One of the best ways you can get high interest on your savings is by opening an account with a Canadian online bank or financial institution – Outlook Financial.
While many traditional banks have physical branches that they maintain, online banks and institutions have less of such. This is one of the reasons why online banks offer higher interest rates.
One of the online-only financial institutions in Canada is Outlook Financial. The bank currently offers one of the highest non-promo savings rates in Canada. This is possible because Outlook Financial operates entirely online.
In this article, you will get to see a comprehensive review as well as a detailed comparison between Outlook Financial and other Canadian online banks.
Table of Contents
Who is Outlook Financial?
Outlook Financial is a digital bank launched in 2000 as an online division of the reputable Assiniboine Credit Union.
The parent company, Assiniboine Credit Union has been doing business in Canada for about 80 years now. Its head office is located in Winnipeg, Manitoba.
By signing up, you also become a registered member of Assiniboine Credit Union.
This is why a one-time fee of $5.00 is charged when opening an account.
How Does Outlook Financial Work?
Outlook Financial operates entirely online just like every other digital bank and financial institution in Canada.
As mentioned earlier, you are required to pay a $5.00 membership fee when opening an account.
This is because anyone who signs up also becomes a member of its parent company, Assiniboine Credit Union.
At the moment, Outlook Financial only offers high-interest savings accounts and fixed GICs of different terms. Both of these financial products have very competitive interest rates.
As a matter of fact, the savings accounts offered have one of the highest non-promo interest rates you can find in Canada right now.
Also, it offers 100% guaranteed deposit protection by DGCM on every account you open with the bank.
Financial Products
Outlook Financial currently offers registered and non-registered high-interest savings accounts and fixed GICs.
Let’s have a closer look at each of these products.
Outlook Financial HISAs
Outlook Financial offers a non-registered High-Interest Savings account and also 3 other types of registered HISAs including TFSA, RRSP and RRIF.
The High-Interest Savings Accounts (HISAs) offered comes with a lot of great features and benefits.
Here is a quick highlight of what HISAs offer:
- 3.50% interest rate
- Access to a physical debit card
- No monthly fees
- No minimum required balance
- Tax-sheltered or tax-deferred savings with TFSA, RRSP and RRIF HISAs
- One free debit transaction every month
GICs (Registered and Non-Registered)
Outlook Financial offers different GIC terms with very competitive interest rates.
The bank requires you to deposit at least $1,000 before you can invest in any of its fixed GIC terms.
The following table shows the current interest rate on each GIC term:
| GIC Term | Fixed GIC Rate |
| 1-Year | 4.75% |
| 2-Year | 4.95% |
| 3-Year | 4.80% |
| 4-Year | 4.85% |
| 5-Year | 4.85% |
Bear in mind that the above interest rates apply to both non-registered GICs and the registered RRIF, RRSP, and TFSA GICs.
Also, it allows you to save up money in a savings account first and later transfer it into a corresponding fixed GIC when it is up to the $1,000 minimum required deposit.
This simply means that you can open a non-registered HISA today and start saving till you hit $1,000, then transfer the funds into a non-registered fixed GIC term.
Another good thing is that you do not pay monthly fees for investing in any of its GIC offerings.
Fees
Outlook Financial does not charge a monthly fee on any of its savings accounts and GICs.
However, the table below shows the service fees charged for some of its banking services:
| Service | Fee |
| Bill Payment | 1 Free every month $1.00 per additional debit transaction |
| Pre-authorized debit | |
| Me2Me transfer (scheduled or recurring) | |
| ATM withdrawals | |
| Debit card purchase | |
| Cheque withdrawal | |
| ATM withdrawal (Manitoba non-credit union) | $2.00 |
| International withdrawal | $3.50 |
| US withdrawal | $3.50 |
| Deposit of cheque or US cash in ATM | $6.50 |
| Closing an account within 3 months of opening | $15.00 |
| Close/Transfer out (Balance of account) | $10.00 |
| Transfers to other Outlook Financial accounts (online or with mobile banking) | Free |
| Me2Me (immediate) | Free |
| Interac e-Transfer (Send) | $1.50 |
| Interac e-Transfer (Receive) | Free |
| Interac e-Transfer (Request Money) | $1.50 |
| Automated transfer (to cover debit) | $3.00 |
Pros and Cons of Outlook Financial
Like other digital banks, this does have its advantages and disadvantages.
Here are some of the major pros and cons:
Pros
- High savings rate: At the moment, Outlook Financial offers one of the highest savings rates in all of Canada.
- Competitive GIC rates: All the GIC terms offered by Outlook Financial have competitive interest rates that are similar to that of other digital banks.
- Deposit protection: All Outlook Financial savings accounts and GICs have 100% deposit guarantee protection by DGCM.
- Easy access: Within minutes, you can open an Outlook Financial account and start saving with the bank immediately.
Cons
- Limited financial products: Outlook Financial does not offer other financial products like mortgages, lines of credit and so on.
- Fees: Outlook Financial does not charge a monthly fee, but it does charge a fee for some everyday banking services like multiple ATM withdrawals, Bill payments, and even sending Interac e-Transfer.
How to Open an Account
Before you can open an account with Outlook Financial, you need to meet the following requirements:
- Be up to 18 years
- Have a Social Insurance Number (SIN)
- Have an email address
- Have an account with any other Canadian financial institution
- Agree to pay a refundable one-time membership fee of $5 to join Assiniboine Credit Union
Once you have the above requirement ready, you can then proceed to open a new account by following the steps below:
- Visit the Outlook Financial website and click on “Become a Member”
- Fill out the online form by providing your details and employment information
- Read and agree to the Terms and Conditions
- Verify your ID and deposit funds (plus a $5 membership fee) into your account
Outlook Financial vs Saven Financial
Saven Financial operates entirely online like Outlook Financial. It is also an online division of a Credit Union just like Outlook Financial.
See the table below for a brief overview of how Outlook Financial compares to Saven Financial:
| Key Feature | Outlook Financial | Saven Financial |
| Products offered | HISAs and GICs (Registered and Non-registered) | Non-registered HISAs and GICs |
| Minimum balance for savings account | None required | None required |
| Membership share | $5.00 | $25.00 |
| Monthly Fees | None | None |
| Deposit protection | Yes (by DGCM) | Yes (by FSRA) |
| Mobile App | Yes | Yes |
| Savings Rate | 3.50% | 3.75% |
| 1-Year GIC rate | 4.75% | 5.30% |
| 2-Year GIC rate | 4.95% | 5.00% |
| 3-Year GIC rate | 4.80% | 4.85% |
| 4-Year GIC rate | 4.85% | 4.85% |
| 5-Year GIC rate | 4.85% | 5.00% |
From the above table, you can see that Outlook Financial charges a one-time membership fee of $5.00 but Saven Financial charges five times more.
However, Saven Financial offers a much higher savings rate and GIC rates compared to Outlook Financial.
Another huge difference between the two digital institutions is that Outlook Financial offers registered savings accounts and GICs while Saven Financial does not.
Outlook Financial vs EQ Bank
EQ Bank is currently one of the most popular digital banks in Canada with more than 185,000 customers and over $5 billion in deposits as of 2021.
The table below shows a side-by-side comparison between Outlook Financial and EQ Bank:
| Key Feature | Outlook Financial | EQ Bank |
| Products offered | HISAs and GICs (Registered and Non-registered) | Mortgage, International Money Transfers, HISA, GICs, USD account, RSP and TFSA accounts |
| Registered savings accounts and GICs | Yes | Yes |
| Minimum balance for savings account | None required | None required |
| Membership share | $5.00 | None |
| Monthly fees | None | None |
| Deposit protection | Yes (by DGCM) | Yes (by CDIC) |
| Mobile app | Yes | Yes |
| Savings rate | 3.50% | 2.50% (3.00% on the TFSA savings account) |
| 1-Year GIC rate | 4.75% | 5.00% |
| 2-Year GIC rate | 4.95% | 4.45% |
| 3-Year GIC rate | 4.80% | 4.30% |
| 4-Year GIC rate | 4.85% | 4.25% |
| 5-Year GIC rate | 4.85% | 4.20% |
From the above table, EQ Bank outshines Outlook Financial in terms of product offerings.
With EQ Bank, you can access more financial products such as mortgages and USD savings accounts
Also, EQ Bank does not charge membership fees from new customers because it is not a division of a credit union.
Meanwhile, Outlook Financial offers a much higher savings rate than EQ Bank. Also, the 2, 3,4 and 5-Year GIC terms offered by Outlook FInancial have higher interest rates than that of EQ Bank.
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Final Thoughts on Review
Outlook Financial is a great choice if you’re looking for a bank with a high reputation, decent savings rates, and a mobile-friendly platform.
This comprehensive Outlook Financial review has revealed all of the important benefits and downsides of using the bank.
It has also compared the bank to other banks in Canada to help you make an informed financial decision.
Hopefully, you can now decide whether Outlook Financial is the right financial institution for you or not.
