Affinity Credit Union Review
Affinity Credit Union at a glance
🏦 Affinity Credit Union serves members in Saskatchewan, with branches in 41 communities across the province.
Affinity Credit Union account options
Savings
Chequing
Investing
Other Affinity Credit Union services
Mortgages
Loans and lines of credit
Wealth management
Business and agriculture financing
Affinity Credit Union pros and cons
Like banks, credit unions have areas where they shine and where they fall short. Affinity Credit Union is no exception. Here’s what you should consider:
Pros
- Variety of chequing account types and mortgage products to choose from.
- Competitive interest rates on savings accounts, compared to some other credit unions.
- Deposits support local businesses, clubs and community organizations.
Cons
- Limited selection of savings accounts.
- No short-term GICs (terms are all one year or longer).
- Just one free monthly transaction with the Investor Savings account, after which members pay $5 per transaction. (Electronic transfers between accounts don’t count toward this limit.)
Affinity Credit Union overview
Affinity Credit Union is a Saskatoon, Saskatchewan-based co-operative financial institution. Affinity provides many of the same services as a traditional bank, including savings and chequing accounts, mortgages and wealth management services.
As a credit union, Affinity members are given a say in how the business is run. Affinity Credit Union membership is limited to Saskatchewan residents; it's not a federal credit union.
Online banking capabilities at Affinity Credit Union
While members have the option of visiting one of Affinity Credit Union’s 50 branches, they can also do their banking online using the Affinity website or its dedicated app.
Affinity Credit Union’s online banking services allow members to perform day-to-day personal and business transactions, file their taxes and receive direct deposits from the Canada Revenue Agency. The credit union’s app gives members access to daily banking services, financial management tools, bill payments and credit card applications while on the go.
Is my money safe at Affinity Credit Union?
In the unlikely event that it closes unexpectedly, Affinity fully guarantees its members’ deposits by insuring them through the Credit Union Deposit Guarantee Corporation.
The CUDGC offers full coverage for all deposits — chequing and savings accounts, GICs, RRSPs, RIFs, foreign currency deposits — and the interest earned on those accounts. Similar coverage at banks tops out at $100,000 per account.
Like many financial institutions, Affinity also uses security tools like 256-bit encryption, multi-factor authentication and automatic session terminations after inactivity to protect your account.
Affinity Credit Union account types
Affinity Credit Union savings accounts
Everyday Savings account: Geared toward short-term savings goals, this account offers a lower interest rate, no monthly fee and two free transactions per month. Transfers to your other accounts, like a chequing account, don’t count toward that limit.
Investor Savings account: Offers higher interest rates but charges $5 per transaction after the first one each month. Transfers to your other accounts, like a chequing account, don’t count toward that limit.
Affinity Credit Union chequing accounts
Youth Chequing: For members 20 years of age and under. No monthly fees and unlimited transactions.
Student Chequing: For post-secondary students and new graduates. No monthly fees and unlimited transactions.
65+ Chequing: For members aged 65 and older. No monthly fees and unlimited transactions.
U.S. Chequing: Interest paid in U.S. dollars. No monthly fees, but all transactions have fees and there’s no ATM access.
Unlimited Chequing: $13 a month for unlimited transactions, and options to waive the fee by having multiple Affinity products.
Pay-as-you-go Chequing: No monthly fee, but pay fees for all transactions.
Value Chequing: Charges $4 for 12 transactions per month, but includes two free Interac e-transfers.
Affinity Credit Union registered accounts
Other Affinity Credit Union services
Mortgages.
Loans.
Mutual funds.
Wealth management.
Specialty financing for business and agricultural needs.
Affinity Credit Union fees
Banking fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using Access Credit Union’s financial products and services:
Non-sufficient funds: $43.
Overdraft: $5.
ATM withdrawals outside network: $2 (in Canada) $5 (outside of Canada).
Foreign currency transfers: $7.50 (cash) or $20 to $100 (cheques).
Staff-assisted bill payments: $1.25.
Who is Affinity Credit Union best for?
Saskatchewan residents looking for competitive interest rates.
Affinity Credit Union offers many of the same services you’d find at a typical bank, albeit at a slightly lower cost to its members. Affinity only serves Saskatchewan residents, so it's a good fit for those who are interested in earning competitive interest rates and seeing their money invested back into their communities.
Alternatives to Affinity Credit Union
MOBILE AND ONLINE BANKING | ARE DEPOSITS INSURED? | |
|---|---|---|
Yes. | Yes, by the Credit Union Deposit Guarantee Corporation. | |
Yes. | Yes, by the Credit Union Deposit Guarantee Corporation. | |
Yes. | Yes, by the Canada Deposit Insurance Corporation. |
» MORE: Read our Banking Reviews of other Big Banks, credit unions and online-only banks.
Frequently asked questions
Does Affinity Credit Union charge monthly fees?
Does Affinity Credit Union charge monthly fees?
The fees you’ll pay at Affinity Credit Union vary depending on what kind of account you decide to open. Affinity’s chequing accounts for seniors, post-secondary students and customers of up to 20 years of age don’t have monthly fees. Neither do the savings accounts or the U.S. dollar chequing account. If you open a typical chequing account, you can choose to pay a monthly fee or pay on a per-transaction basis
Are credit unions better than banks?
Are credit unions better than banks?
Credit unions offer many of the same services as banks, including chequing and savings accounts, business accounts and mortgage lending, often while offering lower fees and competitive interest rates.
The main difference between banks and credit unions is how they operate. Credit unions are co-operatives that run on a membership basis, which allows members to vote on the institution’s direction. For example, members of Innovation Federal Credit Union voted for the local credit union to become a federal institution in 2023. Banks are corporations that only allow investors to have a say in the company’s initiatives.
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Siddhi Bagwe
Siddhi Bagwe
Siddhi Bagwe