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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 126,000+ 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: 16 RRSP and TFSA Mistakes You Should Avoid

Outlook Financial Review

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 (2.40%*)
  • 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.

Read more about RRSPs and RRIFs here.

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 September 2019 are:

  • 1-year cashable GIC: 2.35%*
  • 2-year cashable GIC: 2.40%*
  • 3-year cashable GIC: 2.40%*
  • 4-year cashable GIC: 2.40%*
  • 5-year cashable GIC: 2.65%*

*Visit their website for the most current rates.

A 1% interest discount applies when you withdraw GIC funds prior to the maturity date.

Related: EQ Bank: Best Online bank in Canada?

How To Open an Outlook Financial Account

The primary way to bank 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.

Outlook Financial Service Fees

Source: OutlookFinancial.com

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.

Conclusion

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. That being said, an online bank like Tangerine provides a full suite of products and services that would suit most people.

Tangerine offers a free chequing account, high-interest savings account, credit card, mortgage, investment products, personal loans and more. You can read my complete Tangerine review here.

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Outlook Financial Review: Online Bank in Canada
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Summary

Outlook Financial is an online bank in Canada offering a high-interest savings rate. This Outlook Financial review covers all you need to know.