Outlook Financial is an online bank in Canada offering some of the highest interest rates available on deposits.
Some of its close competitors in the digital banking space are Oaken Financial, EQ Bank, Achieva Financial, Hubert Financial, and Maxa Financial.
This Outlook Financial review covers their products and services and what you need to know about opening an account.
Who is Outlook Financial?
Outlook Financial is a division and the direct banking arm of the Assiniboine Credit Union.
Based in Manitoba, Outlook Financial offers savings and term deposit products to Canadians across the country.
Customers of Outlook Financial become members and part-owners of the Assiniboine Credit Union. They are able to vote for the Board of Directors and have a say in how the annual profits of the firm are distributed.
Also, customers can access thousands of “ding-free” ATMs across Canada.
Who is Assiniboine Credit Union?
Assiniboine Credit Union was founded in 1943. It is Manitoba’s second-largest credit union with 125,000+ members and over $5 billion in assets under management.
Assiniboine Credit Union is featured alongside Steinbach Credit Union and Cambrian Credit Union in the top-20 largest credit unions in Canada.
Related: Best Online Banks in Canada
Outlook Financial Accounts
Outlook Financial offers savings and Guaranteed Investment Certificate products you can keep in non-registered or registered accounts.
High-Interest Savings Account
Outlook’s high-interest savings offer the ability to write cheques, make debit card payments, and pay bills online. You also get:
- No monthly account fees
- No minimum balance
- High-interest rate (1.10%*)
- 1 free debit transaction ($1 after)
- 100% guaranteed protection
Their high-interest rate savings product is also available in a TFSA, RRSP, or RRIF account.
Guaranteed Investment Certificate (GIC)
Term deposits can get you a higher interest rate when you don’t need funds for 1-5 years. You can keep a GIC inside a regular non-registered account, or choose to use a TFSA, RRSP, or RRIF.
Some of the features of Outlook’s GICs are:
- No monthly account fees
- $1,000 minimum deposit
- 1-5 year terms
- High-interest rates
- Option to make an early withdrawal
Outlook GIC rates as of May 2020 are:
- 1-year cashable GIC: 1.15%*
- 2-year cashable GIC: 1.35%*
- 3-year cashable GIC: 1.45%*
- 4-year cashable GIC: 1.55%*
- 5-year cashable GIC: 1.70%*
A 1% interest discount applies when you withdraw GIC funds prior to the maturity date.
*Visit their website for the most current rates.
Related: EQ Bank: Best Online bank in Canada?
How To Open an Outlook Financial Account
The primary way to manage your financial accounts with Outlook is through its online platform and the Outlook Financial Mobile App.
To become a member, you must:
- Be at least 18 years of age
- Provide a cheque drawn on a Canadian financial institution
- Purchase a one-time $5 equity share membership in Assiniboine Credit Union.
You can reach them by phone at 204-958-7333 (Winnipeg) or 1-877-958-7333 (outside Winnipeg) on Monday-Friday (8am to 8pm CST) and Saturdays (9am to 4pm CST).
Or by mail at Outlook Financial, Box 2, Station Main, Winnipeg, Winnipeg, MB R3C 2G1.
Outlook Financial Fees
While your accounts do not have a monthly maintenance fee, some services may apply.
Related: Top Savings Rates in Canada
Is Outlook Financial Safe?
Outlook Financial is a division of Assiniboine Credit Union which is a member of the Deposit Guarantee Corporation of Manitoba (DGCM).
This means that your deposits are guaranteed without limit (100%) should Outlook become insolvent.
Outlook Financial vs. EQ Bank
EQ Bank offers a high interest savings account that pays a 1.25% interest rate. You can keep your deposits in a general savings account, TFSA, or RSP account.
The EQ Bank Savings Plus Account also provides chequing capabilities with unlimited free debit transactions, Interac e-Transfers, mobile cheque deposits, and more.
You can open an EQ Bank Savings Account here.
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Online banks like EQ Bank, Outlook Financial, Simplii Financial, and Tangerine offer an opportunity to make your money work harder for you. They also have more favourable fees compared the traditional banks.
One downside of many digital banks is that they may have limited service options.
Outlook Financial Review: Online Bank in Canada
Outlook Financial is an online bank in Canada offering a high interest savings rate. This Outlook Financial review covers what you need to know.