Achieva Financial Rating: 4.7/5
Are you tired of the low interest rate, high fees, and inconveniences of traditional banks? An online bank might be what you need.
Online banks offer the same services that traditional banks offer but with high interest rates, low fees and 24/7 accessibility.
Because they don’t have physical locations and structures to maintain, online banks pass the savings to their customers with higher interest rates.
I have used several online banks in the past, but my experience with Achieva Financial was different.
As one of the providers of high-interest savings accounts in Canada, Achieva Financial is unique in what it offers.
To extend my experience with you, I decided to write these unbiased Achieva Financial reviews covering everything you need to know before making a final decision.
Who is Achieva Financial?
Achieva Financial is one of the leading online-only banks in Canada that was established in 1998 to help Canadians make the most of their money.
As a division of Cambrian Credit Union, Achieva Financial is a branchless bank that converts its low operation cost to high-interest rates.
Therefore, through its savings and GIC accounts, Achieva Financial has proved to be a top alternative to the five big banks in Canada in all ramifications.
Furthermore, with a 100% guarantee from the Deposit Guarantee Corporation of Manitoba, Achieva Financial users have the added benefits of high-interest rates with safety.
Moreover, in the course of these Achieva Financial reviews, you will learn more about what Achieva Financial entails and how to make the best decision.
Who Owns Achieva Financial?
Achieva Financial is owned by Cambrian Credit Union, which has more than $4.1 billion in assets.
Accordingly, Cambrian Credit Union is a Manitoba-based credit union that was launched in 1959 with more than 66,000 staff.
Therefore, according to Cambrian Credit Union, its core purpose is to:
“… strive to help each of our members build strong financial foundations for making their dreams come true.”
Is Achieva Financial safe?
Yes, based on my personal experience, Achieva Financial is safe.
But how 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.
Who Can Open Achieva Financial Account?
Without regard to province, any eligible Canadian can open an Achieva Financial account.
Therefore, in the course of these Achieva Financial reviews, I have outlined the major requirements for opening an Achieva Financial account.
Let’s move on!
Achieva Financial Pros and Cons
Here is a highlight on the pros and cons of Achieva Financial, which I shall discuss in detail shortly.
Pros
- High-interest rates.
- No monthly fees.
- Ease to use and access
- No minimum opening account deposit.
- 100% deposit guarantee.
Cons
- No one-on-one service.
- Additional fees.
Achieva Financial Accounts
Achieva Financial has two account options: savings and guaranteed investment certificate (GIC) accounts.
Let’s look at them one after the other:
1. Achieva Financial High-Interest Savings Account
a. Daily Interest Savings Accounts
Achieva Financial’s Daily Interest Savings Account is a high-interest savings account that is suitable for short-term goals.
Obviously, this is one of the highest-interest savings accounts you can find in Canada, with no minimum balance required.
If you want to make frequent savings, you can use Achieva Financial’s Automatic Savings Program.
Furthermore, this program enables you to move money from your major bank account to your Achieva Financial savings account automatically.
Key Features:
- High-interest rates.
- Automatic Savings Program.
- No minimum balance.
- No monthly fees.
- Free deposits.
- One direct transfer or pre-authorized payment monthly.
- 100% deposit guarantee.
- One free cheque monthly.
- $1/ month for electronic document collection.
b. TFSA Savings Account
Achieva Financial Tax-Free Savings Accounts combines the benefits of daily interest savings account in addition to the tax-free benefit of your savings.
Additionally, this account helps you convert your tax burdens to high savings.
Moreover, depending on your contribution room, you can contribute as much as your eligible to contribute to your TFSA account tax-free.
Read my comprehensive article here to learn more about TFSA and how much you’re eligible to contribute tax-free.
Key Features:
- Tax-free high-interest rates.
- No minimum balance.
- No monthly fees.
- Easy access.
- 100% deposit guarantee.
- Free deposits.
- One direct transfer or pre-authorized payment monthly.
- $1/ month for electronic document collection.
c. RRSP Savings Account
Achieva Financial’s RRSP Savings Account is a tax-free high-interest retirement savings vehicle that is 100% guaranteed.
With this account, you have the benefits of the highest interest rates of Achieva Financial’s Daily Interest Savings Account with tax-free benefits of RRSP.
Moreover, if you ever desire to optimize the rate of your savings, you can easily do that. How? By moving your funds from RRSP Savings Account to a high-interest RRSP GIC at Achieva without incurring any fees.
Key Features:
- Tax-free high-interest rate.
- Tax reduction.
- Stress-free transfer to a high-interest RRSP GIC account.
- 100% deposit guarantee.
d. RRIF Savings Account
Achieva Financial’s Registered Retirement Income Fund (RRIF) Savings Account helps you make the most of your savings for retirement.
Therefore, 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 are looking for a high-interest return, you can convert your Achieva RRIF Savings Accounts to a high-interest locked-in RRIF GIC.
Note: The Canada Revenue Agency (CRA) requires that you move your RRSP to an RRIF at the age of 71.
Key Features:
- Tax-free high-interest rates.
- Easy access
- Easy to convert to a high-interest RRIF GIC.
- 100% deposit guarantee.
2. Account GICs Accounts
a. Achieva GIC
Achieva Guaranteed Investment Certificates (GICs) are the ideal risk-free options to earn the highest interest rates of Achieva for a year or more.
These accounts offer a secure investment option that you can use to invest a large amount of money. It has a fixed interest rate from 1 to 5 years.
Therefore, you can choose to let your interest earnings compound over the length of the term. You also have the option to receive your interest earnings annually on your Daily Interest Savings Account.
Consequently, with this account, you can be certain that your savings will grow and be accessible at all times because of the guarantee of your principal and interest.
Key Features:
- High GIC rates.
- Flexible GIC renewal options.
- $1,000 minimum balance/GIC.
- 100% deposit guarantee.
b. TFSA GIC
Achieva TFSA GIC is a vehicle for maximizing your TFSA interest rate with a higher interest tax-free.
This account 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.
Therefore, when your GIC matures, you have two options: 1) to reinvest them in another TFSA GIC or 2) to transfer them to your TFSA Savings Account.
Key Features:
- High GIC rates.
- Tax reduction.
- $1,000 minimum balance/TFSA GIC.
- 100% deposit guarantee.
c. RRSP GIC
Achieva Financial’s RRSP GIC is a vehicle for long-term retirement savings.
Accordingly, this account combines the tax benefits of an RRSP with the higher rates of GIC.
When your RRSP GIC matures, you have the option of reinvesting them in another RRSP GIC or having them transferred to your RRSP Savings Account.
Furthermore. based on your annual contribution limit, your RRSP GIC interest will keep growing tax-free until withdrawal.
Key Features:
- High GIC rates.
- Tax-free interest.
- Tax reduction.
- $1,000 minimum balance/RRSP GIC.
- 100% deposit guarantee.
d. RRIF GIC
Continue earning tax-free income during your retirement with Achieva Financial’s Registered Retirement Income Fund (RRIF) GICs.
This account gives you the flexibility of controlling your retirement income based on your needs.
Therefore, with Achieva Financial’s RRIF GICs, you can arm yourself against any unforeseen circumstances during retirement.
Key Features:
- High GIC rates.
- Tax-free income.
- $1,000 minimum balance/RRIF GIC.
- $5,000 minimum account balance.
- 100% deposit guarantee.
Achieva Financial Rates
The following table presents Achieva Financial GICs rates and savings rates as of May 31, 2021:
| Account | Rate |
| 1.20% |
| 1 Year Term 1.50% 2 Year Term 1.55% 3 Year Term 1.55% 4 Year Term 1.60% 5 Year Term 1.75% |
Note: Achieva Financial GICs rates and savings rates are subject to change without notice.
Achieva Financial Fees
Even though Achieva Financial charges no monthly fees, the following fees apply to its other range of services:
| Service | Fee |
| Additional cheque, pre-authorized debit or Achieva Direct Transfer | $1 |
| Credit Union ATM Withdrawals | $0.60 |
| Interac ATM Withdrawals (In Canada) | $2 |
| Interac Direct Payments | $0.60 |
| Achieva Client to Client Transfer | $1 |
| Phone Request | $5 |
| ATM Card Replacement | $10 |
You can read the comprehensive range of Achieva Financial fees here.
Achieva Financial Reviews: My 5-Star Rating
Here are the features that determined the 4.7-star rating of Achieva Financial:
| Feature | Rating |
| Interest rates | ****(4.5) |
| Account Features | ***** |
| Fees | *** (3.8) |
| Customer Service | ***** |
| Ease of Use | ***** |
Interest Rates
As an online-only financial institution, Achieva Financial doesn’t disappoint in what it stands for.
Its high interest rates on savings and GIC accounts are attractive and competitive. To state the fact, that was my call to action.
However, Achieva Financial can compete better with higher interest rates.
Account Features
Obviously, Achieva Financial is your digital bank with all the features you need for a seamless online banking experience.
From savings to GIC accounts, Achieva Financial features got you covered.
Based on my personal experience, I rated both Achieva Financial savings account and GIC accounts with 5/5 stars.
Fees
One of the major drawbacks of traditional banks is the series of monthly fees. But with Achieva Financial, your monthly fees are $0.
However, while Achieva Financial deserves applause for its zero monthly fees, it can do well to minimize its additional fees.
From Credit Union ATM withdrawal fees ($0.60) to Interac ATM withdrawal fees $2), there are many fees to count.
You can see why I rated Achieva Financial 3/5 stars on fees.
Customer Service
There was a time I had one complication when transferring money to another account, but customer service was prompt and helpful.
This is just one case out of many where the Achieva Financial customer representative showed a high level of professionalism in handling my queries.
Consequently, there’s no contesting the fact that Achieva Financial deserves a 5/5 rating on customer services.
Ease of Use
Achieva Financial is easy to get started and easy to use, be it on desktop, mobile, iOS or Android devices.
Unlike you, I wasn’t opportune to find a comprehensive review like this before an Achieva Financial account.
It was as easy as visiting the Achieva Financial website and following through the necessary process.
Till then, my experience with Achieva’s intuitive platform is seamless compared to other online banks. Hence, my 5/5 stars.
How to Open an Achieva Financial Account?
Before you open an Achieva Financial Account, you must meet the following requirements.
- You must be 18 years of age or older
- Be a permanent residence of Canada
- You must have a Social Insurance Number
Once you meet the above requirements, you can go ahead and open your Achieva Financial account through one of the three options available:
- Apply online by visiting the Achieva Financial Login page and provide some basic information about yourself and your personalized cheque from any financial institution in Canada.
- Download the AchievaMobile app on your android or iOS device and navigate to the “Open an Account” section.
- Download the PDF version of any Account Forms you want to open and mail it to Achieva Financial, PO Box 2729 Stn Main Winnipeg, MB R3C 4B3.
Achieva Financial vs EQ Bank: Which to Choose?
It’s important to know how Achieva Financial compares before making a final decision.
Having used both Achieva Financial and EQ Bank for some years now, I can tell you their similarities and differences.
Obviously, both 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, just like Achieva Financial, EQ Bank, which is owned by the Canadian federally regulated Schedule, also has savings and GIC account.
On the other hand, one can easily identify the differences between these top online banks through their rates.
When it comes to high-interest rates on savings, EQ Bank is ahead of Achieva Financial. While Achieva Financial has 1.20% rates on savings, EQ Bank has 1.25% rates on EQ Bank Savings Plus.
Additionally, EQ Bank has a high interest rate on GICs compared to Achieva Financial. For example, EQ Bank had a 5-year GIC interest of 2.10%, while Achieva Financial has 1.75% for the same term.
Do you see why EQ Bank is ahead of Achieva Financial in rates? It’s quite obvious.
Moreover, don’t rely on that alone. I will advise you to look beyond the rates by considering the other aspects of these banks, such as their fees and account features.
To achieve that, you need to read a comprehensive review on EQ Bank as well. Don’t worry! I have already provided it for you. Just check out my EQ Bank review.
Verdict on Achieva Financial Reviews
Having your money grow 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.
From the above Achieva Financial reviews, you can see the available options through which you can save and invest your money for higher returns.
But in doing that, you’ve to bring your needs and financial goals into mind. Not every savings or investment option may suit your needs and goals. Be it Achieva Financial or EQ Bank.
Finally, ensure that your online bank selection is based on the criteria of high interest with low cost.
I wish you the best.
READ MORE: AcceleRate Financial Review
FAQs on Achieva Financial
Does Achieva Financial Have Fees?
No. Achieva Financial doesn’t have fees in the sense that it doesn’t charge monthly fees.
However, when it comes to accessing other Achieva Financial services, various fees apply.
For example, the Credit Union ATM withdrawal fee is $0.60, and the Interac ATM withdrawal fee is $2.
Is There a Minimum Opening Deposit?
Yes and No. Yes, in the sense that there’s a $1,000 minimum deposit requirement for opening 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 subject to change from time to time without any 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.
