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Published June 16, 2022

Affinity Credit Union Review

Affinity Credit Union is a Saskatoon, Saskatchewan-based co-operative financial institution that offers spending, saving and investing accounts, among other things.

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Affinity Credit Union at a glance

Affinity Credit Union was founded in 2005 and is Canada’s eighth-largest credit union.

  • Affinity Credit Union account options
    Savings
    Chequing
    Mastercard credit cards
    Investing
  • Other Affinity Credit Union services
    Mortgages
    Loans and lines of credit
    Wealth management
    Business financing

Affinity Credit Union overview

Affinity Credit Union is a Saskatoon, Saskatchewan-based co-operative financial institution that was founded in 2005. Affinity provides many of the same services as a traditional bank, including savings and chequing accounts, mortgages and wealth management services. Being a credit union means Affinity has members, not just customers, who are given a say in how the business is run. Affinity Credit Union membership is primarily limited to Saskatchewan residents.

Online banking capabilities at Affinity Credit Union

While members have the option of visiting one of Affinity Credit Union’s more than 50 branches, they can also do their banking online using the Affinity website (www.affinitycu.ca) 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, mortgage pre-approvals and credit card applications while on the go.

Affinity Credit Union

Find the best Affinity Credit Union credit cards and bank accounts to meet your needs

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 typically tops out at $100,000 per account.

Affinity Credit Union account types

Affinity Credit Union savings accounts

  • Everyday Savings account: geared toward short-term savings goals.
  • Investor Savings account: offers higher interest rates but charges more transaction fees.

Affinity Credit Union chequing accounts

  • Youth Chequing: for clients under 20 years of age.
  • Student Chequing: for post-secondary students.
  • 65+ Chequing: for more experienced members.
  • U.S. Chequing: interest paid in U.S. dollars.
  • Unlimited Chequing: $13 a month for unlimited transactions.
  • Pay-as-you-go Chequing: no monthly fee.
  • Value Chequing: $4 for 12 transactions per month.

Affinity Credit Union credit card accounts

  • Cash Back Mastercard.
  • Classic Mastercard.
  • Travel Rewards Gold Mastercard.
  • World Mastercard.
  • Centra Gold Mastercard.
  • US Dollar Mastercard.

Affinity Credit Union investing accounts

Other Affinity Credit Union services

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: $10 flat fee per transaction
  • Staff-assisted bill payments: $1.25 – $5.00 per transaction

Who Affinity Credit Union is 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’s location and business model make it best suited for Saskatchewan residents who are interested in earning competitive interest rates on their savings and seeing their money invested back into the province.

Affinity Credit Union pros and cons

There’s plenty to like about Affinity but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.

Pros of Affinity Credit Union

  • Variety of chequing account types to choose from.
  • Competitive interest rates on savings accounts.
  • Deposits support local businesses, clubs and community organizations.

Cons of Affinity Credit Union

  • Limited selection of savings accounts and mortgage products.
  • Just one free monthly transaction with the Investor Savings account, after which members pay $5 per transaction.
  • High transaction fees when using non-network ATMs, and especially non-Canadian ATMs.

How Affinity Credit Union compares to other credit unions

 Affinity Credit UnionAccess Credit UnionNorthern Credit Union
Primary region of serviceSaskatchewanManitobaNorthern Ontario
Number of branchesMore than 5026 31
Mobile app?YesYesYes
Are deposits insured?Yes, by the Credit Union Deposit Guarantee Corporation.Yes, by the Deposit Guarantee Corporation of Manitoba.Yes, by the Financial Services Regulatory Authority of Ontario’s Deposit Insurance Reserve Fund.

Affinity Credit Union frequently asked questions

    • 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 under 20 charge no fees. The rest of the bank’s customers can choose between paying $13 a month for unlimited transactions, $4 a month for up to 12 transactions, or paying on a per transaction basis.

    • Are credit unions better than banks?

      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 bank’s direction. Credit unions offer many of the same services as banks, often while offering lower fees and competitive interest rates.

      Banks are private companies that typically allow anyone to become a customer, but they only allow investors a chance to have a say on the company’s initiatives. Banks are tasked with generating profit, while some credit unions, like Affinity, invest their profits into the local community.

Dive Even Deeper

How to Open a Bank Account

You can open an account at a Canadian bank or credit union in person or online. You need to be aged 17 or older and have two forms of identification.

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