About company
Affinity Credit Union is a financial cooperative headquartered in the city of Saskatoon. Founded in 2005, Affinity Credit Union has grown into a financial institution with 56 branches in 47 communities across Saskatchewan and $6.9 billion in managed assets.
Features
Affinity doesn’t have shareholders, meaning that its members actually own the credit union and have a voice in how it operates. Becoming a member involves buying a $5 Member Share.
Being a financial cooperative, Affinity Credit Union reinvests members’ deposits back into local communities. In addition, Affinity regularly sponsors community events, organizations, scholarships, and awards.
Pros and cons
Here are the benefits of being an Affinity member:
A wide range of products and services for both individuals and businesses
Products and services tailored to the local needs of Saskatchewan residents
No monthly fees for savings accounts
Favorable conditions for students and youth
Competitive interest rates
Insurance coverage of members’ deposits by the Credit Union Deposit Guarantee Corporation
Online, mobile, and telephone banking capabilities available
A wide network of ding-free ATMs
Active community involvement
Still, there are certain drawbacks:
Limited geographic availability of Affinity’s products and services
Products
Affinity’s personal banking products are:
Chequing accounts for your everyday transactions with unlimited transfers between accounts, free deposits, and free eStatements
Savings accounts with no monthly fees, unlimited electronic transfers between accounts, and free deposits
Mortgages solutions to purchase a property, build a new home, renovate your home, or renew an existing mortgage
Loans for different borrowing needs including personal, RRSP, education, restart, and credit-builder loans
Lines of credit providing revolving access to financing up to an approved limit
Credit cards with different benefits like a zero annual fee, low interest rates, cash back, and reward-earning opportunities
GICs ensuring the security of your investment and providing a guaranteed return
Mutual funds providing access to professionally-managed portfolios of diverse investment securities
Registered plans like RRSPs, RRIFs, TFSAs, RESPs, and RDSPs to grow your savings and investment income on a tax-deferred basis
For businesses, there are the following products at Affinity:
Chequing accounts for your everyday business operations tailored to the monthly transaction needs of your business
Savings accounts with no monthly fees to earn interest on the extra cash your business has
Mortgage solutions to finance the real estate projects of your business
Term loans providing working capital to your business
Revolving credit providing your business with financing on demand
Leasing solutions to get the required equipment when you need it
Specialty financing solutions tailored to specific needs of your business like start-up or community impact loans
Small business loans of up to $50,000 for businesses with less than 50 employees
Services
Individuals can reach out to Affinity for the following services:
International funds transfer services to send money globally
Affinity financial strategies crafted by experts to achieve your financial goals
Wealth management services to help you find the best investment options for you
Services for businesses include:
Merchant Payment Services providing customers with convenient ways to pay you
Cash Management to help you improve the cash flow of your business
The Remote Cheque Deposit for Business service to conveniently deposit cheques by scanning them
Payroll and Workforce Management solutions to reduce time spent on administrative tasks
Assistance with getting financing under government programs.