How do I apply for an account?
There are two ways to apply for an account. First, you can apply online through this site by clicking on Apply for An Account.
It's simple, quick and secure!
Secondly, you can mail in your application. Click on Download Forms
and print off the appropriate PDF application form from the account you are looking to open. Or you can request Achieva send you an application form by calling Achieva's Customer Service Centre
at 1-877-ACHIEVA (1-877-224-4382) or 925-6824 in Winnipeg.
Where are you located?
Achieva Financial is the first Manitoba-owned credit union to offer branchless banking to all consumers in Canada. As a division of Cambrian Credit Union, our management and customer support services are located in Winnipeg.
Is this the same as the online banking offered by banks?
No, existing online banking services are simply a way to access and manage accounts from a traditional financial institution. Consumers who choose online banking through their financial institution sometimes don’t realize that they still pay for personal service and a branch network that they may not be using. By choosing to deal with Achieva, you don’t pay for this overhead, and the benefits are passed on through a higher rate of return.
Is there a minimum opening deposit?
No, there is no minimum opening deposit on the Achieva Savings Account.
Is my money immediately accessible?
All funds you have accumulated in your Achieva Daily Savings Account are fully accessible. We do hold each deposit for 10 days as a security feature to ensure that the deposit has cleared the financial institution from which it was drawn. Of course, all other funds already deposited in your account are available to the account holder at any time. Please note that some Registered Accounts are subject to certain withdrawal conditions set out by the Canada Revenue Agency and all deposits held in Guaranteed Investment Certificates (GICs) are not redeemable prior to maturity.
How is my money protected?
Unlike most other financial institutions where deposits are only covered up to $100,000 by the Canada Deposit Insurance Corporation, at Achieva, all savings and deposits are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba.
In addition, as a division of Cambrian Credit Union, Achieva is supported by the financial strength of Cambrian.
Can my business or other organization open an Achieva Account?
Achieva Financial is only available for personal account use at this time.
Why do I have to send my deposits to a box number?
Since Achieva has no branch facilities, we selected a box number as the most secure method for depositing cheques to your account.
Why can't I drop off my deposit at a Cambrian Credit Union branch?
Achieva Financial is operated entirely apart from Cambrian Credit Union's branches. In order to consistently offer among the highest interest rates available, Achieva Financial operates as a virtual deposit institution. Any deposits however, can be made using Cambrian Credit Union's ATMs free of charge. In fact, any credit union ATM displaying the Acculink logo can be used without any fee.
Should I use my Savings Account for all my banking?
The Achieva Savings Account is designed to provide high interest on money that you wish to set aside from your daily household operating funds. If you write few cheques or do a minimum level of transactions per month, you may wish to use Achieva for your banking needs, however, should you write a number of cheques and have many electronic transactions in a month, you will be best served maintaining a separate banking account with a more traditional financial institution to manage your daily finances.
Can I pay bills from this account?
Yes, you may pay bills from this account using our automated telephone service Achieva Touchtone or over the Internet by using Achieva Online.
Are there any fees?
Transaction fees apply to cheques written after the one free monthly cheque. Service fees
also apply to ATM withdrawals, INTERAC direct payments, bill payments, and Achieva Direct debits. There are also Non Sufficient Funds and Stop Payment fees.
Will the interest rate change?
The interest rate on the Achieva Savings Account can change with fluctuations in the economy but our intention is to consistently provide higher than traditional rates of return. We will only change the daily interest savings rate once a month (if changes in interest rates do occur in the economy, the Achieva Savings rate is only adjusted once a month on the first business day, thus ensuring that you will receive the posted rate for the entire rest of that month). New term deposit rates for GICs, RRSP, and RRIFS may change at any time. The rate on your existing term is guaranteed for the length of the term.
Is branchless banking safe?
Absolutely. When Achieva was founded in 1998, we were one of the first branchless institutions in Canada. Today, we have many competitors, though we are pleased that most cannot match our rates.
Why do you need my Social Insurance Number and a personalized cheque to open an account?
As a Canadian financial institution, we must comply with federal and provincial legislation and regulations. As a virtual institution, the SIN is required so we can comply with various identity regulations, as well as income tax reporting requirements. The personal cheque is to ensure accuracy of the personal information and is a requirement due to the implementation of the Proceeds of Crime (Money Laundering) Act.
Can I open a trust account?
No. Achieva accounts are for account holders’ personal use only.
Do you accept U.S. cheques or offer U.S. dollar accounts?
No. We only accept cheques in Canadian funds drawn on Canadian Financial Institutions and offer only Canadian dollar accounts.
Why don’t you negotiate your rates?
We’re able to offer our higher than average interest rates because everyone is served in the same manner – quickly, professionally and courteously. By keeping things simple and straightforward, we’re able to pass operational savings on to you through higher rates of return.
Do I get a statement?
Yes. If your account is active, we’ll send you statements monthly by mail. If your account is inactive, statements are mailed quarterly. Statements are always available free on our secure Internet banking site, Achieva Online.
What if I have questions?
The Achieva Customer Service Centre
is open Monday to Friday from 8:00 a.m. to 6:00 p.m. (CST). Our representatives are here to answer your questions about Achieva Financial and help you set up TFSAs, GICs, RRSPs, RRIFs, automatic deposits and payments, bill payment options, and other services. Call 925-6824 in Winnipeg and 1-877-ACHIEVA (1-877-224-4382) from outside Winnipeg.