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Steinbach Credit Union is Canada’s seventh-largest credit union and the largest credit union in Manitoba. Other popular credit unions in Manitoba are Assiniboine, Cambrian, Access, and Crosstown Civic Credit Unions.

This review of Steinbach Credit Union covers the many financial products and services they provide to their members.

Want to find out more about credit unions in Canada? Check out my guide to Canadian Credit Unions.

Who is Steinbach Credit Union?

Steinbach Credit Union was established in Manitoba in 1941. They currently serve over 91,000 members and have more than $6 billion in assets under management.

The credit union has 3 locations – a headquarters in Steinbach and branches in Linden Ridge and Lagimodiere (both in Winnipeg).

Steinbach Credit Union offers banking services to personal, business and agricultural members. These members have access to 1800+ free ATMs across Canada.

Related: 4 Ways To Get Your Free Credit Score

Steinbach Credit Union: Personal Banking

Savings Accounts

Regular Banking: Earn high-interest rates (2.50%* to 2.80%*), no minimum balance requirement and no fees; 1 free withdrawal and $1.00 after. This account is best for long-term savings. Interest is calculated monthly and paid annually on December 31.

Plan 24 Savings: Earn 1.10%*…interest is calculated daily and paid every month, no minimum monthly balance, 1 free withdrawal and $1 after.

Monthly Savings: Earn 1.60%*…interest is calculated and paid out monthly.

FAT CAT Savings: Free transactions, earns 4.10% on the first $1,000 and 2.50% after. The account converts to the regular savings account at age 13.

Chequing Account

Standard Pack Chequing: 1 free debit monthly per $500 balance, then $0.65 each; no monthly fee, and earn 0.05% interest.

Value Pack Chequing: $8.95 monthly fee. Enjoy 40 free monthly transactions, $5 discount on a safety deposit box rental, 1 free order of cheques every year; earn 0.05%* interest.

Classic Chequing: $15.50 monthly fee, unlimited free transactions, and $5 discount on safety deposit boxes.

E-Pack Chequing: $5 monthly fee and 20 free transactions/month. The account does not earn interest.

U.S. Chequing: No monthly fee, 1 free cheque or deposit per $1,000 balance and earn 0.05%* interest.

Student Pack Chequing: No monthly account fee, 35 free transactions/month, and earn 0.05%* interest. For members aged 19 to 24 who are students.

HEADSTART Chequing: For teens aged 13 to 18. No monthly fee, free transactions, and earn 0.05%* interest.

Golden Chequing: A senior’s account (60+ years): Free transactions, 1 free order of personalized cheques/year, discount on a deposit box rental and no monthly fee.

*Rates as of December 2019.

Investing

They offer popular investment accounts and assets.

  • TFSA: Fixed-rate GICs, U.S. Dollar GICs and index-linked GICs
  • RRSP: RRSP variable savings, RRSP GICs and mutual funds
  • RRIF: RRIF variable savings and RRIF GICs
  • RESP: Variable savings and GICs

Online investing: Self-directed investors can use the Qtrade Investor Online Brokerage. Members who would rather pay for professional portfolio management can use VirtualWealth, a robo-advisor.

Steinbach Credit Union also has a partnership with Aviso Wealth Inc. to provide wealth management services.

Borrowing

They offer lines of credit, personal loans and mortgages.

Credit Cards

Steinbach Credit Union offers a suite of 8 personal credit cards.

1. SCU Collaborative World Mastercard: $120 annual fee, 19.90% interest rate, earn 2 points per $1 spent, comprehensive travel insurance, purchase price protection, extended warranty and auto rental collision insurance.

2. SCU Collabria Travel Rewards Gold Mastercard: $99 annual fees, 19.90% interest rate, earn 1 point per $1 spent, emergency healthcare coverage, and auto rental collision insurance, trip cancellation/interruption and baggage insurance.

3. SCU Collabria U.S. Dollar Mastercard: $50 annual fee, 19.90% interest rate, earn 1 point per $1 USD spent, comprehensive travel insurance, purchase protection and extended warranty, auto rental collision insurance.

4. SCU Collabria FlexRate Mastercard: $40 annual fee, variable interest rate up to 15.90%, earn 1 point per $1 spent, purchase protection and extended warranty.

5. SCU Collabria Classic Mastercard: $30 annual fee, 11.90% interest rate, purchase protection and extended warranty, and mobile device insurance.

6. SCU Collabria Centra Visa Gold Card: $50 annual fee, 9.90% interest rate, earn 1 point per $1, purchase protection and extended warranty, travel accident and auto rental collision insurance.

7. SCU Collabria Cash Back Mastercard: $0 annual fee, 19.90% interest rate, earn 1 point per $1 spent (x2 on gas purchases), purchase protection and extended warranty, and mobile device insurance.

8. SCU Collabria Student Mastercard: $0 annual fee, 11.90% interest rate, purchase protection and extended warranty, and mobile device insurance.

Related: Best Credit Cards for Travel Rewards in Canada

Insurance

  • Loan and line of credit insurance
  • Mortgage insurance
  • Home insurance
  • Travel insurance

Steinbach Credit Union Business and Agriculture Accounts

Savings Accounts

  • Regular Savings: Interest calculated monthly and paid annually on December 31, 1 free withdrawal and $3 after, earn 2.20% to 2.40%.*
  • Plan 24 Savings: Earn 0.85%*, interest calculated daily and paid monthly, 1 free withdrawal and $3 each after.
  • Monthly Savings: Earn 1.35%*, interest calculated and paid monthly.
  • Agri-Invest Savings: Earn 2.15%* paid annually on December 31.

Chequing Accounts

  • Standard Pack Chequing
  • Quality Pack Chequing: $16.50/month
  • Premium Pack Chequing: $36/month
  • Premium Pack II Chequing: $62/month

Investing: Guaranteed Investment Certificates.

Borrowing: Loans, mortgages, and lines of credit.

Credit Cards

  • SCU Collabria Visa Infinite Business Card ($99 fee).
  • SCU Collabria Low-Rate Visa Business Card ($25 fee)
  • SCU Collabria No Fee Cash Back Business Mastercard (No Fee)

Ways To Bank

Members of Steinbach Credit Union can conduct their banking transactions in-person at a branch, online or via telephone.

For general inquiries, you can reach the member contact centre on Monday-Friday (8am-8pm) and Saturday (8am-4pm).

Steinbach Branch Contact:

  • 333 Main Street, Steinbach, MB R5G 1B1
  • Phone: 204-326-3495
  • Toll-free: 1-800-728-6440 (for all branches)

Linden Ridge Branch:

  • 2100 McGillivray Blvd., Winnipeg, MB R3Y 1X2
  • Phone: 204-222-2100

Lagimodiere Branch:

  • 1575 Lagimodiere Boulevard, Winnipeg, MB R3W 0B9
  • Phone: 204-661-1575

Steinbach Credit Union also has a mobile app you can download on iPhone and Android devices. Members have access to over 1,800 free ATMs within Canada.

Related: 15 Passive Income Ideas To Make Money in Canada

Steinbach Credit Union Fees

Other service fees that may be applicable in addition to the general account fees. Some of them are captured in the screenshot below. For a full and updated list, visit their website.

Steinbach Credit Union Fees.

Is Steinbach Credit Union Safe?

Steinbach Credit Union is a member of the Deposit Guarantee Corporation of Manitoba. What this means is that your deposits are 100% guaranteed should the credit union fail.

This includes your funds in savings and chequing accounts, RRSPs, RRIFs, TFSAs and term deposits.

Conclusion

This Steinbach Credit Union review is part of a series on Canada’s Credit Unions.

It highlights the services credit unions provide, how to earn higher rates on your savings while paying lower fees and how they are viable alternatives to the big banks.

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