After reviewing Achieva Financial and AcceleRate Financial, I realized the significance of reviewing Saven Financial as well.
As a new online credit union in Canada, Saven Financial is already competing with the oldest credit unions in terms of interest in savings and GICs
This goes to show how committed the credit union is to achieving its vision of bringing “a no-nonsense, digital savings experience” to those who want to achieve their financial goals.
Notwithstanding, Saven Financial is not without some shortcomings that you need to consider before joining it.
In this Saven Financial review, we are going to look at both the pros and cons of the credit union to understand how they compare with those of similar branchless credit unions in Canada.
Table of Contents
What is Saven Financial?
Saven Financial is a branchless credit union that’s operating as a division of FirstOntario Credit. Saven credit union was established in 2022 to simplify savings and help Canadians grow their money.
To achieve its mission, Saven provides high-interest savings accounts and GIC accounts whose rates are currently among the highest in Canada.
With such competitive offerings, Saven positioned itself as one of the best online credit unions in Canada within just 1-year of existence.
Being an online-only credit union makes it easy for Saven to waive common banking fees such as monthly fees, deposit fees, withdrawal fees, Interac e-Transfer fees and EFT fees among others.
And to give you maximum comfort, your deposit and interest earnings on Saven Financial are guaranteed up to $250,000 by the Financial Services Regulatory Authority of Ontario (FSRA).
As a credit union, you need to pay a one-time membership fee of $25 to join Saven Financial. This will automatically make you a member of FirstOntario Credit. With this, you will be part of the shareholders and decision-makers of FirstOntario Credit.
Who Owns Saven Financial?
FirstOntario Credit Union owns Saven Financial. FirstOntario has an 83-year grassroots experience, making it one of the oldest and top credit unions in Ontario.
The Saven Financial parent company has 126,000+ members and $5.7 billion in assets under management as of 2021.
When FirstOntario Credit Union started in 1939, it was referred to as Stelco Employees Credit Union. In 1987, it was rebranded to Avestel and Family Savings & Credit Union. The current name “FirstOntario Credit Union” was given birth in 2000.
The available products and services at FirstOntario Credit Union include savings accounts, chequing accounts, mortgages, loans, and business services — among others.
FirstOntario Credit Union enlarged its size by partnering with several reputable credit unions including Rochdale Credit Union and Canal City Savings and Credit Union.
Is Saven Financial Legitimate?
Three factors confirmed the legitimacy of Saven Financial. First, the credit union offers legit savings and GIC accounts that are among the best in Canada.
Secondly, Saven Financial is backed by FirstOntario Credit Union which has been in existence for about a century. As noted earlier, Saven Financial parent company has over 126,000 members with $5.7 billion in assets under management as of 2021.
Thirdly, besides federal regulations, the operations of Saven Financial are also regulated by the Financial Services Regulatory Authority of Ontario (FSRA). The FRSA also guaranteed savings and interest on Saven Financial accounts up to $250,000.
Is Saven Financial Safe?
The safety of Saven Financial is unquestionable as of the time of writing. The credit union uses advanced encryption to protect your personal data on its web portal and mobile app.
As noted earlier, deposits and interests on a Saven Financial account are covered by up to $250,000 by the provincial authority of Ontario.
With the backing of FirstOntario Credit Union, Saven Financial embodies all the key features of a safe credit union in Canada.
What Does Saven Financial Offer?
Saven Financial offers high-interest savings accounts and non-redeemable GICs. Let’s go through each of the products below.
1. Saven High-Interest Savings Account (HISA)
The Saven High-Interest Savings Account (HISA) is a self-explained taxable savings account that is worth the name. The account has a high regular interest of 3.50% that’s calculated daily and paid monthly.
Despite this high-interest rate, the Saven HISA doesn’t also require monthly fees, minimum balance, deposit fees and withdrawal fees. This makes the account one of the best high-interest savings accounts in Canada.
And your savings and interest earnings on the Saven HISA are covered up to $250,000 by the FSRA.
2. Saven Guaranteed Investment Certificate (GIC)
This is a non-redeemable taxable GIC account that’s available for 1-year to 5-year terms. The account requires a minimum balance of $1,000 and it allows you to save as much as you can.
However, your Saven GIC account is eligible for the FSRA guarantee on only a $250,000 deposit. So if you save more than that, you’re doing so at your own risk.
That being said, the Saven GIC account has the following interest rates as of the time of writing.
| Term | Rate |
| 1-year | 4.95% |
| 2-year | 5.05% |
| 3-year | 5.15% |
| 4-year | 5.10% |
| 5-year | 5.25% |
With a minimum of 4.95% and a maximum of 5.25% rate, Saven has some of the highest GIC rates in Canada.
Saven Financial Rates
From the above review of Saven Financial products, you can see that the credit union has competitive interest rates on savings and GIC accounts.
The 3.50% interest rate on Saven HISA is currently one of the highest in the whole of Canada. And only a few financial institutions in Canada come close to the following Saven GIC rates.
| Term | Rate |
| 1-year | 4.95% |
| 2-year | 5.05% |
| 3-year | 5.15% |
| 4-year | 5.10% |
| 5-year | 5.25% |
Verdict: If you’re strictly looking for high-interest savings and GIC accounts, you can’t go wrong with Saven Financial.
Saven Financial Fees
Online credit unions like Saven Financial are expected to have lower fees than traditional brick-and-mortar credit unions since they have low operational costs.
However, the fees of online credit unions vary significantly as some have lower fees than others.
With the following fee schedule, it’s safe to say that Saven Financial has a lower fee compared to some of its rivals:
| Service | Fee |
| Monthly fee | $0 |
| Deposit fee | $0 |
| Withdrawal fee | $0 |
| Electronic funds transfer (EFT) fee | $0 |
| Interac e-Transfer fee | $0 |
| Cheque deposit fee | $0 |
| Membership fee | $25 (one-time fee) |
| Non-sufficient funds (NFS) fee | $50/item |
| Non-sufficient funds (NFS) handling | $10 |
| Overdraft fee | 21% |
Pros and Cons of Saven Financial
Understanding the pros and cons of Saven Financial will help you easily determine if the credit union is perfect for you or not. Let’s go through the top of them below:
Pros
- Competitive interest: Whether you’re looking for the top 5 or top 10 high-interest providers on savings and GICs in Canada, Saven Financial is one of them.
- Lower fee: Saven Financial doesn’t charge monthly fees, Interac e-Transfer fees, EFT fees, deposit fees, withdrawal fees and other fees common to some credit unions in Canada.
- No minimum deposit on account opening: Unlike other credit unions, Saven doesn’t require a minimum deposit on opening an account with it. Although it requires a minimum deposit of $1,000 on its GIC accounts which is common with other financial institutions in Canada.
Cons
- Limited products and services: If you’re looking for a credit union with more than savings and GIC accounts, Saven is not an option.
- No registered accounts: Saven Financial doesn’t have registered accounts. This will limit your savings potential as you can only save through a taxable account.
- Limited access: Saven Financial is an Ontario provincial credit union. This means only the residents of Ontario can open an account with it.
- High membership fee: Unlike Saven which has a $25 membership fee, some credit unions require as low as a $5 membership while others don’t even require such a fee.
- Limited deposit protection: Compared to other branchless credit unions that offer 100% deposit and interest guarantee, Saven Financial has limited protection of $250,000.
How to Open a Saven Financial Account
Before you can open a Saven Financial account, you must meet the following eligibility:
- Be a resident of Ontario
- Have a valid mobile number and Social Insurance Number (SIN)
- Reach the age of 18 or older
- Be willing to pay a membership fee of $25 if you’re not an existing FirstOntario member
If you meet the eligibility, you can proceed to open a Saven account through the following steps:
- Visit the application page here
- Provide your email address and phone number
- Create a unique password
- Provide your personal details
- Follow the prompts to verify your account and complete your account opening
How Saven Financial Compares
There are many things to love about Saven Financial that can only be desired with other credit unions in Canada.
If you’re strictly looking for an online credit union for savings and GIC accounts, you can’t go wrong with Saven Financial even without comparing it with other credit unions out there.
But if you factor in some of the weaknesses of Saven Financial, you will appreciate the significance of comparing it with similar branchless credit unions in Canada.
In what follows, we’re going to look at how Saven Financial compares with AcceleRate Financial and Achieva Financial.
Saven Financial vs AcceleRate Financial
| Profile | Saven Financial | AcceleRate Financial |
| Founded in | 2021 | 2010 |
| Owner | FirstOntario Credit Union | Access Credit Union |
| Products | HISAs and GICs | HISAs and GICs |
| Registered accounts | None | Yes |
| Minimum deposit on account opening | None | $100 |
| Membership fee | $25 | $5 |
| HISA rate | 3.50% | 2.85% |
| 1-year GIC rate | 4.95% | 4.40% |
| Cheques | N/A | Available |
| Debit card | N/A | Available |
| Monthly fee | None | None |
| NSF fee | $50 | $50 |
| Interac e-Transfer fee | None | $1 to send and ee to receive |
| Available in | Ontario | All parts of Canada |
| Deposit protection limit | $250,000 by the Financial Services Regulatory Authority of Ontario (FSRA) | 100% by the Deposit Guarantee Corporation of Manitoba (DGCM) |
| Mobile app | Available | N/A |
AcceleRate Financial is more than 10 years older than Saven Financial. But despite their age differences, the two credit unions have some notable similarities.
Both Saven Financial and AcceleRate Financial offer only HISA and GIC accounts. However, their interest rates differ as Saven offers 3.50% on HISA compared to AcceleRate 2.80% rate.
In terms of GIC rates, Saven Financial is also better than AcceleRate Financial as the following table shows:
| Term | Saven Financial | AcceleRate Financial |
| 1-Year | 4.95% | 4.40% |
| 2-Year | 5.05% | 4.40% |
| 3-Year | 5.15% | 4.55% |
| 4-Year | 5.10% | 4.75% |
| 5-Year | 5.25% | 5.00% |
Unlike Saven which doesn’t require a minimum account opening deposit, AcceleRate requires a minimum of $100 deposit to that effect.
Also, you don’t have to pay Interac e-Transfer fees with Saven Financial which is not the case with AcceleRate Financial.
With Saven Financial, you can bank online or through the Saven Financial mobile app. But AcceleRate only has online access with no mobile app.
That being said, AcceleRate Financial offers debit cards and cheques, unlike Saven Financial. In addition, you can also open an AcceleRate Financial account regardless of the province/territory you reside in in Canada.
As per your deposits and interest, they are covered up to 100% at AcceleRate Financial. This will likely provide you with more comfort than Saven Financial’s $250,000 maximum protection.
Learn more: AcceleRate Financial Review
Saven Financial vs Achieva Financial
| Profile | Saven Financial | Achieva Financial |
| Founded in | 2021 | 2010 |
| Owner | FirstOntario Credit Union | Access Credit Union |
| Products | HISAs and GICs | HISAs and GICs |
| Registered accounts | None | Yes |
| Minimum deposit on account opening | None | None |
| Membership fee | $25 | None |
| HISA rate | 3.50% | 2.95% |
| 1-year GIC rate | 4.95% | 4.50% |
| Cheques | N/A | Available |
| Debit card | N/A | Available |
| Monthly fee | None | None |
| NSF fee | $50 | $45 |
| Interac e-Transfer fee | None | – |
| Available in | Ontario | All parts of Canada |
| Deposit protection limit | $250,00 by the Financial Services Regulatory Authority of Ontario (FSRA) | 100% by the Deposit Guarantee Corporation of Manitoba (DGCM) |
| Mobile app | Available | N/A |
Achieva Financial has been in existence for over two decades. It has established a significant record to compare it with some of the oldest credit unions in Canada.
Like Saven Financial, Achieva Financial is also a branchless credit union offering HISA and GIC accounts.
Both credit unions don’t require a minimum deposit on account opening. Saven doesn’t also charge e-Transfer fees as is the case with Achieva.
But in terms of interest rates, Saven Financial is by far ahead of Achieva Financial. While Saven offers 3.50% on HISA, Achieva offers a relatively low rate of 2.95%.
Also, Saven Financial outshines Achieva Financial in terms of GIC rates as the following table illustrated:
| Term | Saven Financial | Achieva Financial |
| 1-Year | 4.95% | 4.50% |
| 2-Year | 5.05% | 4.55% |
| 3-Year | 5.15% | 4.70% |
| 4-Year | 5.10% | 4.80% |
| 5-Year | 5.25% | 5.00% |
That being said, Achieva outshines Saven Financial on various grounds. Unlike Saven, Achieva has registered accounts (TFSA and RRSP), debit cards and cheques.
In addition, Achieva doesn’t have a membership fee compared to the $25 membership fee of Saven Financial.
Unlike Saven that’s only available to the residents of Ontario, Achieva is available to all the residents of Canada.
Finally, deposits and interests are covered up to 100% on Achieva compared to the $250,000 maximum limit at Saven Financial.
Learn more: Achieva Financial Review
Verdict on Saven Financial Review
My Saven Financial review is positive. Even though Saven has limited products and services, a high membership fee and other limitations, I rate it higher than other online credit unions in Canada such as AcceleRate and Achieva Financial.
This is based on the fact that Saven Financial provides competitive interest rates on savings and GICs than most financial institutions in Canada.
However, don’t finalize your selection based on this review alone. It’s essential to understand your banking needs and choose the financial institution that suits them.
To make an informed decision, it’s essential to also compare different credit unions with emphasis on their product types, account types, interest rates, fees, account limits and accessibility.
But when searching for the best online credit union in Canada, you will realize that most of them have limited products which limit your digital banking exposure.
To maximize the benefits of digital banking, you may want to consider the best online banks in Canada.
Which credit union/bank are you going with? Let me know your thoughts in the comment section.
FAQs on Saven Financial Review
Is Saven Financial a good bank?
Saven Financial is indeed a good bank for those that are strictly looking for an online credit union with high interest on savings and GIC accounts.
When was Saven Financial founded?
Saven Financial was founded by FirstOntario Credit Union in January 2021.
Is Saven Financial insured with CDIC?
No. Deposit and interest on Saven Financial are insured by the Financial Services Regulatory Authority of Ontario (FSRA) up to $250,000. Note that the FSRA insurance limit is higher than the CDIC limit of $100,000/insured account.
Is Saven Financial insured?
Deposit and interest on Saven Financial are insured up to $250,000 by the Financial Services Regulatory Authority of Ontario (FSRA).
