Types of ACU savings accounts
For everyone willing to earn interest on the deposited funds, ACU offers several types of savings accounts.
- Everyday Savings account allows you to earn 0.05% interest on your entire balance. With this account, you get two free electronic transactions and one free in-branch transaction per month, all for a zero monthly fee.
- High Rate Savings account provides tiered interest rates ranging from 2.50% to 2.70%, depending on the balance. Each electronic or in-branch transaction will cost you $1.
- Youth High Rate Savings. Designed for clients aged under 18, a youth high-rate savings account features tiered interest rates ranging from 2.50% to 2.70%, depending on the balance. This account also provides unlimited free electronic transfers between your ACU accounts and unlimited free in-branch transactions.
How to open an ACU savings account?
If you are an ACU member already, you can apply for a savings account right from the website upon signing in to your online banking account. Otherwise, you should become a member first — book an appointment online and specify the service you are interested in ("Personal banking" — "New account").
Requirements
To open a savings account with ACU, you must be a Canadian resident at the age of majority in your province or territory.
When applying for an ACU savings account, prepare two pieces of valid personal identification from among those listed in Part A (Primary ID) and Part B (Secondary ID).
Pros and cons
Here are the definite advantages of ACU savings accounts:
- Zero annual fees
- Free in-branch transactions and certain electronic transactions for youth
- Competitive interest rates for high-rate savings accounts
- Safety of deposits guaranteed by the Deposit Guarantee Corporation of Manitoba (DGCM)
The disadvantages are:
- Few or zero transactions included
- The lack of an option to apply online for new clients
How to fund an ACU savings account?
There are several ways to fund your ACU savings account:
- By transferring funds between your accounts through online, mobile, or telephone banking
- By depositing a cheque or cash at an ATM
- By making a mobile cheque deposit through the ACU mobile app
- By depositing funds in person at your local ACU branch