Achieva Financial is a popular digital bank in Canada that offers some of the most competitive interest rates in the country. The digital bank offers low-interest rates and low fees and helps you avoid the inconveniences of traditional banks.
As one of Canada’s providers of high-interest savings accounts, Achieva Financial is unique in what it offers. In this comprehensive Achieva Financial review, I’ll discuss everything you need to know about this financial institution, its rates, fees, pros and cons, products, and how it compares to other popular digital banks in Canada.
About Achieva Financial
Achieva Financial is one of the leading digital banks in Canada that was established in 1998 to help Canadians make the most of their money.
The digital bank is a division of the Cambrian Credit Union, which has more than $4.1 billion in assets.
Achieva Financial has no physical bank branch and offers higher interest rates on its savings account than any other bank in Canada.
With a 100% guarantee from the Deposit Guarantee Corporation of Manitoba, Achieva Financial users have the added benefits of high-interest rates with safety.
Cambrian Credit Union’s core purpose is to “… strive to help each of our members build strong financial foundations for making their dreams come true.” Cambrian Credit Union is a Manitoba-based credit union launched in 1959 with over 66,000 staff.
Benefits and Downsides of Achieva Financial
Achieva Financial is an online bank that offers a range of financial products and services to customers across Canada. As with any financial institution, using Achieva Financial has benefits and downsides.
- 3.40% interest rate on savings
- No monthly fees.
- Easy to use and access.
- No minimum opening account deposit.
- 100% deposit guarantee.
- No one-on-one service.
- Additional fees.
Achieva Financial Accounts
Achieva Financial has two account options: Savings and GICs.
1. Achieva Financial High-Interest Savings Account
- Daily Interest Savings Accounts: This high-interest savings account is suitable for short-term goals. It requires no minimum balance. If you want to make frequent savings, you can use Achieva Financial’s Automatic Savings Program. Also, this program enables you to move money from your major bank account to your Achieva Financial savings account automatically.
- TFSA Savings Account: This combines the benefits of a daily interest savings account and the tax-free benefit of your TFSA. It helps you convert your tax burdens into high savings. Moreover, depending on your contribution room, you can contribute as much as you are eligible to contribute to your TFSA account tax-free.
- RRSP Savings Account: This is a tax-free high-interest retirement savings vehicle that is 100% guaranteed. With this account, you benefit from the highest interest rates of Achieva Financial’s Daily Interest Savings Account with the tax-free benefits of RRSP. If you ever desire to optimize your savings rate, you can easily do that by moving your funds from RRSP Savings Account to a high-interest RRSP GIC at Achieva without incurring any fees.
- RRIF Savings Account: This account helps you make the most of your savings for retirement. With this account, you have control and flexibility over your retirement income. All you need is to determine a payment plan that works for you. If you want a high-interest return, you can convert your Achieva RRIF Savings Accounts to a high-interest locked-in RRIF GIC.
2. Achieva Financial GICs Accounts
- Achieva GIC: This account is the ideal risk-free option to earn the highest interest rates of Achieva for a year or more. It offers a secure investment option with a fixed interest rate from 1 to 5 years. You can let your interest earnings compound over the length of the term. You can also receive your interest earnings annually on your Daily Interest Savings Account.
- TFSA GIC: This is a vehicle for maximising your TFSA interest rate with a higher interest tax-free. It is suitable for long-term investment goals or RRSP complement. It combines the benefits of Achieva Financial’s non-registered GICs with tax-free benefits. When your GIC matures, you can reinvest it in another TFSA GIC or transfer it to your TFSA Savings Account.
- RRSP GIC: This is a vehicle for long-term retirement savings. It combines the tax benefits of an RRSP with the higher rates of GIC. When your RRSP GIC matures, you can reinvest them in another RRSP GIC or transfer them to your RRSP Savings Account. Based on your annual contribution limit, your RRSP GIC interest will keep growing tax-free until withdrawal.
- RRIF GIC: This account allows you to control your retirement income based on your needs. With Achieva Financial’s RRIF GICs, you can arm yourself against any unforeseen circumstances during retirement.
These are the updated GICs rates for Achieva Financial as of February 2024:
- 1-Year Term – 5.00%
- 2-Year Term – 4.95%
- 3-Year Term – 4.90%
- 4-Year Term – 4.85%
- 5-Year Term – 4.80%
Achieva Financial Fees
Even though Achieva Financial charges no monthly fees, the following fees apply to its other range of services:
Additional cheque, pre-authorized debit or Achieva Direct Transfer
Credit Union ATM Withdrawals
Interac ATM Withdrawals (In Canada)
Interac Direct Payments
Achieva Client to Client Transfer
ATM Card Replacement
Is Achieva Financial Safe?
Yes, Achieva Financial is safe. Achieva Financial is 100% safe because your money is 100% guaranteed by the Deposit Guarantee Corporation of Manitoba, regardless of your province.
Additionally, as a division of a reputable financial giant, Cambrian Credit Union, your personal information on Achieva Financial is highly secured.
Achieva Financial vs EQ Bank: Which to Choose?
Achieva Financial and EQ Bank are among the leading online banks in Canada. They have the same goal of reducing the banking cost of Canadians with a high-interest rate.
Comparably, like Achieva Financial, EQ Bank, owned by the Canadian federally regulated Schedule, also has savings and GIC accounts. On the other hand, one can easily identify the differences between these top online banks through their rates.
Regarding high-interest rates on savings, EQ Bank is ahead of Achieva Financial. Also, EQ Bank has a high-interest rate on GICs than Achieva Financial.
You should look beyond the rates by considering the other aspects of these banks, such as their fees and account features.
Final Thoughts on Achieva Financial Review
Growing your money with low to zero fees is your vehicle to the land of financial freedom. However, where you save and invest your money will determine the speed at which you attain financial freedom.
This Achieva Financial review shows that you can save and invest your money for higher returns with this digital bank.
But you must consider your needs and financial goals. Not every savings or investment option may suit your needs and goals.
I wish you the best.
READ MORE: AcceleRate Financial Review
FAQs on Achieva Financial Review
Does Achieva Financial Have Fees?
No. Achieva Financial doesn’t have fees because it doesn’t charge monthly fees. However, when it comes to accessing other Achieva Financial services, various fees apply.
Is There a Minimum Opening Deposit?
Yes and No. Yes, a $1,000 minimum deposit is required to open an Achieva Financial GIC account. No, in the sense that there’s no minimum deposit required for opening an Achieva Savings Account.
Is My Money Immediately Accessible?
Yes. Easy accessibility is one of the top benefits of Achieva Financial because anytime, anywhere, your money is available for withdrawal. However, it is important to note that withdrawal conditions apply to some Registered Accounts, and all GICs can’t be withdrawn before maturity.
Will the Interest Rate Change?
Yes, Achieva Financial GIC rates and savings rates are occasionally subject to change without notice. However, according to Achieva Financial, any change in interest rate is intended to be higher than the traditional banks’ interest rates.
Have more questions on Achieva Financial? Kindly drop them in the comment section.