Types of Cambrian savings accounts
To hold your money securely and earn competitive interest, consider savings accounts from Cambrian Credit Union.
Premium Savings Account. With a Premium Savings Account, you can earn interest at a 2.90% interest rate on your entire balance. This account features the first ATM transaction free each month. With every direct deposit made to this account, you will get one free Cambrian ATM withdrawal in the same month. A Premium Savings account is eligible for TFSAs and RRSPs.
Cambrian savings accounts qualify for Unfee — the solution to save on a range of service fees. Once you have a recurring monthly direct deposit in your account set up, you can get a monthly refund for certain service fees.
How to apply for a Cambrian savings account?
You can apply for a Cambrian savings account online. Go to the Cambrian Credit Union website, select “Apply” from the top navigation menu, and click “Apply for membership”. Then, select the preferred way to apply:
- By downloading the Cambrian mobile app, taking a photo, scanning your ID, and making a mobile deposit — no need to go to a branch
- By filling out the online application form and presenting a valid photo ID at a Cambrian branch near you
If you are a Cambrian member already, you can add a savings account to your existing membership. To do so, visit a Cambrian branch near you or get in touch with Cambrian advisors.
Requirements
To open a savings account with Cambrian, you must be a Canadian resident of at least 18 years old (the age of majority in Manitoba).
When applying, be ready to provide a valid government-issued photo ID.
Pros and cons
Here are the definite pros of Cambrian savings accounts:
- No monthly fees
- No minimum deposit
- Competitive interest earned on every dollar
- An option to customize the name of your account
- First ATM transaction free each month
- Online application available
- Easy account management through online and mobile banking
- Safety of deposits guaranteed by the Deposit Guarantee Corporation of Manitoba
The cons of Cambrian savings accounts are:
- Only one savings account option offered
- The availability of savings accounts to Winnipeg and Selkirk residents only
How to fund a Cambrian savings account?
There are several ways to fund your Cambrian savings account. You can:
- Transfer funds from your other Cambrian account via online or mobile banking
- Set up direct deposits to your Cambrian savings account
- Deposit cash or cheques at an ATM
- Make a mobile deposit through the Cambrian mobile app
- Deposit cash or cheques in person at your local Cambrian branch
- Send funds by mail
- Use the night depository