# ANYONE DEALING WITH ACHEIVA FINANCIAL HISA?...please post your eperience...



## warp (Sep 4, 2010)

I am moving my HISA account from ALLY, after the takeover by RBC, and the lowering of their interest rate to 1.2%.

In looking around ,and researching and comparing some other financial institutions with better HISA rates I came across ACHEIVA FINANCIAL.

They pay 2%, and I was told, offer easy transfers in and out ONLINE.

I would appreciate anyone having an account with Acheiva to post what your experience with them and their site has been like and if you would give them good marks. As well please tell us if transfers are indeed as simple as they told me they were, and if the fees there are reasonable.

Thanks in advance for any and all replies.


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## warp (Sep 4, 2010)

HI
So far no replies.

Isn't anyone on this board dealing with Acheiva Financial, for their HISA account? 

With bonds being dangerous at this time, ( in my opinion), I use HISA accounts for a portion of my fixed income allocation.
Anyony else doing the same?....and if so, where do you hold these accounts and why?

I have also seen some posts about Outlook Financial.
Anyone dealing with them?

Thanks


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## pwm (Jan 19, 2012)

I too am an ALLY refugee. I sent my application with personal cheque to Achieva Financial on Wednesday and I'm awaiting their response. I'll give you my impressions when I have my account setup. I'm happy to support the Credit Union system. They are a viable alternative to the big banks. I was with Assiniboine Credit Union for many years.


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## Maltese (Apr 22, 2009)

I've been with Achieva since its inception many years ago. I have no complaints and recommend this on-line credit union. If you have any specific questions, please ask.


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## NorthernRaven (Aug 4, 2010)

I've got an account with Hubert (Sunova CU in Manitoba). They have a similar account linking interface to Ally - test deposits, you can link a savings account, no void cheque required. The Achieva Direct linking system requires the cheque, so probably no savings accounts can be linked. If you tend to move money often, check on the hold period for deposits; Achieva says 10 day holds, and nothing indicates this is waived for electronic Direct transfers. You get one free debit per month at Achieva (and most of the other Manitoba CUs) - any after that is $1 apiece, including electronic withdrawals to your linked account. If you want to use the ATM features, there are fees on that and other services, as expected.

One of the reasons I've been using Hubert, despite their somewhat sleazy approach to PR and the rate decrease to 1.85%, is that they don't have the debit fees. I've got some preauthorized debits (rent, utility, etc) set up, and these don't attract those $1 fees, and I can connect non-chequing accounts as with Ally. It means less volatile activity on my main TD chequing account, so less of a buffer needded to maintain the free-chequing minimum. With the lower rate at Hubert now the lost interest compared to another may be more than saved fees, and I've been meaning to see if the others have improved their online stuff.


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## Four Pillars (Apr 5, 2009)

I've finally got around to doing some research on high interest savings accounts for my TFSA and my mother-in-law's recent condo sale $$. My choice for best savings account .......will be announced in tomorrow's post!


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## HaroldCrump (Jun 10, 2009)

Four Pillars said:


> My choice for best savings account .......will be announced in tomorrow's post!


oh please please do tell


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## RBull (Jan 20, 2013)

^LOL


FP We're expecting a marching band and dancing girls too.


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## Four Pillars (Apr 5, 2009)

Haha. You guys are going to be awfully disappointed if you are expecting anything more than the usual boring post.


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## OptsyEagle (Nov 29, 2009)

Oh no. Even if you only come up with one offering say 15%, or even just 12%, fully guaranteed, CDIC insured. We will be fine with that. We're not greedy.


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## RBull (Jan 20, 2013)

I'm really not greedy. I would settle for 6% & CDIC insured and be very happy indeed.


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## Four Pillars (Apr 5, 2009)

OptsyEagle said:


> Oh no. Even if you only come up with one offering say 15%, or even just 12%, fully guaranteed, CDIC insured. We will be fine with that. We're not greedy.


Cumulative over 7 or 8 years? Sure, no problem.


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## Dave (Apr 5, 2009)

I am with Outlook Financial. I am looking into Achieva as well because I was disappointed with their recent rate cut from 2% to 1.95% for the savings account, but I am not sure if it is worth the hassle to move accounts. For transfers, you can link directly an ING direct chequing account to Outlook to do the transfers since ING has void cheques.

Dave


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## warp (Sep 4, 2010)

Thanks for all the replies/info

I would be using Acheiva, (or Outlook), strictly as a savings vehicle, not as a "banking account".

My understanding is that Aheiva would let you link their HISA to whatever bank you send your first deposit check from, just like Ally and Peoples, where I already have accounts.
Then you could easily move funds from Acheiva back to your linked account if you needed to...( one free per month, $1 each thereafter)

Dave---- the diff between 2% and 1.95%, would only matter on a large deposit, which I would be making. I did have some concerns about Acheiva being insured thru the Manitoba deposit corp,NOT the CIDC, but I did talk to that office on the phone and they did allieve my concerns.

My only concern at Acheiva at this point is that to open a joint account, ( which I had at ALLY with my Mother, to protect her, as well as my own account ), the account from the bank you want to link to must also be a joint account. Ally had no such rule.

It's sad, and funny too, that we have to do all this to get a "high" rate of 2%! On higher deposit amounts though, it does add up. I guess I can look at this aggravation, ( having to move from ALLY), as a bonus, since they only paid 1.8%

Any further thoughts/info from anyone is always appreciated.


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## NorthernRaven (Aug 4, 2010)

warp said:


> I did have some concerns about Acheiva being insured thru the Manitoba deposit corp,NOT the CIDC, but I did talk to that office on the phone and they did allieve my concerns.


I'm not sure I can envision them saying "well, yes, actually DGCM is a little iffy, and you may want to reconsider using a credit union"...  In any case, short of the next meteor doing a direct hit on Winnipeg, Manitoba and its credit unions are completely suitable place to park your cash.

By the way, Hubert (Sunova) has bumped their rate back to 2.0%. On past form, this is likely a ploy to take advantage of the current musical chairs and they'll yank it back by the summer, so I wouldn't rush to switch based just on the number. But for those already there it's a nice little bonus.


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## nortel'd (Mar 20, 2012)

I am new to this forum but.... 
I have had accounts with both Outlook and Achieva since early 2005 and use them exclusively to earn interest on deposits in my regular and RSP daily high interest saving accounts and my longer term regular and RSP GIC accounts. They are the only banks/on-line banks I use for GIC investments. Over the years they have always had among the best rates available for daily savings and GICs. 

I use Achieva more than Outlook. For me, the Achieva website is easier to understand and get around on. Achieva Financial introduced direct electronic money transfers over a year ago and I now electronically transfer cash between TD Canada Trust and Achieva and RBC and Achieva. This system of transferring cash between all my banks works very well for my needs. It was easy to set-up and I can easily move funds from one account to another.

As for safety???? At the end of the day…you have to put your deposits where you seem most comfortable.

Achieva and Outlook state they have a 100% deposit guarantee. As they are not guaranteed by CDIC, one should check their financial statements to see if they are at least in compliance with the liquidity reserve requirement. Are they maintaining in cash and investments in “Central” not less than 8% of their total savings and deposits? I make it a habit to read their annual financial statement as soon as they becomes available. I am waiting for the 2012 statements.

Achieva's parent company Cambrian Credit Union and Outlook’s parent company Assiniboine Credit Union Limited post their annual reports and quarterly financial positions for all members to have access. They appear to be very stable and well capitalized companies.


You can check out the 2011 annual reports at ...
http://www.outlookfinancial.com/uploads/file/governance/ACU_Financial_Report_2011.pdf
http://cambrian.mb.ca/Portals/0/FinancialStatments_2011AnnualReport.pdf

As stated in the 2011 Cambrian Credit Union financial report:
On page 30 of 51
_“ Capital disclosures
Regulations to the Act establish the following requirements with respect to capital and liquidity reserves:
Capital requirements
The Credit Union shall maintain a level of capital, which is comprised of shares to be issued, total members’ shares and retained earnings, that meets or exceeds the following requirements:
a) its capital shall not be less than 5% of the book value of its assets;
b) its retained earnings shall not be less than 3% of the book value of its assets; and
c) a tiered level of capital shall not be less than 8% of the risk-weighted value of its assets as defined in the Regulations to the Act.
The Credit Union is in compliance with the capital requirements at December 31, 2011, and 2010.”_

On page 31 of 51
_“ Liquidity reserve
The Credit Union shall maintain in cash and investments in Central not less than 8% of its total savings and deposits.
The Credit Union is in compliance with the liquidity reserve requirements at December 31, 2011 and 2010.

Capital is managed in accordance with policies established by the Board and in relation to the capital
requirements above. Management regards a strong capital base as an integral part of the Credit Union’s
strategy. All of the capital requirements are monitored throughout the year, and modifications of capital
management strategies are made as appropriate. The Credit Union makes periodic dividend payments on
eligible member shares, within the context of its overall capital management plan.”_


Good luck in making your decision.:encouragement:encouragement::encouragement:


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## Addy (Mar 12, 2010)

I'm surprised, and delighted, Hubert's back up to 2%. I bet it's due to RBC's recent purchase.


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## warp (Sep 4, 2010)

Thanks for all that info nortel'd....it is appreciated.


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## pwm (Jan 19, 2012)

Achieva savings is down to 1.8% today. A day after I opened my account!


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## warp (Sep 4, 2010)

Yea I called them today , to ask a few questions...then asked whether the 2% rate was stable, and after hemming and hawing a bit the agent admitted to me that the rate was dropped TODAY to 1.8% !

I bet this all has to do with ALLY being taken down.

Now I have to look elsewhere, if there is anuwhere else to go. I hate that governments are keeping interest rates artificially low, thereby encouraging risk, and hurting savers and seniors.
Then again the markets are doing well, partly because of the low rates, so there you go.


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## pwm (Jan 19, 2012)

They do pay you $1.00 per month to go without mailed paper statements. I got my $1.00 today. WOOHOO! Actually that's better than most. Normally they just use "save the trees" as an enticement.


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## nortel'd (Mar 20, 2012)

I see Outlook is still offering a daily savings rate of 1.95%; but that will most likely change. 
As disapointed as I am with Achieva lowering their rate, I going to stay put for now with my daily savings account at Achieva. The drop of 0.2% means $1 per month less for every $6,000 invested. On that basis I am going to call Monday a try to open as many $6000 accounts as needed. If I am allowed to do this and with the return of $1.00 per month for a paperless account, my deposits could be making 2%.:biggrin:


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## Four Pillars (Apr 5, 2009)

nortel'd said:


> I see Outlook is still offering a daily savings rate of 1.95%; but that will most likely change.
> As disapointed as I am with Achieva lowering their rate, I going to stay put for now with my daily savings account at Achieva. The drop of 0.2% means $1 per month less for every $6,000 invested. On that basis I am going to call Monday a try to open as many $6000 accounts as needed. If I am allowed to do this and with the return of $1.00 per month for a paperless account, my deposits could be making 2%.:biggrin:


+1


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