Ever heard of Steinbach Credit Union online? If you haven’t, then I suggest you pay attention especially if you live in Manitoba, because this article could be very useful to you or your loved ones.
With Steinbach Credit Union (SCU), users online can borrow money at affordable interest rates. But there are some things to put into consideration before getting involved. Stick around and we will tell you all you need to know.
What is Steinbach Credit Union Online
As a credit union, they are owned by its members. When you become a member of SCU, you have a say in the way things are done.
SCU provides banking, savings, borrowing, and investment services online. With more than $7 billion in assets and over 98,000 members, SCU operates out of three large branches: one in Steinbach and two in Winnipeg.
With its community-oriented foundation and long history of service to Manitobans, Steinbach Credit Union is a considerable choice for your money management needs.
You can gain access to their services by downloading their app on Google Play or the App Store. Their website is also an option.
Chequing Accounts for Steinbach Credit Union
SCU offers a wide variety of chequing accounts, including accounts for students and seniors, as well as a U.S. chequing account that makes it easy to manage finances across the border.
The most important distinction between these accounts is that they all have different monthly fees, minimum balance requirements, perks such as overdraft protection (some accounts provide it, some don’t) and interest rates on balances. Here they are:
1. Standard Pack Chequing
This Steinbach Credit Union Standard Pack Chequing account has no monthly fee, but you get one free debit per $500 minimum balance.
After that, most debit transactions cost between 55¢ and 65¢. ATM withdrawals that are not credit union cost $1.50. Put these details in mind when making your decisions.
2. Value Pack Chequing
With this account, you don’t really have to worry about high maintenance. It’s also great for those who carry out roughly ten transactions weekly. With a Value Pack account, you’ll get 35 free monthly debit transactions and 5 free Interac e-Transfers every month.
3. Classic Pack Chequing
This account lets you make an unlimited number of debit transactions for only $15.50 per month. Plus, it gets you 10 free Interac e-Transfers and a $5 discount on annual safety deposit box rentals.
I would recommend this account if don’t want to worry about keeping track of the number of unlimited debit transactions you make. It’s free of that hassle.
4. E-Pack Chequing
The E-Pack chequing account is designed for members who do most of their transactions online, so they don’t need to use paper debit transfers or cheques. If that sounds like you, then this account is the perfect fit.
With this account, your monthly fee is only $5.00, but you get 15 free digital debit transactions (credit union ATM withdrawals, telephone bill payments, and pre-authorized debits), as well as 5 free Interac e-Transfers. Plus, if you open two accounts with us at the same time, you get another 10% off.
5. U.S. Chequing
Are you planning a trip to the United States? Or do you have family in the U.S. that you send money to on a regular basis? If so, a U.S. chequing account is exactly what you need to keep your money safe and accessible.
With no monthly fee (pay-as-you-go), a U.S. chequing account is perfect for storing your U.S. cash, or any money that you plan to send to someone in the States. And there’s more good news: you get one free cheque or debit for every $1000 minimum account balance.
6. Spendwise Account
The Spendwise account is for members 18 years old and younger, and it’s full of great features. It helps you get started on the right foot with all the tools you need to manage your money, with no service fees or monthly charges.
Spendwise comes with unlimited transactions so you can make as many payments, withdrawals, and transfers as you want. Plus, it comes with free Interac e-Transfers so you can send money to friends and family at no extra cost.
7. StudentFLEX Daily Account and Infinite Daily Account
The StudentFLEX Daily Account is an ideal option if you’re in post-secondary education and use a moderate number of monthly transactions.
This account offers up to 35 free transactions per month, as well as unlimited e-Transfers, so you can focus on your studies instead of worrying about overdraft fees.
For an Infinite Daily Account, you get unlimited transactions for just $10/month.
8. On Track Pack Chequing
With the On Track Pack chequing account, you can still enjoy the services of Steinbach Credit Union if you are not a full-time student between the ages of 19 to 24.
For just $5/month, you’ll get 35 free monthly transactions and unlimited e-Transfers, along with access to their state-of-the-art mobile app so that you can manage your money on your schedule online.
9. Golden Chequing
This is an unlimited, free account that gives you one free order of personal cheques every year and a discount on safety deposit box rentals, too. It is for those 60 and over.
Steinbach Credit Union Savings Accounts
1. Regular Savings
Steinbach Credit Union’s Regular Savings Account is an appealing option if you want to start saving now. Your first dollar earns interest, and the rate maxes out at a healthy 1.30% on balances over $250,000.
The only tricky part is that your interest is calculated on the minimum monthly balance, not the current balance. But that’s pretty standard for most banks, so it shouldn’t be a major issue.
2. Plan 24 Savings
Steinbach Credit Union’s Plan 24 Savings account is for people who want to keep their money secure and grow it with a great annual interest rate.
While the interest rate is lower than those offered by many other banks, at 0.10%, the calculation of interest daily, and payment monthly helps you to earn more than most banks offer. And there’s no monthly maintenance fee, so you can just focus on growing your savings.
3. Monthly Savings
This account pays interest monthly. At a rate of 0.30%, it is considerably high among interest rates you will find online. If short-term funds are your thing, then this is the place for you.
4. SaveWise Account
If you have a balance of up to $2000 and you are 14 or under, the interest rates will largely be in your favour. At 3.10% the interest rate is quite juicy and generous.
SCU GICs
SCU’s GICs are guaranteed to keep your principal secure while offering some of the best interest rates available online. You can choose a term between one and five years, allowing you to customize your savings schedule.
Whether you want to save up for a new car or put money aside to help pay down your mortgage, SCU’s GICs are the perfect way to get started on your goals.
Their interest rates are ranging from 1.25% to 2.20% at the moment.
SCU Credit Cards
In association with Collabria, Steinbach Credit Union rolled out the following cards:
- SCU Cashback Mastercard
- SCU World Mastercard
- SCU Centra Visa Gold Card
- SCU Classic Mastercard
- SCU U.S. Dollar Mastercard
- SCU Travel Rewards Gold Mastercard
You can also check out our article on the best credit cards in Canada if you like.
Steinbach Credit Union Online Services and Products Overview
Mortgages
With Steinbach Credit Union online, there are various mortgages to choose from. You can go for whatever suits you best.
One of the more popular mortgages is the Home Mortgage which has fixed interest rates. With this plan, you get up to 30 years to pay back and you also get extra payment benefits, not to mention prepayments.
For immigrants who are still trying to stand on their feet, the New to Canada Mortgage is tailormade for you. With no verification requirements for income, you save yourself some hassle. Also, there are flexible payment alternatives that can be used.
For the Renovation Mortgage, you get fixed rate alternatives. You can also take advantage of existing home equity if you like. Like their Home Mortgage, privileges of extra payment are available to you.
Here is the full list of options:
- Home Mortgages
- Condominium Mortgages
- Renovation Mortgages
- Self-Build Mortgages
- Contract-Build Mortgages
- Rental Property Mortgages
- Vacation Property Mortgages
- New to Canada Mortgages
For more details about the peculiarities of each mortgage, you can visit Steinbach Credit Union online on their mortgage page.
Borrowing
Steinbach Credit Union online also offer borrowing services like loans and even line of credit that affords you more flexibility when borrowing.
With their loans, you get access to competitive interest rates, repayment plans that are super flexible, and the absence of prepayment penalties.
With their line of credit, you work with a credit limit that is approved beforehand and competitive interest rates What’s more? Interest is only paid on used funds.
Wealth Management
It does not matter whether you are starting off or laying financial bricks for your future; Steinbach Credit Union online has you covered. In partnership with Credential, they aim to use their expertise and their wealth of experience to give you wealth management suggestions and recommendations that can be useful to you. Their financial advisors are generally regarded as qualified and experienced professionals.
After getting to know your situation, they will analyze it and create a financial plan suited to you. Next up is the implementation of the plan, which will be promptly followed by constant reevaluations to make sure things are going smoothly.
These are the wealth management services that Steinbach Credit Union online provide:
- Savings and investment strategies
- Comprehensive retirement planning
- Portfolio monitoring and re-balancing
- Tax-efficient investing
- Family wealth management
- Personal and business insurance planning
- Business succession consultation
Customer Automated Funds Transfer
This service lets you pay staff, send money to other financial institutions’ accounts, and facilitates the sending of money from customers.
In addition to it being safe and cost-effective, all transactions can be traced and audited. What’s more? It can work with most accounting software.
Business Owner Protection
For those who want to know the safety measures Steinbach Credit Union online has in place, this is what Business Owner and Payment Protection is there for (especially if you are a business owner).
With the payment protection insurance, you can safeguard your business and the ones you love in the event unfavorable occurrence. Equipment, inventory, real estate, and cash reserves can all be secured.
Undoubtedly, salaries of your employees can be safe and they can get coverage in case of injury, death, sickness, or critical illness. In addition, it helps to boost credit ratings.
What Will it Take for Steinbach Credit Union to Lend Me Money Online?
Before going ahead and applying for a loan online, you should get an idea of what your credit score is. A good credit score will help you secure the best interest rate possible, which will save you money over the life of the loan.
You should also take a look at how much money you have in savings, how long you’ve been at your current job, and whether or not you have any other loans or debts outstanding.
If you have bad credit or no savings, it may be a challenge to borrow money from Steinbach Credit Union, but they may be willing to work with you if they can see that you’re trying to improve your situation.
You can look up our article if you are asking yourself the question, “what is a good credit score?”
Steinbach Credit Union Small Business Banking
Steinbach Credit Union caters to business and agricultural clients alike, with a full range of products.
They offer specialized services for agricultural businesses. From farm loans to equipment financing and more, they have the expertise to help you carry out your business plans.
How to Become a Member of Steinbach Credit Union
It’s pretty easy to become part of them. On their website, you can click on the Join SCU option on their Become a Member page to start the process. You can also visit any of their branches and make your intentions known.
Steinbach Credit Union Online Banking
With Steinbach Credit Union’s Internet and telephone banking services, you can check your account balances, make payments and transfers, manage your investments, pay bills, and more—all from the comfort of your own home or office.
You can also access your SCU accounts with the SCU mobile app available for iOS and Android devices.
Steinbach Credit Union Pros and Cons
Pros
- The rates on savings and GICs are quite attractive
- Day-to-day service plans tailored to your needs
- ATMs are available in Canada
- For business and agricultural members, there are services just for them
Cons
- There are just 3 physical locations
Steinbach Credit Union Online Conclusion
In the end, it’s worth mentioning that SCU is well-positioned for growth. The organization has ambitious plans to expand its services in the years ahead, and with a growing client base, a strong loan portfolio, and a long history of success, SCU should be able to meet those objectives.
Those looking for access to cash at more than one ATM per month might want to look elsewhere. But if you live in Manitoba, you might want to consider opening an account with the Steinbach Credit Union.
FAQs
What is a Guaranteed Investment Certificate?
A guaranteed investment certificate (GIC) is an interest-bearing financial instrument sold by Canadian banks and trust companies.
GICs are insured and government-backed, so the risk of loss is low compared to other investments, and they come with a fixed rate of return, which means that the value of your investment will not change over time.
