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Email this11:48 am
October 21, 2013
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Savings rates now down to 1.3, 1.4, 1,55, depending on size of deposit.
6:34 pm
March 17, 2018
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I have an account with them, but pocket change in it. I wonder if it's worth keeping open in case they decide to get competitive again. I also have one with Access with pocket change in it but I'd rather keep Access open since their customer service is much friendlier.
@Loonie @Bill @Shawguy
6:46 pm
December 12, 2009
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Briguy said
I have an account with them, but pocket change in it. I wonder if it's worth keeping open in case they decide to get competitive again. I also have one with Access with pocket change in it but I'd rather keep Access open since their customer service is much friendlier.
@Loonie @Bill @Shawguy
I would see it through to the end of the year, @Briguy, and then, if the rates do not see a meaningful uptick or, alternatively, they hold their rates while everyone else falls down near their level, then I would look to close the Steinbach HISA and membership in December 2020 to finish up the tax year cleanly. You can always re-open a new membership, either as a new membership number or your existing one, in a few years time. 🙂
Cheers,
Doug
6:55 pm
March 17, 2018
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Doug said
I would see it through to the end of the year, @Briguy, and then, if the rates do not see a meaningful uptick or, alternatively, they hold their rates while everyone else falls down near their level, then I would look to close the Steinbach HISA and membership in December 2020 to finish up the tax year cleanly. You can always re-open a new membership, either as a new membership number or your existing one, in a few years time. 🙂
Cheers,
Doug
OK, I'll give them till end of year. ( i'll be like Bill with lots of accounts- I already have Peoples Trust, Motive, Alterna and LBC - all of which have better rates ) I also have some with worse rates than Steinbach LOL
8:15 pm
October 21, 2013
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I would wait til end of year too, if only because that's when they dole out the interest, small though it may be!
Steinbach has been a rate leader IF you have a lot of omoney there and get the third tier rate.
We have account there but took out almost all of it at end of April.
I am doubtful we will use it much in future but am not sure.
I find it annoying that they don't notify you when rates change; you have to get lucky and check that day. When you combine this with the fact that interest is based on lowest monthly balance, it makes it difficult to keep track and do the best thing with your money.
I can live with the fact that i the interest is only paid at the end of the year, as I just deduct 2 or 3 basis points from the rate.
I have not had problems with the reps. However,
i asked them to send emails about rate changes and they seem unlikely to do so. Also, there were some screw-ups with my statements which were only partially fixed, and I was not happy absout that.
4:04 am
March 17, 2018
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@Loonie @Doug There's 3 credit unions that I lump together because they seem similar- Niverville, Access and Steinbach. All 3 recently became non competitive, but I'll give the 2 that I have accounts with till Dec 31 to get back in the game.
I also have a TFSA at Achieva and RRSP at Hubert, but those are still competitive and seem to have more of a Canada wide attitude, so I have no intention of moving out of those.
4:48 am
December 12, 2009
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Briguy said
@Loonie @Doug There's 3 credit unions that I lump together because they seem similar- Niverville, Access and Steinbach. All 3 recently became non competitive, but I'll give the 2 that I have accounts with till Dec 31 to get back in the game.I also have a TFSA at Achieva and RRSP at Hubert, but those are still competitive and seem to have more of a Canada wide attitude, so I have no intention of moving out of those.
Not disputing what you are saying @Briguy with those three credit unions, but in terms of GIC rates, I would say that Niverville Credit Union and Fusion Credit Union are both still competitive. If included within the GIC chart, they would not even be at the bottom. They would be in the third tier of FIs, sure, but their 1-5 year GIC rates would be above the usual Alterna Bank, Canadian Tire Bank, Simplii Financial, Manulife Bank, and Tangerine. Hoping Peter will eventually add Niverville Credit Union, Fusion Credit Union, and Casera Financial to the GIC chart as they so clearly and overwhelming meet the criteria. 
Cheers,
Doug
8:13 pm
October 21, 2013
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The question for me is, how many MB CUs do we need to list, given that all have unlimited insurance and many have very similar rates and not much else to distinguish them?
3:37 am
March 17, 2018
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Loonie said
The question for me is, how many MB CUs do we need to list, given that all have unlimited insurance and many have very similar rates and not much else to distinguish them?
Good question Loonie, we have one member Shawguy who is an expert on Manitoba CU so we will see if he responds to that question.
7:44 am
November 7, 2014
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Loonie said
The question for me is, how many MB CUs do we need to list, given that all have unlimited insurance and many have very similar rates and not much else to distinguish them?
I think all the "competitive", nationally marketed credit unions and banks should be listed here. By competitive I mean those offering the higher GIC and savings account rates. Many Manitoba credit unions are, in fact, not very "competitive" at the moment. More localized institutions with superior rates and specials should go into the Promo section of this forum for those people who can take advantage of them in their area. Just my opinion.
11:54 am
July 7, 2020
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I'd like to propose putting Steinbach back on the HISA chart: its HISA at 1.25% is not great, but better than a couple on the chart. Its TFSA is still 1.60% which is good, and appears to me to be the best TFSA rate available to QC residents.
If this has been discussed before, sorry for the repetition.
Thanks.
=aw
9:29 am
May 15, 2007
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ottawa said
I'd like to propose putting Steinbach back on the HISA chart: its HISA at 1.25% is not great, but better than a couple on the chart. Its TFSA is still 1.60% which is good, and appears to me to be the best TFSA rate available to QC residents.If this has been discussed before, sorry for the repetition.
Thanks.
=aw
Thanks for the suggestion. This actually comes up quite often. Here's an example of one of the previous discussions.
12:11 pm
July 7, 2020
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Thanks. I had actually seen one thread (not the one you linked) that said the rates were the same for SCU and 2 other CUs, which I guess is normally true, and I'm not impressed by 1.25%, but the TFSA rate is more impressive to me.
8:06 am
September 30, 2017
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... so few of them - those who would pay more to encourage TFSA deposits
7:56 am
September 30, 2017
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... no joy here
10:25 pm
October 21, 2013
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Steinbach is currently offering a five year GIC "Special" at 2.00%, registered or non-registered.
I don't know how long this has been on offer or how long it will last.
There doesn't appear to be a minimum investment.
It might be useful for someone who is maxed out at Oaken and who wants a five year GIC.
8:37 am
April 6, 2013
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Fine print on Steinbach's My Savings page suggests the special 2% rate started around April 9:
2.00%*
60-month GIC special*Rate subject to change without notice. Rate current as of April 9, 2021. Conditions may apply. There is no tiered pricing available for the GIC special. GIC special is available for a limited time.
6:09 pm
March 17, 2018
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Norman1 said
Fine print on Steinbach's My Savings page suggests the special 2% rate started around April 9:2.00%*
60-month GIC special*Rate subject to change without notice. Rate current as of April 9, 2021. Conditions may apply. There is no tiered pricing available for the GIC special. GIC special is available for a limited time.
Rate is still active, called today and checked.
5:07 pm
September 30, 2017
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TFSA 1.40% at SCU
7:07 pm
October 21, 2013
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I believe they have a $100 transfer out fee.
I've had enough issues with Steinbach that I wouldn't invest in a TFSA with them - see thread on this.
I don't know much about their TFSAs but one should confirm how the interest is calculated and posted. With their non-registered HISA, it's on the minimum monthly balance and not paid until end of year so no monthly compounding.
Please write your comments in the forum.