Saven Financial is one of Canada’s best digital banks, offering a suite of digital financial services and competitive savings products that beat what’s generally available at the big banks.
As a newcomer to the credit union scene, Saven has quickly made a name for itself by offering its customers exceptional interest rates on savings and GIC accounts and top-notch customer service.
Along with other challenger banks like EQ Bank, Neo Financial, AcceleRate Financial, and Alterna Bank, Saven Financial redefines how Canadians save money.
In this Saven Financial review, we’ll dive into the credit union’s products and services to help you make an informed decision. We’ll explore its high-interest savings rates, GIC products, fees, and alternatives.
Our Take on Saven Financial
Saven Financial, a division of FirstOntario Credit Union established in January 2021, offers competitive high-interest savings and GIC accounts exclusively online. FirstOntario Credit Union, founded in 1939, is a prominent Ontario credit union with over 126,000 members and $6 billion in assets. Saven Financial's online platform focuses solely on savings accounts and GICs for its members, who are also shareholders of FirstOntario entitled to annual dividends. Operating similarly to digital fintech companies, Saven Financial prioritizes high-interest rates by eliminating the cost of physical structures.
- No monthly fees
- High-interest rates on savings and GICs
- Good mobile app
- Owned by a reputable credit union
- Allows you to vote for the board of directors
- Allows you to receive annual dividends
- No registered accounts (TFSA or RRSP)
- No branches for in-person support
- Only available in Ontario
- Requires a $25 membership fee
- It does not offer cheques, ATMs, debit cards, or bill payments
- Allows a maximum of $25,000 for cheque deposits
What is Saven Financial?
Saven Financial is an online-only credit union offering competitive high-interest savings and GIC accounts. Established in January 2021, Saven is a division of FirstOntario Credit Union.
FirstOntario Credit Union is one of Ontario’s leading credit unions, with over 126,000 members and over 6 billion assets under management. Established in 1939, FirstOntario Credit Union has a wide range of financial products and services, including chequing and savings accounts, loans, mortgages, business services, and expert investment advice.
The Saven Financial online platform is limited to savings accounts and GICs. Its members are FirstOntario shareholders who are entitled to annual dividend payments.
Like other digital fintech companies, Saven Financial converts the cost of building physical structures to high-interest rates savings and GIC accounts.
- Parent Company: FirstOntario Credit Union
- Accounts: High-Interest Savings Account and GIC
- Deposit Insurance: Up to $250,000 by the Financial Services Regulatory Authority of Ontario
- Account Minimum: None (but requires a $25 membership fee)
- Monthly Fees: None
- Loans: None
- Credit Cards: None
- Availability: Ontario
Benefits and Downsides of Saven Financial
Like other fintech credit unions, Saven has its good and ugly sides. The following are the pros and cons of Saven as of the time of writing this review.
- No monthly fees
- High-interest rates on savings and GICs
- Good mobile app
- Owned by a reputable credit union
- Allows you to vote for the board of directors
- Allows you to receive annual dividends
- No registered accounts (TFSA or RRSP)
- No branches for in-person support
- Only available in Ontario
- Requires a $25 membership fee
- It does not offer cheques, ATMs, debit cards, or bill payments
- Allows a maximum of $25,000 for cheque deposits
Saven Financial High-Interest Savings Account
Saven High-Interest Savings Account (HISA) offers a competitive high interest rate of 3.75% on your savings. The interest is calculated daily, paid out at the end of each month, and is subject to change at any time.
This account has no monthly fees and can be opened with any amount. Your deposits are protected for up to $250,000 by Ontario’s Financial Services Regulatory Authority (FRSA).
Key Features
- Interest Rate: 3.75%
- Monthly Fees: None
- Transaction Fees: None
- Minimum Balance: None
Savings Financial Guaranteed Investment Certificate (GIC)
If you’re looking to save money in a high-interest fixed account for a particular period, Saven Guaranteed Investment Certificate (GIC) might be what you need.
With this account, your interest rate is guaranteed throughout your chosen term. This means no sudden inflation or market fluctuation can affect your interest rate.
Saven GICs are non-redeemable, meaning you can’t redeem your money until the GIC term ends. Saven GIC terms range from 1-5 years with competitive rates. The longer your term, the higher your interest rate.
Like the Saven HISA rates, the GIC rates are also subject to change. The following are the current Saven GIC Rates:
Term | Rate |
One Year | 5.30% |
Two Year | 5.30% |
Three Year | 5.20% |
Four Year | 5.10% |
Five Year | 5.15% |
RELATED: Best GIC Rates in Canada 2024: Canada’s Big & Online Banks
Key Features
- High-interest rate: Saven offers competitive GIC rates to help your money grow fast.
- Flexible terms: Choose from the five ranges of terms that suit your financial goals and budget.
- Minimum investment: Start investing as low as $1,000 and upgrade as your money grows.
- Safe and secure: Your deposits of up to $250,000 are insured by the Financial Services Regulatory Authority of Ontario (FSRA).
Saven Financial Fees
Saven Financial has no monthly fees or transaction fees. The only fees Saven charges are NSF (Non-Sufficient Funds) and overdraft fees, as shown below:
“OOPS” Charges | Fees |
NSF (Non-Sufficient Funds) | $50 per item |
NSF (Non-Sufficient Funds) Handling | $10 |
Overdraft | 21% |
Saven Financial does not charge fees for Electronic Funds transfers, Cheque deposits, and Interac e-transfers. However, there are maximum limits for Interac e-Transfer transactions:
- Daily maximum when sending: $3000
- Daily maximum when receiving: $25,000
- Daily Maximum send: $10,000
- Weekly maximum send: $10,000
- Monthly maximum send: $20,000
Is Saven Financial Safe & Legit?
Saven Financial is absolutely safe and legit. The digital bank is a division of one of Canada’s largest and most trusted credit unions, FirstOntario Credit Union.
Also, Saven has advanced security encryption and protocols that ensure your data protection on its website.
Moreover, your deposits at Saven Financial up to $250,000 are protected by the Financial Services Regulatory Authority of Ontario (FSRA).
Who Can Use Saven Financial?
Saven is only available for Ontario residents. However, not all Ontario residents may be eligible for Saven Financial.
Ontario residents must meet the following requirements to qualify for Saven membership:
- Be 18 years or older
- Have a valid Social Insurance Number
- Be willing to invest a membership fee of $25
- Agree to Saven’s terms and conditions
How to Open a Saven Financial Account
Unlike other credit unions, opening a Saven account only takes a few minutes. You don’t need to pay the $25 membership fee if you’re already a FirstOntario member.
Once you meet the requirements, follow these steps to open your Saven Financial account:
- Step 1: Visit the sign-up page on Saven Financial
- Step 2: Enter your email address and phone number
- Step 3: Create a unique password
- Step 4: Enter your personal information, like SIN, name, address, etc
- Step 5: Verify your account and wait for approval
Upon completing your registration and your application is approved, you will have an automatic special membership account.
This means you’re now a shareholder of FirstOntario Credit Union and will be entitled to annual dividend payments.
Now that you have a Saven account, you can link your existing bank account to start transactions or use the cheque deposit features on the Saven mobile app.
Saven Financial vs EQ Bank: Which to Choose?
Saven Financial and EQ Bank are two of the leading online banks in Canada that offer high-interest savings rates and competitive GIC products.
EQ Bank is one of the top competitors of Saven with competitive offers. Established in 2016 by Equitable Bank, EQ Bank offers high interest rates on registered and unregistered accounts through operational savings. While both banks have similar offerings, there are some key differences to consider before choosing one over the other.
Saven Financial is a credit union, while EQ Bank is a digital bank. When it comes to savings accounts, Saven Financial currently offers a higher interest rate than EQ Bank. However, EQ Bank’s savings account is more flexible in terms of no minimum balance requirements and unlimited transactions.
Saven Financial offers GICs with higher rates than EQ Bank, but EQ Bank has a wider range of GIC options, including cashable and non-cashable GICs. Both banks have no monthly fees or account minimums, but Saven Financial charges a $5 inactivity fee if there is no activity on the account for 12 months.
Feature | Saven | EQ Bank |
Accounts | High-Interest Savings Account and GIC | Savings Plus Account, Joint Savings Plus Account, GICs, TFSA, RRSP |
Savings Account Interest Rate | 3.75% | 2.50% |
GIC Rates | Starts at 5.30% for one year | Starts at 4.75% for 3 months |
Account Minimum | None (but requires a $25 membership fee) | None |
Monthly Fees | None | None |
Deposit Protection | FSRA insured | CDIC insured |
Interac e-Transfers® Fees | Free | Free |
Availability | Ontario | Entire Canada |
Final Thoughts on Saven Financial Review
Saven Financial is a digital bank that offers competitive interest rates on savings and GIC accounts.
It is a newcomer to the credit union scene but has already made a name for itself by offering competitive rates and top-notch customer service.
Although Saven has limitations, such as its lack of registered accounts and physical branches, it compensates by offering high interest rates, no monthly fees, and a user-friendly mobile app.
Its parent company, FirstOntario Credit Union, further strengthens its credibility. Overall, Saven Financial offers Canadians a secure and legitimate way to save money and grow their wealth. This Saven Financial review is positive!
If you need help deciding which fintech company to choose or need more clarification, don’t hesitate to get in touch with me or drop your concerns in the comment section.
FAQs on Saven Financial Review
How Do I Contact Saven Financial?
Saven has no physical presence, but you can contact them online for any problem. You can contact Saven on Live Chat or by phone at 1-877-98SAVEN (987-2836).
However, you can only contact Saven Monday – Friday (8 am and 8 pm) and Saturday (8 am to 5 pm).
Does Saven Financial Have A Mobile App?
Saven offers a mobile app that makes banking easy on the go. So if you’re using an Android phone, you can download the Saven app on Google Playstore. But if you’re using an iOS device, you can download the app from the App Store.
With the Saven mobile app, you can deposit up to $25,000 using deposit cheques.
I stopped using Saven after a few months. These are the main reasons:
1. There is not transaction number or time stamp when you make a deposit.
2. For some unknown reason, they don’t process you request to transfer money from a linked account for 5 days. And for deposits, they will hold fund for another 5 days. It could take 10 days before you have access to your money.
3. For a couple of times, a request for interac etransfer was not processed. But there was no error message. (Because I called soon afterwards, the lack of a transaction number or time stamp did not cause a problem. But it highlighted the issue).
4. A minor annoyance, when you do an interac etransfer, it must be in integral number of dollars, no cents allowed.
Hi Ted,
Thank you for your comment.
We shall take a look very closely at the issues you have raised and update the “Cons” of Saven Financials accordingly.
Again, thank you for your feedback.