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Implicity Financial review

Earn a decent interest rate when you sign up for a number of financial products with this reputable online bank.

Implicity Financial offers high-interest savings accounts and guaranteed investment certificates (GICs) in both registered and non-registered accounts.

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Interest Rate

Implicity Financial offers high-interest savings accounts and guaranteed investment certificates (GICs) for no monthly fees. It’s easy to sign up for a registered or non-registered account with a couple of clicks of your mouse. Find out more about the rates and services that Implicity Financial offers, and learn how you can benefit from this service today.

What is Implicity Financial?

Implicity Financial is a digital banking provider that was created by Entegra Credit Union to meet the digital banking needs of its customers. Its products and services are offered exclusively online, so you won’t need to go into a branch to deal with any issues you might have with your account.

Entegra is a trusted institution that was founded in Manitoba over 50 years ago and serves more than 15,500 members across four locations. It’s also a long-standing member of the Deposit Guarantee Corporation of Manitoba. This means that any money you put into your account will be protected without limit in the unlikely case that Implicity Financial becomes insolvent.

How does Implicity Financial work?

Implicity Financial operates just like any other savings account, except it does all of its business online. This means that you can’t go into a branch to get help with your account, but you will get high interest rates and zero account fees. This is because you won’t be paying for a number of overhead and personnel costs that banks typically pass on to their customers.

You’ll also pay less for service fees with Implicity Financial than you will with other digital banks. For example, you’ll get certain debits like cheque withdrawals, pre-authorized debits and withdrawals from certain ATMs for free. This can add up to big savings in the long term if you intend to carry out transactions on your account.

What financial products does Implicity Financial offer?

Implicity Financial offers high-interest savings accounts and guaranteed investment certificates (GICs) in both registered and non-registered accounts. The features of the financial products on offer from Implicity Financial are outlined below:

Implicity Financial savings accounts

Implicity Financial offers several different types of savings accounts, depending on your savings goals. All of these accounts come with a 1.3% interest rate and no monthly account fees. You’ll also get free debits from your account, which is uncommon for an online bank.

If you want to earn tax-free interest on your account, you can sign up for a registered account like an RRSP, TFSA or RRIF. You can also sign up for a cash account if you don’t want to lock your money in over the long term.

Guaranteed investment certificates

You’ll earn decent interest rates on all of Implicity Financial’s GICs. That said, the highest rate you can qualify for is 1.65% on a 5-year term (which is about 0.20% lower than some of Implicity Financial’s competition).

You’ll need a minimum balance of $1,000 to open a GIC with terms ranging from 1 to 5 years. Another downside is that your money will be locked away for whatever term you choose, which means you won’t be able to access it in case of an emergency.

Length of term

GIC rates (as of May 20, 2020)

1 year1.3%
2 years1.45%
3 years1.5%
4 years1.55%
5 years1.65%
*These rates are subject to change – you can find Implicity Financial’s current GIC rates here.

Is Implicity Financial safe?

Implicity Financial is very safe because it’s backed by Entegra Credit Union, which is a reputable credit union in Manitoba. This means that any money you put into Implicity Financial will be protected by the type of rigorous security measures that you would expect from a big bank. Your money will also be protected without limit by the Deposit Guarantee Corporation of Manitoba in the unlikely event that Implicity Financial becomes insolvent.

Pros and cons


  • Easy application. You can apply for an account online in less than 10 minutes.
  • No monthly fees. You won’t have to pay a monthly fee to maintain your account.
  • Competitive interest rates. Interest rates start at 1.3% for savings accounts and go up from there for GICs.
  • Deposit insurance. Any deposit you make will be protected by the Deposit Guarantee Corporation of Manitoba.
  • Unlimited transfers. You can transfer money and pay bills online for no additional charge (whereas many other digital banks charge $1 for every debit).


  • High deposit requirement for GICs. You’ll have to invest a minimum of $1,000to open a GIC.
  • Slow withdrawals. You may need to wait for a few business days to withdraw cash using a bank-to-bank transfer (though e-transfers are instant).
  • No physical locations. You won’t be able to visit Implicity Financial in person to deal with any issues you might have with your account.
  • Additional fees. You’ll have to pay extra fees for services like ordering cheques or closing your account within six months of opening it.

How can I open an account?

Eligibility requirements

To open an account with Implicity Financial, you’ll need to meet a couple of requirements:

  • Be at least 18 years of age (or 19 in some provinces)
  • Be a Canadian resident
  • Have a valid Social Insurance Number
  • Have an account from another Canadian financial institution
  • Agree to invest in a $5 (refundable) share

How can I apply?

You can apply for a savings account with Implicity Financial using its easy online application. Just follow these steps to get started:

  1. Navigate to the Implicity Financial website to start your application.
  2. Complete the application, which includes providing your name, email address, Social Insurance Number and birth date.
  3. Verify your ID and deposit funds into your account.

How can I get in touch with customer service?

You can contact Implicity Financial at 1-855-594-0990 anytime between 9am and 5pm CST from Monday to Wednesday and between 9am and 5:30pm CST on Thursday and Friday. You can also send an email on its website at any time of day or night.

Bottom line

Implicity Financial is an online bank that offers decent interest rates and zero fees for its savings accounts and comprehensive suite of GICs. Learn what you need to become a member of Implicity Financial, and apply online today to get started.

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