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Email this7:49 am
September 1, 2014
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Hey there,
Does anyone have any opinions on which of these is a better choice? I have a People's Trust account now, which has the best TFSA rate, but their standard savings account rate isn't as competitive.
Thanks!
10:04 am
November 4, 2014
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If I understand you correctly gocanada, you want to know if you should stick with Peoples Choice or with higher interest savings accounts like Achieva or Accelerate.
The Peoples Trust TFSA savings rate of 3.00% has been that way since 2009 so unless they change it which looks not likely as it attracts alot of business for them, it looks like the much better choice.
Now, if you have money that is much more than the TFSA contribution limits in a regular savings account with non-registered money, they have pretty good rates of both 2.00%.
Take care and it pays to shop around.
10:08 am
September 1, 2014
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Thanks for your response.
I plan to keep my People's Trust TFSA as it is, for the higher interest rate. However, I have some money to put into savings on top of that, so going with one of the options with the 2% interest rate seems like a good idea.
Are Achieva and Accelerate fairly similar in terms of how consistently they have the highest interest rates, customer service, online banking capabilities, extraneous fees, etc?
10:31 am
December 2, 2012
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gocanada said
Thanks for your response.
I plan to keep my People's Trust TFSA as it is, for the higher interest rate. However, I have some money to put into savings on top of that, so going with one of the options with the 2% interest rate seems like a good idea.
Are Achieva and Accelerate fairly similar in terms of how consistently they have the highest interest rates, customer service, online banking capabilities, extraneous fees, etc?
everything you want is right here...
11:14 am
November 4, 2014
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Gocanada, I know you were choosing between Achieva and Accelerate but for you and others may want to look into Oaken Financial's, http://www.oaken.com, 1 year cashable GIC after 90 days without any lost interest and paying any penalties because they currently have a 2.00%+ bonus interest of 0.25%=total 2.25% rate until December-19-2014.
This would only work for any money that you or someone else can leave alone and have no need for in 91 days or longer.
Oaken's 2.25% rate is fixed for the period you have your money there in 91 days or after up to 1 year so it can't change like savings accounts can. This is the only benefit I can see besides the higher rate if one goes with this. This is for your non-registered, cash money not for TFSA's.
If this money is for easy access any day you need it then Achieva and Accelerate 2.00% savings accounts are the best I could find out there.
Regarding their rates, I believe that they were increased from 1.80% to 1.90% to 2.00% over the last few months so this gives you an idea of what may happen with them.
Martin14, good reference to use that you gave to gocanada. Everyone take care and it pays to shop around.
2:15 pm
September 1, 2014
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Thanks everyone for you responses. I had seen that chart (that's how I managed to pick those the top 2 interest rates as well as People's Trust a year or so back) - I was wondering if anyone had had better experiences with one or the other or one is quicker to change their rates. Sounds like they are both good choice.
Thanks for that tip on the Oaken GIC as well. That might be the best option for me.
11:51 am
February 20, 2013
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I have accounts at both. I have had to use Hubert as a hub to get money into and out of Accelerate electronically. Otherwise you have to use cheques or an Accelerate debit card at a local credit union. Achieva has a method of electronically transferring funds from/to external accounts.
Both only allow 1 free withdrawal a month. Achieva pays you $1.00 a month if you opt for electronic statements. However make sure you keep over $25 in your Achieva account to avoid a dormant account fee after 6 months.
8:41 am
December 1, 2014
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I'd like to revive this thread to get some fresh input on these credit unions. I'll be moving to Quebec next year and will need to move to either Achieva or Accelerate.
Are there any strong pros or cons for either? Any input and advice would be most appreciated.
11:26 am
December 2, 2018
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meghan88 said
I'd like to revive this thread to get some fresh input on these credit unions. I'll be moving to Quebec next year and will need to move to either Achieva or Accelerate.Are there any strong pros or cons for either? Any input and advice would be most appreciated.
I really like Accelerate but have no exposure to Achieva.
I guess cons of Accelerate are ....
Statements are mailed every 6 months.....not online....but can print your own
GIC entry cannot be done online....do by phone
Can only phone during their hours
I have a number of Fi's that I will phase out.....Outlook, iTrade, Peoples Trust, Implicity....but NOT Accelerate...they are a keeper.
It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.
12:46 pm
August 17, 2010
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I agree, I will never cancel accelerate! They are my mainstay. Took advantage of their nice little promo too. 100 bonus on 10,000 term. I posted this on another forum.
3:00 pm
December 1, 2014
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Thanks for the replies! Sounds like Accelerate has the edge. Three questions:
1. Is it easy to link other accounts to them?
2. Do they have a limit on monthly withdrawals, either by
- frequency; or
- amounts?
3. Any fees I should know about?
3:20 pm
October 21, 2013
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Achieva has free transfers out for registered funds. Accelerate charges $50 - last time I looked.
On RIFs, Accelerate allows free 20% annual withdrawals above what you have to withdraw or signed up for.
4:34 pm
September 15, 2017
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You are unable to link any account to Accelerate on their website, so you can't do on-line transfers between Accelerate and your other financial institution(s), in either direction.
On Achieva's website, you can link another financial institution's account and do on-line transfers in either direction.
5:44 pm
December 2, 2018
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meghan88 said
Thanks for the replies! Sounds like Accelerate has the edge. Three questions:1. Is it easy to link other accounts to them?
2. Do they have a limit on monthly withdrawals, either by
- frequency; or
- amounts?3. Any fees I should know about?
Like said in other posts they do no linking. But I use Hubert, Oaken, Implicity and I think my iTrade to push or pull to Accelerate. So there is a work around. All my cash is in Accelerate and since there is a good chunk there I can buy higher rate GICs elsewhere in advance of a GIC maturing at Accelerate or elsewhere and push the funds back to Accelerate to offset any pre purchased GICs.....hope what I say makes sense. I don’t use for day to day....just for holding cash and of course GIC’s.
Not the best HISA rates.....but steady and reliable.
One cheque a month free. And replacement cheque are free too. They also supply you with an ATM card too. Not too many HISA offer the latter. I have rarely ever done 2 withdrawals in a month.
See fees here. https://www.acceleratefinancial.ca/service-solutions/fees
It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.
5:49 pm
December 2, 2018
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Loonie said
Achieva has free transfers out for registered funds. Accelerate charges $50 - last time I looked.On RIFs, Accelerate allows free 20% annual withdrawals above what you have to withdraw or signed up for.
Loonie said
Achieva has free transfers out for registered funds. Accelerate charges $50 - last time I looked.On RIFs, Accelerate allows free 20% annual withdrawals above what you have to withdraw or signed up for.
Both good points !!!
I play the withdraw in December for TFSA and deposit elsewhwere in January. I guess you would have to pay the fee for RRSP or RRIF.
I have done no hassle and free transfers of RRSP out of Oaken.
And am hoping that self control of RRIF withdrawals will be easier with Hubert over Accelerate. But that is based on research and your specific needs.
Since Accelerate is not good for day to day I would suggest a brick and mortar FI for your needs in Quebec. I think most here will say the same. Both my wife and I have a local Bank and CU to use for pension payments and for bill payments.....but only if FI offers no fees.
It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.
5:57 pm
February 27, 2015
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I have a savings account and some GICs with Achieva. No exposure to Accelerate so can't provide input on that institution.
I have had no issue with Achieva, don't have any complicated needs and my dealings with them over the phone have been good. I feel that they are reliable, straight forward (I appreciate that their savings account rates are the same across different registered vs non registered accounts; they will not negotiate on rates) and am happy with them thus far.
The following comments are to fill in the Achieva side of the equation from Retep's post above:
- You can download your statements monthly as PDFs as well as your T5 tax slips
- If you elect not to receive paper statements, you get 1$ free deposited to your savings account every month. It's called a "green reward"
- You can purchase your GICs online very easily. You get emails notifying you of upcoming maturities.
- I have the account linked to a chequing account at a different institution. No issues with transfers.
- They also have a referral bonus program where you get 25$ bonus if someone provides your referral code when they open an account
I don't know enough about their fees or monthly limits as obviously I haven't encountered an issue yet. Best to just call and ask or check Achieva's website.
A CON would be that Achieva seems to be a slower to respond to rate changes than the other MB credit unions in my opinion. They would be the opposite of Motive that seems to tweak things on a weekly basis.
Good luck with your decision.
5:24 pm
December 1, 2014
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Thanks - I am still mulling. I am also considering Maxa. Any point in adding them in for comparison?
6:38 pm
December 2, 2018
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meghan88 said
Thanks - I am still mulling. I am also considering Maxa. Any point in adding them in for comparison?
I considered Maxa years ago but ruled them out based on my checks with them directly and what I read about them here. Don’t remember reasons why. You might see some very old threads here on Maxa.
If you are open then look at. Not sure if available to Québécois.
Oaken
Implicity
Hubert
You may want to use two FIs to meet your needs. None mentioned are good for day to day banking. But not sure of Achieva.
It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.
7:26 pm
October 21, 2013
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MAXA has a high fee for Registered transfers. It was $100 last time I looked. I couldn't see any advantage to them when I looked in to them some years back.
7:57 pm
December 2, 2018
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Maxa fees here.
http://www.maxafinancial.com/b.....x?cid=1739
Looks like first debit at ATM is $1.00 and there after $2.00.
It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.
Please write your comments in the forum.