AcceleRate Financial Review [Now Merged With Hubert Financial]
AcceleRate Financial Review Rating: 4.5/5
Over the years, credit unions have been known to be great alternatives to traditional banks because of their low-cost services.
Members of credit unions often enjoy unique credit-related products and competitive interest rates on their savings.
The most interesting part of it is that credit unions do share profits with their members in addition to offering competitive banking solutions.
However, online credit unions like AcceleRate Financial are becoming more popular as they offer more low-cost solutions with better interest rates than traditional credit unions.
Here I provide a comprehensive AcceleRate Financial review to help you understand what the credit union entails and how it compares.
Overview of AcceleRate Financial
Before going in-depth into this AcceleRate Financial review, let me quickly give you some useful information about the credit union.
Check out the table below.
| Year established | 2010 |
| Headquarters | Manitoba |
| Parent company | Access Credit Union |
| Account types | HISAs and GICs |
| Registered accounts | TFSAs, RRSPs, and RRIFs |
| Monthly fee | $0 |
| Minimum account opening deposit | $5 (membership share) |
| HISA rate | 3.60% (3.65% for registered accounts) |
| Credit check | No |
| Deposit insurance | 100% by DGCM |
Let’s now take an in-depth view of AcceleRate Financial.
Who is AcceleRate Financial?
AcceleRate Financial is a Manitoba-based credit union that was launched in May 2010 as an online credit union of Crosstown Credit Union.
The online-only credit union was established to provide high-interest rates on investments regardless of the amount invested.
Since 2010, AcceleRate Financial has been offering accounts to all residents of Canada including those in Quebec.
As of today, the virtual bank has gained hundreds of thousands of customers and account holders.
Access Credit Union — a reputable institution founded as far back as 1940 — owns AcceleRate Financial.
The parent company has more than $6 billion worth of assets under management and 89,000+ members.
Is AcceleRate Financial Safe?
Yes, AcceleRate Financial is one of the safest online credit unions in Canada.
Being a division of Access Credit Union, all accounts with AcceleRate Financial are covered 100% by the Deposit Guarantee Corporation of Manitoba (DGCM).
Also, AcceleRate Financial adopts all the security measures used by Credit Unions. These include:
- Auto-logout of banking session after 15 minutes of user inactivity
- Sign-In Authentication
- Information Security Management systems (international level)
- Protective firewalls
AcceleRate Financial Accounts
The financial products currently offered by AcceleRate Financial are savings and GICs accounts.
Let’s discuss each of the AcceleRate Financial accounts in greater detail.
AcceleRate Financial HISA
The High-interest Savings Account (HISA) offered by AcceleRate bank is one with a “variable” interest rate.
The interest on each savings account is calculated daily but paid out in total at the end of every month.
If you want to open an AcceleRate High-interest Savings Account, expect the following features:
- 3.60 on non-registered accounts and 3.65% on registered accounts (TFSA, RRSP and, RRIF)
- Personal Cheques (FREE)
- Cheque deposits on mobile app (Deposit Anywhere™)
- Unlimited free deposits
- Zero monthly fees for account maintenance
- Access to ACCULINK ATMs all over Canada with the AcceleRate debit card
- Auto savings plans (start at $25)
AcceleRate Financial GIC
Just like many online credit unions in Canada, AcceleRate Financial offers 1 to 7 years Guaranteed Investment Certificates (GICs).
You need a minimum deposit of $100 to open an AcceleRate GIC (non-registered) account. The minimum deposit on registered accounts varies as shown below:
- $500 minimum deposit on RRSP
- $1,000 minimum deposit on TFSA
It’s interesting to note that AcceleRate Financial does not charge any monthly fees on its GICs.
Bear in mind though, AcceleRate GICs cannot be redeemed until their maturity period.
As of October 2, 2023, AcceleRate has the following registered and non-registered GICs rates:
| Term | Rate |
| 1-year | 5.20% |
| 2-year | 5.25% |
| 3-year | 4.85% |
| 4-year | 4.60% |
| 5-year | 4.70% |
| 6-year | 4.70% |
| 7-year | 4.70% |
AcceleRate Financial Rates
There are two types of interest rates that AcceleRate Financial offers to its customers.
The interest rate that applies to AcceleRate Savings accounts is different from that of AcceleRate GICs.
As of October 2, 2023, the current AcceleRate savings rate is 3.60% for non-registered accounts and 3.65% for registered accounts. This interest rate is way higher than what is offered by many other Canadian banks today.
As for the AcceleRate GICs, the following interest rates apply.
| Term | Rate |
| 1-year | 5.20% |
| 2-year | 5.25% |
| 3-year | 4.85% |
| 4-year | 4.60% |
| 5-year | 4.70% |
| 6-year | 4.70% |
| 7-year | 4.70% |
From the above table, you can see that AcceleRate GIC rates are also very high and that puts the bank way above most of its competitors in Canada.
Bear in mind though, the savings rates and GIC rates are subject to change at any time without any notice.
AcceleRate Financial Fees
AcceleRate Financial does not charge a monthly maintenance fee. However, the following transaction fees apply in some cases:
- 1 Free debit per calendar month then, a $1.00 fee on subsequent debits including EFT, Interac and cheque
- $1.00 fee on bill payments
- $2.00 each on ATM transfers and withdrawals
- $1.00 fee when sending Interac e-Transfers
- Free to receive Interac e-Transfers
- $1.50 for cancelling previous Interac e-Transfer Send
- $1.00 fee on transfers and withdrawals on Credit Union ATM (ACCULINK)
- $2.00 each on Out-of-Province and Interac ATM withdrawals (excluding ACCULINK)
- $10.00 fee for ATM Card replacement (mishandling)
- $10.00 fee when closing an account within just 3 months of opening
You can always check the AcceleRate Financial Fees page on their website to see other transactional or administration fees charged by the credit union.
Pros and Cons of AcceleRate Financial
All banks and financial institutions have their advantages and flaws. AcceleRate Financial is not exempted from this reality.
Let me briefly highlight the major pros and cons of AcceleRate Financial for you.
Pros of AcceleRate Financial
Clients of AcceleRate Financial enjoy the following benefits:
- Savings accounts with high-interest rates
- Competitive GIC rates
- No minimum balance requirement for savings accounts
- Available in all parts of Canada (including Quebec)
- Free personal cheques
- 100% deposit protection by DGCM
Cons of AcceleRate Financial
Below are some of the drawbacks that make people skeptical about AcceleRate Financial:
- Limited products (no chequing accounts, mortgages, loans, credit cards etc.)
- Interac e-Transfer sending fees
My AcceleRate Financial Review Rating
I rate AcceleRate Financial 4.5 out of 5 stars based on comparative analysis and the total rating of the following features.
AcceleRate Financial Review Rating Methodology
Overall Rating
As a result, my AcceleRate Financial review is positive and recommendable to Canadians looking for a low-cost digital credit union with competitive interest rates.
How to Open an AcceleRate Financial Account
Major Update
Accelerate Financial has merged with Hubert Financial on September 24, 2023. Existing users have been moved to Hubert Financial and Accelerate is no longer receiving new applicants.
The process to open an account with AcceleRate Financial is straightforward. You just need to meet the following requirements:
- Be a Canadian resident
- Be of 18 years and above
- Have a SIN (Social Insurance Number)
- Have a valid chequing account from another Canadian financial institution
- Be ready to complete the declaration of tax residency form that will be attached to your membership application
- Be willing to deposit a one-time $5 membership fee
Once you have all the above-listed requirements, then follow the steps below to open an AcceleRate Financial account online.
- Visit the official website of AcceleRate Financial
- Click on “Open An Account” from the website homepage
- Fill out the online form by entering your personal information (email address, postal code, mobile number, province and full name)
- Select your desired account type
- Read through the terms and conditions
- Follow the prompts to complete the application
If you encounter any problem or need clarification, contact AcceleRate Financial through any of the following means:
- Canadian Toll-free (Call): 1-888-954-9543
- Winnipeg: 204-954-9543
- Fax: 204-954-9805
- Email: [email protected]
You can also send a mail to AcceleRate Financial through the address below.
- PO Box 1860 Stn Main, Winnipeg, Manitoba, R3C 3R1
How AcceleRate Financial Compares
To make this AcceleRate Financial review comprehensive, I will be comparing its features with that of other Canadian credit unions.
For this comparison, I have picked Achieva Financial and Saven Financial as they are also online-only credit unions in Canada.
Note: All the following data are valid as of January 5, 2024.
AcceleRate Financial vs Achieva Financial
| Features | AcceleRate Financial | Achieva Financial |
| Parent company | Access Credit Union | Cambrian Credit Union |
| Year founded | 2010 | 1998 |
| Products | HISAs and GICs | HISAs and GICs |
| Savings rate | 3.60% (3.65% on registered accounts) | 3.60% |
| 1-year GIC rate | 5.20% | 5.50% |
| 2-year GIC rate | 5.25% | 5.60% |
| 3-year GIC rate | 4.85% | 5.30% |
| 4-year GIC rate | 4.60% | 5.00% |
| 5-year GIC rate | 4.70% | 5.00% |
| Minimum deposit requirement for account opening | $100 | None |
| Monthly fee | None | None |
| Non-Sufficient Funds (NSF) fee | $50 | $45 |
| Membership fee | $5 | None |
| Mobile App | Yes | Yes |
| Interac e-Transfer fee | Free to receive$1 to send | – |
| Areas covered | All provinces and territories in Canada | All provinces and territories in Canada |
| Debit card | Yes | Yes |
| Cheque availability | Yes | Yes |
| Deposit protection | Deposit Guarantee Corporation of Manitoba (DGCM) | Deposit Guarantee Corporation of Manitoba (DGCM) |
Achieva Financial has been around for more than two decades, making it more credible than AcceleRate Financial which was founded in 2010.
In terms of financial products, both Achieva Financial and AcceleRate Financial give access to the same range of products.
Nonetheless, things get different when you compare the interest rates offered by Achieva Financial to that of AcceleRate Financial.
It is clear from the table presented above that Accelerate Financial offers a slightly higher savings rate while Achieva offers higher GIC rates.
AcceleRate Financial vs Saven Financial
| Features | AcceleRate Financial | Saven Financial |
| Parent company | Access Credit Union | FirstOntario Credit Union |
| Year founded | 2010 | 2021 |
| Products | HISAs and GICs | HISAs and GICs |
| Savings rate | 3.60% (3.65% for non-registered accounts) | 4.20% HISA and TFSA and 6.00% on FHSA accounts |
| 1-year GIC rate | 5.20% | 5.70% (6.00% on TFSA) |
| 2-year GIC rate | 5.25% | 5.40% |
| 3-year GIC rate | 4.85% | 5.25% |
| 4-year GIC rate | 4.60% | 4.90% |
| 5-year GIC rate | 4.70% | 4.80% |
| Minimum deposit requirement for account opening | $100 | None |
| Monthly fee | None | None |
| Non-Sufficient Funds (NSF) Fee | $50 | $50 |
| Membership fee | $5 | $25 |
| Mobile App | Yes | Yes |
| Interac e-Transfer fee | Free to receive$1 to send | None |
| Areas covered | All provinces and territories in Canada | Ontario |
| Debit Card | Yes | No |
| Cheque availability | Yes | No |
| Deposit protection | Deposit Guarantee Corporation of Manitoba (DGCM) | Financial Services Regulatory Authority of Ontario (FSRA) |
From the information provided above, you can tell that Saven Financial is relatively “younger” than AcceleRate Financial.
Both AcceleRate and Saven Financial share some similarities in the type of financial products they offer.
However, when you compare the interest rates offered by both credit unions, you will notice how Saven Financial outshines AcceleRate.
The only turn-off with Saven Financial is the fact that it only covers Ontario while leaving out all the other Canadian provinces and territories.
On the other hand, AcceleRate Financial is available to all the residents of Canada including those in Quebec.
Quick Tips for Choosing the Best Online Credit Union
There are so many online-only credit unions in Canada today, making it difficult to tell which is best.
Since banking needs vary from one individual to another, it’s impossible to have a set of rules for choosing the best online credit union.
But in any case, I will always recommend that you consider the following factors before choosing a digital credit union in Canada.
- Range of financial products available
- Type of account offered (non-registered and registered)
- Applicable fees
- Interest rates
- Availability
- Account limits (minimum balance, deposit or money transfer limits)
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The Bottom Line on AcceleRate Financial Review
Comparing and choosing the best online credit union is a key decision you will have to make when looking to save cost on your banking today.
While my AcceleRate Financial review is positive, there are areas the credit union can improve upon.
But if you’re not concerned about the drawbacks of AcceleRate Financial, you can’t go wrong with it.
The ball is in your court to decide. But before leaving, kindly let me know the credit union you’re going with.
Major Update
Accelerate Financial has merged with Hubert Financial on September 24, 2023. Existing users have been moved to Hubert Financial and Accelerate is no longer receiving new applicants.
FAQs on AcceleRate Financial Review
Who can invest with AcceleRate Financial?
Anyone who meets the following requirements:
- Be a Canadian resident
- Have a valid SIN (Social Insurance Number)
- Reach the age of 18 or older
Who owns AcceleRate Financial?
AcceleRate Financial is owned by Access Credit Union – a popular Canadian Financial Institution with more than $6 billion worth of assets under management and 89,000+ members.
Does AcceleRate offer US investments?
Not at all. AcceleRate Financial currently offers investment accounts to Canadian residents only.
So at the moment, AcceleRate Financial only accepts cheques and deposits in Canadian currency.
Why are AcceleRate Financial deposits mailed to a PO Box?
AcceleRate Financial is an online-only bank with no physical branch facilities. Hence, the reason why it has chosen P.O Box as the best method of receiving deposits from its members.
Does AcceleRate Financial offer LIRA, LIF or RESPs?
At this time, AcceleRate Financial does not offer LIF, LIRA or RESPs.
The accounts offered by AcceleRate Financial include HISA, GIC, TFSA and RRSP.
Will I receive a statement from AcceleRate Financial?
Sure. Monthly statements will be sent to you for High-interest Savings accounts while quarterly statements will be sent for investment accounts.
What If I’m unable to log on to Internet Banking on AcceleRate Financial site?
You should call AcceleRate service support line at 1-888-954-9543. Ensure you have your AcceleRate Financial member number handy before calling.
Are there fees attached to opening an account with AcceleRate Financial?
It is totally FREE to open an account with AcceleRate Financial and no monthly charges are incurred for account maintenance.
However, some transactions and administration fees apply.
Major Update
Accelerate Financial has merged with Hubert Financial on September 24, 2023. Existing users have been moved to Hubert Financial and Accelerate is no longer receiving new appliannts.
AcceleRate Financial Review
Summary
My AcceleRate Financial review is positive and recommendable to Canadians looking for a low-cost digital credit union with competitive interest rates.
