Achieva GIC review

We’ll help you find out whether an Achieva GIC is right for you and how you can invest in one.

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Guaranteed Investment Certificates (GICs) are one of the best ways to maximize your savings for a year or more with Achieva. This is because they offer some of the highest interest rates of any Achieva product. In this review, we will break down all of the key information regarding Achieva’s GICs, so you can decide if they are right for you.

Types of Achieva GICs

Achieva has a number of GICs available for its customers. Here is a breakdown of all of these GICs:

Achieva GIC

The Achieva GIC is the standard GIC offered by Achieva, which has some of the highest interest rates of all Canadian GICs.

Features:

  • 2.70% interest rate for a 5-year term
  • You can choose a term from one to five years
  • It is covered by a 100% deposit guarantee from the Deposit Guarantee Corporation of Manitoba
  • Can be easily renewed online if you would like to keep using it when the term is up

TFSA GIC

This GIC offered by Achieva Financial allows you to deposit money into and earn interest tax-free. This is a major advantage over other types of GICs.

Features:

  • Tax-free contributions of up to $6,000 per year
  • One- to five-year terms available
  • Required minimum balance of $1,000 per TFSA GIC
  • Covered by 100% deposit insurance from the Deposit Guarantee Corporation of Manitoba
  • High interest rates including 2.70% on a 5-year GIC

RRSP GIC

This Achieva GIC allows you to make contributions annually and have your interest compound in a tax-deferred manner. You only have to pay taxes when you withdraw the funds during retirement. This GIC is best for people who are looking for additional ways to plan for retirement.

Features:

  • High interest rates of up to 2.70% (for the 5-year term)
  • Terms of one to five years available
  • Required minimum balance of $1,000 per RRSP GIC
  • Covered by a 100% deposit guarantee from the Deposit Guarantee Corporation of Manitoba
  • Helps to keep taxes lower in the short term

RRIF GICs

This Achieva GIC is centered around retirement planning and tax deferment.

Features:

  • High interest rates of up to 2.70% (for the 5-year terms)
  • One- to five-year terms available
  • Minimum of $1,000 per RRIF GIC
  • Can transfer money to your RRIF from other institutions
  • Tax-deferred interest that only has to be paid during retirement withdrawals
  • 100% deposit guarantee from the Deposit Guarantee Corporation of Manitoba

How does Achieva Financial compare to other banks?

Achieva Financial was created in 1998 and is one of the first online-only banks. It was created as a division of Cambrian Credit Union, which is a credit union in Manitoba that has over $3.6 billion in assets. Achieva Financial offers some of the highest interest rates that are available in the entire nation of Canada for GICs. It also has one of the longest histories of operating as an online-only bank. So, it compares favourably to other banks in Canada.

Benefits of buying Achieva GICs

Achieva Financial GICs have some of the highest interest rates out of any GIC products in Canada. This means that you can grow your account value quicker through compound interest. So, this makes Achieva Financial GICs a good option for people who want to make the most money possible with their GIC. The fact that Achieva Financial offers 100% deposit guarantee and retirement GIC options is also beneficial to customers.

Are there any bricks-and-mortar locations?

Achieva Financial is purely an online bank and does not have any bricks-and-mortar locations. While some people might find this inconvenient, the fact that the bank has no locations means that its operating costs are lower, enabling it to offer better products with higher interest rates.

Mobile banking app

Achieva Financial does have a mobile banking app. So, if you would like to track your investments on the go, then you will be able to do so with the Achieva Financial mobile banking app. This app is available for download on the App Store and Google Play Store.

How do I purchase an Achieva GIC?

To purchase a GIC with Achieva Financial, go to the Achieva Financial website or app, choose the GIC that you would like to buy and follow the instructions that the company provides you with.

Eligibility requirements

You must be at least 18 years old, a permanent resident of Canada and have a Canadian Credit File in existence in order to obtain a GIC from Achieva Financial. You must also be willing to become a member of Cambrian Credit Union Limited.

Required documents

  • Current contact info
  • Social Insurance Number
  • Personalized cheque

Achieva Financial review

If you are looking for a good online bank to purchase a GIC that pays high interest rates, then this is a good option for you. However, the bank does not have any bricks-and-mortar locations. So, if it is important for you to be able to walk into a bank location and speak to a teller in person, then this is probably not the best option for you.

If you are trying to plan for retirement using GICs, then this is a good option because the bank offers multiple GICs that have tax and retirement planning advantages. Another advantage of Achieva Financial is that its website and app are extremely easy to use. Further, all of its rates and offers are completely transparent and easy to understand. These are strong pros for the bank.

Bottom line

Achieva Financial is a good bank for Canadians who are looking to make the most out of their savings and who are comfortable in a digital-only setting. The bank has four different GICs to choose from, so there is a good amount of variety. All of the bank’s GICs come with deposit protection and interest rates of up to 2.70%. These rates are considered to be high for the industry.

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