About company
Fusion Credit Union is a cooperative financial institution working for over 32,000 members in Manitoba communities. Headquarters in Hamiota, Manitoba, Canada.
Fusion was officially launched in 2018 as a unity of two big credit unions: Vanguard Credit Union and Catalyst Credit Union. They have established the Full Circle Fund to finance projects across the communities.
The credit union has more than $1.2 billion in assets under administration. Fusion offers personal, business, and agriculture banking financial products and services.
Features
Being an alternative to traditional banks in Manitoba, Fusion Credit Union offers financial and banking services in cooperation with partners such as Credential Qtrade Securities Inc., Northstar Insurance & Real Estate and, Visa, Mastercard.
As a credit union, Fusion is governed and owned by its members. Full Circle Fund was established to help communities through more significant donations. In addition, fusion has supported community groups and events in the Manitoba region.
The credit union provides consultation and wealth management services through the 18 Parkland and South Western Manitoba branches. In addition, members may use mobile and online banking 24/7.
Fusion offers several special products for children and students: a Youth Savings Account with competitive rates, unlimited transactions, no monthly fees to start managing money, and Student Financing to study, paying only the interest.
Pros and cons
You may review the Fusion Credit Union benefits and drawbacks listed below.
Pros
Tailored for Manitoba residents
Full-service financial institution
Members are owners
Wide range of options
Community Fund and support
Mastercard and Visa cards
No fee chequing accounts
Special products for youth
Competitive mortgage interest rates
Mobile app with a great rating
Online, mobile, and telephone banking
Access to the surcharge-free ATMs
Make payments with Apple Pay and Google Pay
Cons
Locations only in Manitoba
Low-rate savings accounts with various service fees
Fewer lending options and a lack of information about them
A limited number of products could be opened online
One should be a credit union member to be able to apply
CRA direct deposits are not available through online banking
Products
Interest Bearing account lets you earn interest up to 0,25% and get unlimited free transactions without monthly fees if you maintain a minimum monthly balance of $5,000.
Dream On account allows you to combine all your Fusion accounts: chequing, savings, and loan or mortgage, to reduce the amount you owe and pay a lower interest rate.
Plan 24 Savings account lets you earn a 0.25% daily interest rate without a minimum balance. Service fees may be charged.
Campus is a savings account for students with lower banking costs and five free Interac e-Transfers per month.
The Visa Infinite card provides privileges, Infinite benefits, comprehensive insurance, and great rewards earning rate.
The 3-Year Residential Mortgage with a promo fixed rate of 5.00% offers flexible repayment options and an online application.
Savvy Term Deposits are available with a low investment of $1,000, are fully insured, and have no management fees or commissions.
A Community Group account is made to lower the banking expenses for non-registered non-profit or community organizations providing unlimited free transactions.
Services
Savings accounts with different interest rates and fees, savings accounts for youth and seniors with no minimum balance, and unlimited free transactions. Competitive rates are at the Investment Savings account, depending on the minimum balance.
Chequing accounts with no monthly fees, interest bearing or unlimited transactions, seniors, and US Dollar options.
Credit cards with cash back, travel rewards, US Dollar, and Visa or Mastercard benefits, zero liability, fraud protection, included insurance. Credit cards are provided in partnership with Collabria.
Lending: personal loans, lines of credit, residential, commercial, and agriculture mortgages with flexible payments and penalty-free pre-payments.
Investing: mutual funds, wealth management provided by Credential Asset Management Inc., Qtrade Guided Portfolios, registered and non-registered accounts, term deposits available via online banking or a wealth advisor.
Business and agriculture services: chequing and savings accounts, credit cards, mortgages, loans, leasing, merchant programs, and small business online banking.
Online and mobile banking allows you to pay and get money, view balances and transaction history anytime, receive eStatements, deposit cheques, and open accounts quickly, securely, and conveniently.
