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Manitoba credit unions

Thank you everybody for completing the survey!  It is now closed.  Below is a summary of the results.

Got ideas for other surveys or comments on this survey? Share them here.

Also, visit the high interest savings forum for more discussions on Canadian banking.

General notes

This survey was run between September 3 and October 6, 2012, and there were 70 responses.

Given the nature of the site, it is likely that respondents are:

  • more likely to be online and mobile savvy
  • more interested in higher rates and perhaps lower fees

Given the way the survey was introduced (and based on the answers!) a higher proportion of respondents than the general population already bank with Manitoba credit unions.


1. Do you live in Manitoba?

  • Yes: 6/70 (9%)
  • No: 64/70 (91%)

2. Have you ever banked with a Manitoba credit union?

  • Yes, and I still do: 46/70 (66%)
  • Yes, but I don't anymore: 1/70 (1%)
  • No, but I might consider it: 20/70 (29%)
  • No, and I probably won't: 3/70 (4%)

3. Which Manitoba credit unions have you banked with?

  • None: 23/70 (33%)
  • AcceleRate Financial: 23/70 (33%)
  • Achieva Financial: 15/70 (21%)
  • Hubert Financial: 21/70 (30%)
  • MAXA Financial: 3/70 (4%)
  • Outlook Financial: 9/70 (13%)
  • Other: 4/70 (6%)

"Other" responses:

  • Sunrise (1)
  • Peoples Trust (1)
  • Crosstown Civic (1)
  • "It was a long time ago" (1)

45/70 (64%) of respondents have banked with at least one Manitoba credit union. Of those responses, the number of Manitoba credit unions that they bank with:

  • 1 institution: 26/45 (58%)
  • 2 institutions: 12/45 (27%)
  • 3 institutions: 4/45 (9%)
  • 4 institutions: 3/45 (7%)

4. What concerns do you have about Manitoba credit unions, if any?

  • They don't meet my account needs: 3/70 (4%)
  • Lack of or bad customer service: 3/70 (4%)
  • Hard to access my money: 18/70 (26%)
  • They're not local: 14/70 (20%)
  • I don't feel safe putting my money there: 15/70 (21%)
  • I've never heard of them until today: 12/70 (17%)
  • Other: 15/70 (21%)

"Other" responses:

  • Outlook makes too many mistakes.
  • Fees for withdrawals. Hubert is an exception as it has no fees.
  • Ability to maintain funds.. Split entities out there.. Manitoba credit coverage versus Central1?
  • Time it takes to transfer funds out of the account and into another bank.
  • Internet exposure
  • CDIA security
  • Electronic banking
  • Fees which nullify the so-called "high" interest rates
  • Concerned that rates will drop after a while
  • Long hold on funds

5. Why do you or would you bank with a Manitoba credit union?

  • Higher interest rates: 68/70 (97%)
  • Unique account options: 4/70 (6%)
  • Better customer service: 14/70 (20%)
  • Money is safer there: 7/70 (10%)
  • They're local: 0/70 (0%)
  • Other: 3/70 (4%)

"Other" responses:

  • Insurance coverage has no limit so I don't need many accounts at different institutions.
  • No insurance limit on deposits
  • Simple cheap highly efficient banking.

6. If you bank at a Manitoba credit union, what accounts do you have with any of them?

  • n/a: 21/70 (30%)
  • Regular savings: 45/70 (64%)
  • Regular chequing: 8/70 (11%)
  • TFSA (any type): 20/70 (29%)
  • GIC / term deposit: 20/70 (29%)
  • Mortgage: 1/70 (1%)
  • Investment / mutual funds / trading: 0/70 (0%)
  • Non-mortgage loans or line of credit: 1/70 (1%)
  • Business (any type): 0/70 (0%)
  • Other: 3/70 (4%)

"Other" responses:

  • High interest checking account (1)
  • RRSP (2)

7. Are there any accounts you wouldn't ever consider having with a Manitoba credit union?

  • Regular savings: 5/70 (7%)
  • Regular chequing: 13/70 (19%)
  • TFSA (any type): 4/70 (6%)
  • GIC / term deposit: 4/70 (6%)
  • Mortgage: 14/70 (20%)
  • Investment / mutual funds / trading: 15/70 (21%)
  • Non-mortgage loans or line of credit: 9/70 (13%)
  • Business (any type): 15/70 (21%)
  • Other: 5/70 (7%)

"Other" responses:

  • No limitations / open to try all (4)
  • "They have lowered in recent years like all others to almost zero, plus fees which eat away at what little interest remains. So, why bother?"

8. Please explain your answer in question #7, if relevant

  • Looking for the best GIC rates possible for registered and non registered plans. They seem to have it!!! While both OF and Acclerate have good service...OF is plaqued with making errors.
  • I would use Manitoba credit unions for any type of account.
  • Mortgage and business account does not make sense to me if I am located in Ontario
  • I don't have any concerns at this time with any account type.
  • I have no concerns about doing any kind of banking with them.
  • I feel more comfortable dealing with local big banks
  • I'm not planning to open or run a business.
  • I use a discount broker for investments.
  • Only need higher rate GICs
  • Don't use those services except for regular chequing, which I want local.
  • Have been with the bank for more then 40 years because the credit union refused to loan us money to buy land and the bank took a chance
  • Will never have one.
  • We are seniors, we don't need a mortgage, just looking for a safe place to park our money safely, with a reasonable rate of return.
  • Simply because of location
  • Am currently with ING, they are best value for features currently in Canada. Their rates on TFSA's and savings accounts have gotten much lower, this is reason why we have begun to research Manitoba Credit Unions.
  • Searching for a bank or cu but i live in the u.s.
  • Every now and then you need a bank draft, USD deposit/exchange, etc. Until I have the backup of a branch down the street, I won't move my chequing.
  • Living far away, I think a mortage would be better with a local institution to speak with a representativre face to face
  • Mortgage; not practical for signing documents
  • Investments: too hard to manage multiple accounts; I've already pared down from 4 to 2.

9. Please share any additional comments you have about Manitoba credit unions

  • I verified with a third party and was advised that their insurance is safe. I do not have a lot invested there any ways and Credit Unions rarely go bust...they just get absorbed by another.
  • I think Manitoba credit unions are excellent. I have had great service, the highest interest rates, and 100% guaranteed savings. That helps me sleep a little better at night!
  • Very pleased. No real issues. Feel safe as banks
  • I find their customer service good. I havent had any issues as of yet.
  • Only recently opened a personal savings account with Accelerate due to the high rate offered. Was a little surprised that there is a 10 day hold on funds transferred in from another financial institution (Ally) electronically. I can understand this for personal cheques but not an electronic transfer...I suspect they are somewhat "behind the times".
  • I think its great that there are actually credit unions that offer better rates of return. This is what it use to be in Ontario before the late 80s. Credit Unions are supposed to be run for the benefit of the members and as such members should get better rates.
  • I also like the unlimited insurance coverage. This allows you to consolidate your savings in fewer better run institutions that have better rates.
  • I have recently moved my money out of Hubert Financial, a division of Sunova Credit Union, due to the limited access, lower returns on their high-interest savings accounts versus competitors and lack of a free, unlimited chequing account. They have also yet to pay me a member dividend. I still maintain my membership, only $100 in member equity shares and do have $100.35 on deposit.
  • With the exception of Maxa, which tends to be rather clutzy and myopic, with inferior/non service; I have enjoyed really good service and interaction with with the remainder: Accelerate, Achieva, Outlook.
  • I am mostly concerned about safety of the deposit as they are not CDIC insured as I know.
  • Can't beat the interest rates and the higher insurance
  • I know very little about Manitoba credit unions to provide any additional comments at this time
  • Speed and ease of accessibility to funds is the major concern, but that is what you give up to access their better rates. Transfers can take several days and it is kind of hit and miss as to when the funds land in the receiving account.
  • I have been watching the comments on this site to see if there are any problems before I take the plunge.
  • I like them.. Not highly worried.. The thought is always there but same thing with the big banks..
  • Have only been a member for a few months but so far everything has gone quite well. Feels good to have the highest possible interest rate for my money...
  • Happy with outlook financial. Would recommend them.
  • Deposit insurance in manitoba credit unions is unlimited but in Quebec it is 100,000.00...major difference !!
  • Need to provide better protection similar to CDIC
  • Can non Manitoba residents have savings/TFSA accounts
  • Would move even more money there (due to higher rates), but not 100% secure about provincial insurance for deposits.
  • Enjoy doing business with them
  • Would your money be more secure by putting it in 3 different credit unions than just one?
  • Interested in a high yield savings account
  • The high interest rate is really appreciated
  • How safe are they?
  • It's unusual that all the Manitoba credit unions offer higher rates than other financial institutions.
  • High interest saving account works fine for me.
  • Friendly service; quick response time to questions. On-line statements are available at least 1 week earlier than my other financial institutions. Love the higher interest rates and enjoy being paid for online banking (statements)
  • Not sure I trust DCGM yet!