AcceleRate Financial Review 2021

AcceleRate Financial Review: 4.8/5

Since the emergence of financial technology, online banks continue to dominate traditional banks. How? Through their high interest rates and low banking fees.

With an online bank, your money is accessible anytime, anywhere. You don’t need to drive to a branch for banking services, helping you save time and money.

Most online banks are competing with the five big banks in Canada with their high-interest rates and feature-pack offers.

Accordingly, one of such banks that has been making consistent progress in Canada is AcceleRate Financial.

After benefiting from AcceleRate Financial rates and other online bank rates for years, I decided to write this review.

My aim is to give you the complete picture of what AcceleRate Financial entails and how it compares.

Therefore, at the end of this review, you should be able to open your AcceleRate Financial account or other alternative online banks.

What is AcceleRate Financial?

AcceleRate Financial is an online bank that was established in 2010 to meet the banking needs of Canadians.

This online bank is a virtual division of Access Credit Union. It provides savings and investment interest rates to Canadians with zero monthly fees. Notably, AccceleRate Financial is one of the providers of high-interest savings accounts in Canada

Therefore, in the course of this review, you will learn more about what AcceleRate Financial entails. You will also know why it’s among the top online banking choices for many Canadians.

How Does AcceleRate Financial Work?

AcceleRate Financial operates the same way traditional banks operate. But as a digital bank, it operates entirely online.

That is to say, AcceleRate Financial doesn’t have a physical location or branch that you can visit for one-on-one service.

Consequently, the savings from the cost of building branches translates to the higher interest rate.

AcceleRate Financial Pros and Cons

Here are the benefits and drawbacks of AcceleRate Financial based on my personal experience:


  • 100% deposits guaranteed.
  • Easy to use
  • Decent interest rates
  • Zero monthly maintenance fees
  • Zero minimum balance


  • INTERAC® e-Transfer fees
  • No physical location
  • A long list of fees

However, this is not enough to pass a critical judgement. There’s more you need to know ahead before making a final decision. Let’s continue!

What Products Does AcceleRate Financial Offer?

AcceleRate Financial provides Canadians with five financial products. These are savings, GICs, TFSAs, RRSPs and RRIFs.

Therefore, let’s take a look at them one after the other:

  • AcceleRate Savings

If you’re looking for a less risky and high-interest savings account to make the most of your money, this account got you covered.

Accordingly, with an AcceleRate Savings account, you get a competitive interest rate on your savings. You can also access your money at all times.

Key Features of AcceleRate Savings

  • Immediate deposit interest earning
  • Free personal cheques
  • 100% guaranteed
  • Zero monthly service fees
  • No minimum balance required
  • AcceleRate Guaranteed Investment Certificates (GICs)

If you’re looking for a stress-free investment portfolio with guaranteed savings return…

AcceleRate Guaranteed Investment Certificates (GICs) might be what you need.

With AcceleRate GICs, you have up to seven options of investment terms which come with varying rates.

Key Features of AcceleRate Guaranteed Investment Certificates (GICs)

  • $1,000 minimum deposit
  • 100% guaranteed
  • 14-day rate guarantee for AcceleRate GIC maturity renewal
  • Non-redeemable before maturity
  • Zero monthly service fees
  • AcceleRate Tax-Free Savings Accounts

In Canada, Tax-Free Savings Account (TFSA) is the best vehicle for building financial security.

With a TFSA, your money grows tax-free, so far you don’t exceed your contribution limit.

Moreover, AcceleRate Tax-Free Savings Account (TFSA) gives you the opportunity to save your money tax-free.

Key Features of AcceleRate Tax-Free Savings Account (TFSA)

  • Zero deduction on interest earned
  • Zero maintenance fees
  • Two account variables

Under AcceleRate Tax-Free Savings Account (TFSA), there are two investment options. These are:

  • AcceleRate Variable TFSA

The AcceleRate Variable TFSA is flexible savings account with high interest that may not be declared as income.

  • AcceleRate GIC TFSA

AcceleRate TFSA GIC is an investment vehicle with one to seven years of options.

Therefore, it is suitable for long-term investment goals. All you need is a minimum deposit of $1,000 to get started on this account.

  • AcceleRate Registered Retirement Savings Plans (RRSPs)

This type of savings account helps you save more for retirement.

Accordingly, these plans are registered with the federal government. Therefore, you’re entitled to significant tax savings each year you contribute.

Note: You must transfer your RRSP to RRIFs by the end of the year you reach 71 years old.

If you choose not to convert to an RRIF, you must withdraw or transfer your money.

Key Features of AcceleRate Registered Retirement Savings Plan (RRSP)

  • 100% guaranteed
  • Immediate interest-earning upon deposit
  • No minimum balance
  • Tax-free interest earned
  • Two account variables

Under AcceleRate RRSP, there are two different accounts. These are:

  • AcceleRate Variable RRSP
This account has zero-fee and tax-efficiency of AcceleRate savings account and dividends.
  • AcceleRate RRSP GIC

This account gives you the opportunity to select a term between one and seven years with the assurance that the rate will be guaranteed for that duration.

Moreover, this is ideal if you want to achieve a goal without taking any risks.

  • AcceleRate Registered Retirement Income Funds (RRIFs)

Are you retired or about to retire? If you have contributed to RRSP, this account eases the stress of withdrawing your retirement savings.

If you currently have an RRIF with another financial institution in Canada, you can transfer it to AcceleRate Financial.

Key Features of RRIFs

  • $5,000 minimum deposit
  • Up to 20% additional lump sum payments (with conditions apply)
  • RRIF payments paid to an AcceleRate savings account

Under AcceleRate Registered Retirement Income Funds (RRIFs), there are two variable accounts. These are:

  • AcceleRate Variable RRIF

With this account, you pay no fees as your account grows tax-free. This is an excellent vehicle for building financial security for your retirement days.

  • AcceleRate RRIF GIC

This account gives you up to seven years guarantee on your investment rate, helping you accumulate long-term capital growth.

AcceleRate Financial Rates

As of the time of writing the review, here are AcceleRate Financial Rates according to the above accounts:

Variable Products
  • High-Interest Savings
  • RRSP
  • TFSA
  • RRIF
AcceleRate Fixed Term Products
  • GIC
  • RRSP
  • TFSA
  • RRIF


1-Year Term – 1.40%

2-Year Term – 1.45%

3-Year Term – 1.50%

4-Year Term – 1.55%

5-Year Term – 1.70%

6-Year Term – 1.75%

7-Year Term – 1.75%



Note: AcceleRate Financial Rates are subject to change from time to time without notice.

AcceleRate Financial Fees

AcceleRate Financial doesn’t have monthly maintenance fees and fees on deposit.

However, the following fees apply to the different banking services offered by AcceleRate Financial:

Savings Account Fees
All deposits FreeFree
Personal cheque orderFree
Initial cheque, Interac direct payment or electronic funds withdrawal/monthFree
Each additional debit$1.00


Note: AcceleRate Financial Fees are subject to change from time to time without notice. Click here to see the complete banking fees of AcceleRate Financial

AcceleRate Financial Review: My 5-Star Rating

My 4.8/5-star rating of AcceleRate Financial was based on the following features:

Interest rates****
Account Features*****
Customer Service*****
Ease of Use****

Interest Rates

What is more than watching your money growing immediately you make a deposit?

For me, there’s nothing more fascinating about AcceleRate Financial than their immediate interest yield upon deposit.

However, there is room for improvement on AcceleRate Financial Rates so as to catch up or exceed the competitors.

Account Features

All AcceleRate financial accounts are feature-packed and stand by what they offer.

To be frank, this was my call to action.

Therefore, you can’t make the wrong choice with AcceleRate Financial accounts. Be it savings, GICs, TFSAs, RRSPs to AcceleRate RRIFs account.


Evidently, one of the advantages of online banks over traditional banks is banking fees. AcceleRate Financial is not doing badly in this regard.

However, there’s a need for AcceleRate Financial to cut down its long list of fees, such as INTERAC® e-Transfer fees and additional debit fees on savings accounts.

Customer Service

One thing I enjoy about banking with AcceleRate Financial is their outstanding customer service. No waiting. No hassle.

Furthermore, their customer care representatives are very prompt, friendly and supportive.

Ease of Use

AcceleRate Financial has an intuitive web platform that’s easy to use by everyone, whether on mobile or desktop devices.

Additionally, Android and iOS users can download AcceleRate Financial on their mobile phones.

Who Can Open an AcceleRate Financial Account?

AcceleRate Financial, unlike other online banks, is available to all Canadians, including Quebec residents.

But to be eligible for AcceleRate Financial account, the person must meet the following requirements:

  • Individuals must be 18 years or older.
  • The person must have a valid Social Insurance Number.
  • Have an account in addition to a personalized cheque from other financial institutions in Canada.

How to Open an AcceleRate Financial Account?

Once you have met the above requirements, you can proceed to open your AcceleRate Financial account through the following steps:

  • Visit the Open Account page on AcceleRate Financial website.
  • Provide the required information such as your name, province, phone number, email address and account type.
  • Send your current account personalized cheque to verify your personal details and financial institution.

AcceleRate Financial vs EQ Bank: Which to Choose?

When it comes to online banking in Canada, EQ Bank is a household name.

Just like AcceleRate Financial, EQ Bank is also an online-based bank leading to its low operational cost and high-interest yield.

EQ Bank was launched in 2016. It also serves Canadian through five different financial products with competitive offers. These are:

  • Savings Plus Account
  • Joint Savings Plus Account
  • TFSA Savings Account
  • Guaranteed Income Certificate (GIC)
  • Retirement Savings Plans (RSPs)

However, EQ Bank has higher rates and low fees compared to AcceleRate Financial.

For example, the EQ Bank Savings Plus rate is 1.25% compared to AcceleRate Financial’s 1.20% savings rate.

Additionally, EQ Bank has unlimited free INTERAC® e-transfers, while AcceleRate Financial charges $1 for the same service.

To be frank, if you are looking for free unlimited fund transfers and bill payments, or mobile cheque functionality, or low online banking, EQ Bank got you covered.

However, you can make a better comparison by reading my unbiased EQ Bank Review.

Over to You

Obviously, there are many online banks out there offering similar services but at varying degrees.

While there’s no complete mention of the best online banks in Canada without the mention of AcceleRate Financial, it’s important to have a critical evaluation before depositing your money to it.

The above review is based on personal experience to help you make an informed decision when choosing the best online bank in Canada.

Accordingly, I have explained what AcceleRate Financial is all about, what I like and dislike about it, and its top competitor in Canada, which is EQ Bank.

Therefore, the ball is now on your court! Take the final step of opening your online bank today.

All the best!.

READ MORE: Achieva Financial Review

Frequently Asked Questions and Answers on AcceleRate Financial

Is AcceleRate Financial Safe?

As of the time of writing this review, AcceleRate Financial is safe.

AcceleRate Financial is highly secure due to its affiliation with Access Credit Union.

Additionally, this means that your money will be managed by a licensed financial institution that conforms to stringent privacy and security procedures.

Also, your deposits and accrued interest on AcceleRate Financial are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba.

Are there Fees or Charges to Open an AcceleRate Financial Account?

AcceleRate Financial doesn’t charge any fee for creating an amount.

However, different charges apply to different ranges of services.

How Do I Make a Deposit on My AcceleRate Financial Account?

All you need to make a deposit on your AcceleRate Financial account is to download the AcceleRate Financial app on your Android or iOS device to make a deposit anywhere and any time.

How Do I Make Withdrawals from My AcceleRate Financial Account?

All you need is to use the AcceleRate Flash® card given to you at any ACCULINK® / INTERAC® ATM or any credit union ATMs in Canada.

How Can I Get in Touch With AcceleRate Financial Customer Service?

AcceleRate Financial has an excellent customer service team which I rated 5/5.

Furthermore, to get in touch with them, kindly call 1-888-954-9543 or send an email to

Finally, if you need further clarification or have any questions on AcceleRate Financial… kindly let me know in the comment section.

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