a financial institution that is integrated with their communities and in which they are part-owners.
This Assiniboine Credit Union review is part of a series on the best Credit unions in Canada.
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Assiniboine Credit Union Review
Assiniboine Credit Union is the second-largest credit union in Manitoba after Steinbach Credit Union. it is recognized as one of the largest credit unions in Canada with approximately $5 billion in assets under management.