Achieva Financial Review 2024: Is It Worth It?
Achieva Financial Review Rating: 4.2/5
The best way to enjoy lower fees and get higher interest rates in Canada today is to bank online.
The benefits and convenience that come with online banking make digital financial institutions the perfect alternative to traditional brick-and-mortar banks or credit unions.
Achieva Financial is seen by many Canadians as one of the best online credit unions in the country. But is it the best for you too?
In this article, I will present to you a comprehensive Achieva Financial review to help you understand what the credit union entails and decide if it’s perfect for you.
Let’s get started!
Who is Achieva Financial?
Achieva Financial is the online-only division of Cambrian Credit Union. It is a long-standing online financial institution because it was launched in 1998.
The entire operations of Achieva Financial are done online. Although the credit union has a physical headquarters located in Winnipeg, Manitoba.
With the absence of physical offices and branches, Achieva Financial is able to convert its low operational costs to competitive interest rates.
The same reason makes the credit union charge low fees on all savings and GIC accounts.
With GIC Laddering Strategy and access to a digital investment platform, Achieva positioned itself as a unique online credit union in Canada.
Is Achieva Financial Safe?
Short answer, yes. Achieva is safe because its deposit and interest with it are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba (DGCM).
Besides protecting your money, Achieva Financial also protects your identity on its website and mobile app.
Achieva uses the common data protection methods used by other credit unions in Canada. This includes
- 128-bit data encryption
- 2-Factor Authentication (2FA)
It is also worth mentioning that Achieva Financial’s parent company Cambrian Credit Union is a reputable financial institution with 6,600+ members.
Public data also confirms that Cambrian Credit Union has more than $4.6 billion worth of assets under its management.
The above factors suffice for you to feel safe using Achieva Financial for your banking needs.
Achieva Financial Accounts
There are two basic accounts available at Achieva Financial — Daily Interest Savings and GIC accounts.
Let’s discuss each of the accounts one after the other.
1. Achieva Daily Interest Savings Account
This is the ideal account for anyone looking to make short-term savings.
The Achieva Daily Interest Savings Account gives you the benefits of earning high interest on your funds with 24/7 accessibility.
Below are the key features of the Achieva Daily Interest Savings Account:
- 3.60% daily interest (applicable on TFSA, RRSP and RRIF)
- No monthly maintenance fee
- No minimum required balance
- Auto Savings program
- Free deposits
- 1 free cheque and direct transfer or pre-authorized payment per month
- $1 cash per month when you choose to receive your documents electronically
2. Achieva GICs
Achieva Financial offers GICs (Guaranteed Investment Certificates) with competitive interest rates.
The Achieva GIC is perfect for anyone looking to lock in their savings for a given period, reducing the impact of interest fluctuations.
With this account, you can invest for a period of 1 to 5 years with a guaranteed interest rate.
Below are the key features and benefits of Achieva GICs:
- $1,000 minimum deposit (applicable on TFSA, RRSP and RRIF)
- Easy GIC renewal online
- Interests are paid annually and at maturity
3. Achieva GIC Laddering Strategy
As the Bank of Canada adjusts overnight rates, financial institutions change interest rates.
With Achieva GIC Laddering Strategy, you can continuously earn high interest on your investment for up to 5 years.
To benefit from this unique offer, just follow the simple steps below.
- Get the fund you want to invest and separate it into five (5) equal GIC accounts
- Each of the GICs will mature every year and you simply reinvest it alongside its interest into a 5-year GIC.
For more information, please visit this page or call Achieva’s Customer Service Center at 1-877-224-4382 (toll-free).
4. Achieva Online Investing
This is a digital investment opportunity that Achieva offers in partnership with Qtrade — an online broker based in Vancouver, Canada.
This offer is simply recommended for Achieva customers that want to have full control over their investments.
With Qtrade Direct Investing, Achieva customers can easily buy and sell mutual funds, ETFs, bonds and stocks with very low trading fees.
If you want to eliminate the stress of investing, you can do so through the Qtrade robo-advisor known as Qtrade Guided Portfolios (formerly VirtualWealth).
Achieva Financial Rates
From the above review, you can see that Achieva Financial’s interest rates differ from one account to the other.
The Daily Interest Savings Account has 3.60% interest which is applicable on registered and non-registered accounts
The following are the current Achieva Financial GIC rates (as of May 6, 2024):
| Term | Rate |
| 1-year | 5.00% |
| 2-year | 4.80% |
| 3-year | 4.60% |
| 4-year | 4.50% |
| 5-year | 4.40% |
Compared to other online credit unions, Achieva Financial has a competitive interest in savings and GICs.
Achieva Financial Historical Rates
Over the years, Achieva Financial has offered competitive interest rates to its customers.
These rates are usually subject to change whenever the Bank of Canada adjusts its overnight rate.
The following table presents a quick overview of all the GIC interest rates that have been offered by Achieva Financial between 2018 and 2022.
| Period | One-Year Term | Two-Year Term | Three-Year Term | Four-Year Term | Five-Year Term |
| 15th July 2022 | 4.30% | 4.55% | 4.65% | 4.80% | 5.00% |
| 1st December 2021 | 1.50% | 1.60% | 2.00% | 2.10% | 2.20% |
| 11th March 2020 | 2.10% | 2.15% | 2.20% | 2.30% | 2.40% |
| 16th October 2019 | 2.45% | 2.50% | 2.55% | 2.55% | 2.70% |
| 15th November 2018 | 3.00% | 3.30% | 3.35% | 3.40% | 3.50% |
Let’s also take a look at Achieva’s Financial Savings rates between 2018 and 2022.
| Period | Daily Interest Rate |
| 8th September 2022 | 2.85% |
| 4th August 2021 | 1.10% |
| 1st December 2020 | 1.20% |
| 1st November 2018 | 2.40% |
Achieva Financial Fees
Even though Achieva Financial offers a lot of free services, the bank charges some transaction fees to sustain itself in business.
Below are the current Achieva Financial fees per transaction.
- Daily High-Interest Savings Account Fees
| Service | Fee |
| Monthly account fee | $0 |
| Interac direct debit | $0.60 |
| Bill payment | $0.50 |
| ATM withdrawal | $0.60 |
| Interac ATM withdrawal (Canada) | $2.00 (surcharge fee) |
| Cirrus ATM Withdrawal (USA and International) | $3.50 (surcharge fee) |
| ATM replacement (Card) Fee | $10.00 |
| Achieva Direct Transfer (Out), pre-authorized debit and First Cheque | 1 Free per month |
| Additional cheque, Achieva Direct Transfer (Out), and pre-authorized debit | $1.00 |
- Other Fees
| Service | Fee |
| Achieva (client to client) account transfer | $1.00 |
| Account transfer (processes by phone) | $5.00 |
| Official cheque | $6.50 |
| Duplicate copy of receipt | $5.00 |
| Duplicate copy of a statement | $2.00 |
| Stop payment | $10.00 |
| Account closing | $15.00 |
| Incoming Wires | $15.00 |
| Chargeback | $15.00 |
| Non-Sufficient Fund fee | $45.00 |
| TFSA/RRIF/RRSP Payout | $275 per hour (1-hour minimum) |
| T3 estate preparation | $275 per hour (1-hour minimum) |
Achieva Financial Referral Bonus
As an Achieva customer, you can earn a cash bonus through the bank’s referral program.
When someone uses your Achieva referral code, both of you will be paid a $25 cash bonus each.
You can earn up to $100 every year by referring four people to Achieva Financial.
To qualify for the Achieva referral bonus, new your referral must do the following:
- Meet the account opening eligibility requirements
- Have a minimum balance of $250 in their new account
- Maintain the new account for at least one month
- Have no “new” Achieva account opened in the last 1 year (or 12 months)
Pros and Cons of Achieva Financial
Below are the top pros and cons of Achieva Financial.
Pros
- No minimum account balance required
- No membership fee is required as is the case with many other credit unions out there
- Competitive interest rates on savings accounts and GICs
- No monthly fees, deposit fees or hidden charges for regular transactions
- $1 free “bonus” per month for electronic account statements or tax receipts
- Automated savings feature
- Access to a GIC Laddering Strategy
- Access to a digital investment platform
- Available to all the residents of Canada
- 100% deposit protection by the Deposit Guarantee Corporation of Manitoba (DGCM)
Cons
- No physical branches (common with other online-only credit unions)
- Limited financial products (no credit cards, mortgages, loans, lines of credit and so)
My Achieva Financial Review Rating
I rate Achieva Financial 4.2 out of 5 stars based on comparative analysis and the total rating of the following features.
Achieva Financial Review Rating Methodology
Overall Rating
With the above ratings, my Achieva Financial review is positive. I recommend Achieva to Canadians looking for an online credit union with competitive interest in saving and GIC accounts.
How to Open an Achieva Financial Account
To open an account with Achieva Financial, you need to meet the following requirements:
- Be a permanent Canadian resident
- Reach the age of 18 or older
- Have an existing Canadian credit file
- Be willing to become a member of Cambrian Credit Union Limited (the parent company of Achieva Financial)
And you will also need to provide the following:
- Social Insurance Number (SIN)
- Current contact information
- A personalized cheque from another Canadian financial Institution (with your name and address on it)
If you meet the above requirements, you can proceed to open your Achieva Financial account.
The easiest way to open an account with Achieva Financial is through its mobile app.
Follow the steps below to do so.
- Download the AchievaMobile App on Google Play Store or App Store
- Tap on “Open an Account”
- Fill in your personal information (by scanning your ID instead of typing)
- Use the “Deposit Anywhere” feature to deposit your first cheque by just taking a picture
You can also open an Achieva Financial account online by visiting their Open Account page using this link.
Achieva Financial vs Other Online Credit Unions in Canada
Achieva Financial is not the only online credit union in Canada.
There are several others including AcceleRate Financial and Saven Financial.
Below is a quick comparison of these popular online credit unions.
Update: Accelerate Financial merged with Hubert Financial in September 2023.
Achieva Financial vs AcceleRate Financial
| Features | Achieva Financial | AcceleRate Financial |
| Parent company | Cambrian Credit Union | Access Credit Union |
| Year established | 1998 | 2010 |
| Financial products | HISAs and GICs | HISAs and GICs |
| HISA rate | 3.60% | 3.60% (3.65% on registered accounts) |
| Monthly fee | None | None |
| Debit card | Available | Available |
| Cheques | Available | Available |
| Membership fee | None | $5 |
| Minimum deposit for savings account | None | $100 |
| Available to | All Canadians | All Canadians |
AcceleRate Financial is a younger credit union before Achieva Financial.
However, the two credit unions differ considerably as the above table shows.
Unlike AcceleRate Financial, Achieva Financial has no membership fee or minimum deposit for account opening.
While the two digital banks have the same non-registered HISA rates, their GIC rates differ as shown below:.
| Term | Achieva Financial | AcceleRate Financial |
| 1-Year | 5.00% | 5.20% |
| 2-Year | 4.80% | 5.25% |
| 3-Year | 4.60% | 4.85% |
| 4-Year | 4.50% | 4.60% |
| 5-Year | 4.40% | 4.70% |
It’s obvious that Achieva Financial has competitive GIC rates while AcceleRate has a slightly higher registered savings rate.. Interest rates aside, Achieva Financial is more accessible than AcceleRate Financial.
Notwithstanding, you can’t go wrong with either Achieva or AcceleRate Financial.
Achieva Financial vs Saven Financial
| Features | Achieva Financial | Saven Financial |
| Parent company | Cambrian Credit Union | FirstOntario Credit Union |
| Year established | 1998 | 2021 |
| Financial products | HISAs and GICs | HISAs, TFSAs, FHSAs and GICs |
| Savings Account rate | 3.60% | 4.20% on HISA, TFSA and FHSA savings accounts |
| Monthly fee | None | None |
| Debit card | Available | Not Available |
| Cheques | Available | Not Available |
| Membership fee | None | $25 |
| Minimum deposit for savings account | None | None |
| Available | All Canadians | Ontario residents |
Saven Financial is the youngest credit union before Achieva, having been established in 2021.
Like Achieva, Saven Financial offers only HISA and GIC accounts. However, Saven has a slightly higher HISA rate (4.20%) which are among the highest in Canada.
Saven Financial also has higher GIC rates than Achieva Financial as the following table shows:
| Term | Achieva Financial | Saven Financial |
| 1-Year | 5.00% | 5.40% |
| 2-Year | 4.80% | 5.30% |
| 3-Year | 4.60% | 4.90% |
| 4-Year | 4.50% | 4.75% |
| 5-Year | 4.40% | 4.65% |
But unlike Saven, Achieva Financial offers cheques and debit cards. In addition, Achieva doesn’t require a membership fee.
Achieva Financial’s long history provides more sense of security compared to the recency of Saven Financial.
Overall, you can’t make the wrong choice with either Achieva Financial or Saven Financial depending on your needs.
The Bottom Line on Achieva Financial Review
From the above, you can sense that my Achieva Financial review is positive. However, you shouldn’t finalize using this review alone
I recommend you take a closer look at other online-only credit unions before making your decision.
When choosing an online credit union, you should consider the following factors:
- Membership fee
- minimum deposit requires
- Account types,
- Interest rates and fees
With the exception of account types, you can see that Achieva Financial ranks fairly on the above factors.
So is Achieva Financial for you? Let me know by leaving a reply in the comment section.
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FAQs on Achieva Financial Review
Is Achieva a real bank?
Not directly. It is simply an online-only credit union that offers similar services to that of physical Canadian banks.
Just like the regular brick-and-mortar banks in Canada, Achieva Financial offers high-interest savings accounts, GIC accounts and access to a digital investment platform.
Who owns Achieva Financial?
Achieva Financial is the digital credit union division of Cambrian Credit Union — a popular Canadian financial institution with over 63 years of experience in managing assets.
Does Achieva Financial offer LIRA and LIF accounts?
Yes. Achieva Financial offers LIRA and LIF accounts. However, you have to contact them to access the accounts. Click this link to visit the Achieva Financial contact page.
Achieva Financial Review
Summary
I recommend Achieva to Canadians looking for an online credit union with competitive interest in saving and GIC accounts
