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Outlook financial review

Enjoy your choice of high-interest and zero-fee savings accounts with this industry-leading digital bank.

Outlook financial will give you a 1.1% return on its savings accounts, which is one of the highest interest rates in Canada.

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1.10%

Interest Rate

Please note: All information about Outlook Financial has been collected independently by Finder and this product is not available through this site.

Outlook financial is a top-tier digital bank in Canada that offers high interest rates and zero fees on a number of its financial products. You can sign up for a registered or cash savings account as well as a long list of guaranteed investment certificates (GICs). Learn more about Outlook financial‘s products and rates, and find out what you need to get started.

What is Outlook financial?

Outlook financial is a digital bank that was launched in 2000 as a division of the Assiniboine Credit Union, one of the most respected financial co-operatives in Canada. This means that Outlook financial isn’t its own company, but represents Assiniboine Credit Union on the deposits front.

Assiniboine Credit Union is a well-established financial institution based in Winnipeg. It’s been in business for 75 years and is protected by the Deposit Guarantee Corporation of Manitoba. This means you can rest assured that your money will remain safe and you’ll get a high standard of customer service. Just keep in mind that you can’t deal with any of your Outlook financial business through an Assiniboine Credit Union branch as they’re intended to be separate entities.

How does Outlook financial work?

Outlook financial offers similar services to a regular bank except that all of its business is carried out online. This means that you’ll have to do most of your dealings with the company over the Internet. That said, it also means that Outlook financial saves a decent amount of money on overhead costs, which translates directly into big savings for its customers.

Another positive attribute of Outlook financial that sets it apart from other digital banks is that it allows you to access your money using a debit card. You’ll get one free “debit” from your account each month in the form of an ATM withdrawal, Interac transfer, bill payment or pre-authorized debit. From there, you’ll have to pay $1 for every additional transaction on your account.

What financial products does Outlook financial offer?

Outlook financial offers a number of registered and non-registered accounts. Registered savings accounts include high-interest TFSAs, RRSPs and RRIFs. You can also open a non-registered cash account with interest rates as high as 1.45%. Outlook financial also offers a comprehensive suite of GICs.

Outlook financial savings accounts

Outlook financial will give you a 1.1% return on its savings accounts, which is one of the highest interest rates in Canada. You also won’t need to pay monthly fees and there are no minimum balance requirements to keep your account open. As an added bonus, you’ll get a debit card to make purchases and put money into your account.

You can choose to hold your Outlook financial savings accounts as a registered or non-registered account. If you choose a registered account (such as an RRSP, TFSA or RRIF), you won’t have to claim any interest you make on your taxes.

Guaranteed Investment Certificates (GICs)

GICs come with interest rates as high as 1.9%for a 5 years term, which is high by industry standards. You need a minimum deposit of $1,000 and you can choose a term from 1 to 5 years depending on your investment horizon.

Any money you put into your Outlook financial GIC will be 100% protected along with any interest you accrue. These types of financial products may be suitable for you if you want to earn a higher interest rate, and you don’t need access to your funds while they’re invested.

Length of term

GIC rates (as of May 20, 2020)

1 year

1.15%

2 years

1.45%

3 years

1.55%

4 years

1.7%

5 years

1.9%

*These rates are subject to change – you can find Outlook Financial’s current GIC rates here.

Is Outlook financial safe?

Outlook financial is very safe because any money you deposit will be held with the Assiniboine Credit Union. This is a very well-established financial institution in Canada that adheres to a number of strict privacy and security measures.

Aside from protecting your data and financial information, your physical deposits and the interest they accrue will be protected without limit by the Deposit Guarantee Corporation of Manitoba.

Pros and cons

Pros

  • Easy application. Open an account in a matter of minutes using Outlook financial‘s online application.
  • No monthly fees. Save money on monthly fees with all of Outlook financial‘s products.
  • Competitive interest rates. Get some of the highest interest rates in Canada with Outlook financial‘s savings accounts and GICs.
  • No minimum balances. There’s no need to keep a certain balance in your account to qualify for benefits.
  • Deposit insurance. Any deposit you make will be protected without limit by the Deposit Guarantee Corporation of Manitoba.
  • Easy withdrawals. You’ll get a debit card with your account that will let you instantly withdraw funds from your savings.

Cons

  • No mobile app. There’s no mobile app to help you manage your accounts on the go.
  • Minimum deposit requirement for GICs. You’ll have to make a minimum deposit of $1,000 if you want to put money into a GIC.
  • Fees for debits. You’ll have to pay a $1 fee every time you withdraw money from an ATM, send an Interac transfer or pay bills from your account.
  • Additional fees. There’s a list of additional fees you’ll have to pay for a number of Outlook financial‘s services.
  • No physical locations. You won’t be able to visit Outlook financial in person to deal with any issues you might have with your account.

How can I open an account?

Eligibility requirements

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

  • Be at least 18 years of age
  • Have a bank account at another Canadian financial institution
  • Have a valid social insurance number (SIN)
  • Have a valid email address
  • Agree to purchase a $5 member share in the Assiniboine Credit Union (Outlook financial‘s parent company) if you’re a new member

How can I apply?

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

  1. Navigate to the Outlook 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?

Outlook financial‘s customer service team is readily available throughout the day to help you with your account. You can get in touch with a customer service representative at 1-877-958-7333. The hours of operation are 8am to 8pm CST (Monday to Friday) and 9am to 4pm CST (Saturdays). You can also send an email to save@outlookfinancial.com.

Bottom line

Outlook financial is a top-notch digital bank that offers a number of high-interest savings accounts and GICs. You won’t pay any monthly account fees and you can manage your savings from the comfort of your own home. Learn how to become a member of Outlook financial, and apply online today to get started.

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