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Saven Financial Review 2024

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This Saven Financial review covers how it works, its pros, cons, fees, and alternatives.

Saven Financial is one of Canada’s best online banks for high interest savings rates and GIC products.

It joins other challenger banks like EQ Bank, Neo Financial, AcceleRate Financial, and Alterna Bank in offering competitive savings products that beat what’s generally available at the Big Banks.

Read on to learn about Saven Financial’s products and services.

What is Saven Financial?

Saven Financial was established in 2021 and is a division of FirstOntario Credit Union.

FirstOntario Credit Union has been around since 1939 and has 126,000+ members.

While its parent credit union offers personal and business banking services with chequing, savings, credit cards, mortgages, loans, and investment, the Saven Financial online platform is limited to savings accounts and GICs.

Saven Financial Accounts

You can open the following accounts at Saven Financial:

  • High interest savings account
  • Guaranteed Investment Certificates (GICs)

Saven Financial High Interest Savings Account

The Saven Financial high interest savings account (HISA) has no monthly fees, and you can open it with any amount.

It offers a 3.60% interest rate which is one of the highest savings rates in Canada at the moment.

This interest is calculated daily and paid out at the end of each month.

Your deposits in this HISA are protected for up to $250,000 by the Financial Services Regulatory Authority of Ontario (FSRA).

Saven Financial High Rate GICs

Saven Financial also offers GICs you can invest in to earn more income than using savings.

Saven GICs have terms ranging from one to five years, and you can open an account with as little as $1,000.

GICs guarantee your principal, and you know exactly how much interest your money will earn over a specific period of time.

The current GIC rates for Saven are:

  • 1 year term: 5.50%
  • 2 year term: 5.50%
  • 3 year term: 5.35%
  • 4 year term: 4.80%
  • 5 year term: 4.80%

These GICs are non-redeemable, which means your funds are not accessible until after their maturity date.

Here are some of the best GIC rates in Canada.

Saven Financial Review

How To Open a Saven Financial Account

You can open a Saven Financial account online.

You will need to meet some basic requirements:

  • Reside in Ontario
  • Be at least 18 years old
  • Invest $25 in a membership share for FirstOntario Credit Union

Membership at FirstOntario Credit Union and Saven gives you voting rights and access to dividend shares at the credit union.

After opening your account, you can add funds using Interac e-Transfer, cheque deposit, or by linking your bank account to another financial institution.

You can contact Saven’s customer service at 1-877-987-2836 or chat with them online.

Saven Financial Fees

Although the Saven Financial savings and GICs accounts have no monthly fees, you should be aware of the following service charges:

“OOPS” ChargesCost
Non-Sufficient Funds (NSF)$50/Item
NSF Handling$10
Overdraft21%

The following transactions are free:

TransactionFee
Electronic Funds Transfer$0
Cheque deposits$0
Interac e-Transfers$0

There are maximum limits for Interac e-Transfer transactions:

  • Maximum per day when sending: $3,000
  • Maximum per day when receiving: $25,000
  • Maximum send for 24 hours: $10,000
  • Maximum send per week: $10,000
  • Maximum send per month: $20,000

Is Saven Financial Safe and Legit?

Saven Financial is a legitimate financial institution owned by one of Canada’s largest credit unions, FirstOntario Credit Union.

It is also safe because your deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA) up to a maximum of $250,000.

Pros and Cons of Saven Financial

Pros:

  • High interest rate on savings
  • High interest rates on GICs
  • No monthly account fees
  • Owned by a reputable credit union
  • Can vote for the board of directors and receive annual dividends
  • Good mobile app

Cons:

  • Only available in Ontario
  • No branches for in-person support
  • No TFSA or RRSP accounts
  • Does not offer cheques, debit cards, ATMs, or bill payments
  • Maximum of $25,000 when depositing cheques

Saven Financial Alternatives

There are several online banks in Canada that provide better value for your savings and investments compared to the Big Five – CIBC, TD, Scotiabank, RBC, and BMO.

The top two alternatives are EQ Bank and KOHO.

Saven Financial vs. EQ Bank

EQ Bank’s Savings Plus Account is a hybrid bank account that gives you the top features of a savings and chequing account for free.

It offers:

  • High-interest rate on every dollar
  • Unlimited free debits, bill payments, and Interac e-Transfers
  • Mobile cheque deposits
  • No minimum balance
  • CDIC deposit guarantee

You can also open EQ Bank TFSA, RSP, Joint Accounts, USD Accounts, and GICs.

EQ Bank Personal Account

EQ Bank tfsa.

Up to 4.00%* interest rate

Unlimited debits and bill payments

Unlimited Interac e-Transfers

No monthly account fees

Saven Financial vs. KOHO

KOHO is a financial technology company that offers a free prepaid card combined with savings, early payroll, a budgeting app, and a credit-building service.

The free KOHO Card includes:

  • 1% cash back on groceries and bill payments
  • Up to 5% cash back at partner retailers and brands
  • Pays interest on your balance
  • Unlimited free bill payments and Interac e-Transfers

KOHO Prepaid Mastercard

KOHO Mastercard Prepaid Card 2

$20 welcome bonus after first purchase (use CASHBACK promo code during sign-up)

$0 monthly fee

Earn up to 5% unlimited cash back

Get 3% savings interest on your balance

Unlimited Interac e-Transfers and debit transactions

Free budgeting app and access to credit building

Saven Financial FAQs

Is Saven Financial insured?

Yes, Saven Financial customers enjoy FSRA protection up to a maximum of $250,000.

Who owns Saven Financial?

Saven Financial is owned by the FirstOntario credit union, an Ontario credit union that has been around for over 80 years.

Is Saven Financial a bank?

No, Saven Financial is not a bank. It is an online financial platform that offers various financial products, including savings and GICs.

Does Saven Financial offer TFSA and RRSP accounts?

No, Saven does not offer registered accounts like the TFSA, RRSP, or RRIF.

Related:

Top Banking Offers for April

Stop paying monthly fees with a free chequing account + $400 bonus

Get $400 cash bonus when you direct deposit $100 for three months.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

Get a high interest rate on your savings (6.00% interest rate offer).

Get the TOP spending and savings account with 5% rewards and $20 bonus

Instant approval and a $20 welcome bonus when you make your first purchase.

Earn up to 5% unlimited cashback on purchases while paying no fees!

Earn 3.00% to 5.00% interest on your entire account balance.

Free debits, e-Transfers, bill payments, budgeting app, and access to credit building.

Earn a regular 4.00% interest on your savings account

Earn a non-promotional 4.00% high interest rate on every dollar.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays an average cashback of 5% on purchases.

No monthly or annual account fees; free budgeting app.

Author

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

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

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1 thought on “Saven Financial Review 2024”

  1. Gravatar for Vincent

    Saven Financial is now offering a TFSA with 4% interest

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