Credit Union
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.


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About company

Steinbach Credit Union, or SCU, is a Manitoba-based financial cooperative previously known as Canada’s largest single-branch credit union. Today, it serves over 100,000 members through its three branches in Steinbach and Winnipeg. Steinbach Credit Union’s total assets exceed $8 billion.


Steinbach Credit Union offers a range of products for both individuals and business members. Since its establishment in 1941, Steinbach Credit Union has never undergone mergers or acquisitions and has been growing organically.

Pros and cons

Here are the benefits of working with Steinbach Credit Union:

  • Safety of eligible deposits guaranteed by the Deposit Guarantee Corporation of Manitoba
  • Competitive interest rates on savings accounts and GICs
  • Favorable conditions for seniors and youth
  • A wide range of ding-free ATMs across Canada

Still, there are certain drawbacks to keep in mind:

  • Limited geographic availability of SCU’s products and services
  • Only three physical branches available


SCU offers the following products for personal members:

  • Savings accounts with attractive interest rates and either pay-as-you-go plans or no monthly fees;
  • Chequing accounts for your day-to-day banking operations varying in the number of monthly transactions included;
  • Youth accounts for members aged 14 and under designed to help them start saving;
  • Student accounts with 35 monthly transactions and no monthly fees;
  • Senior accounts for members aged 60 and over with unlimited transactions and no monthly fees;
  • Guaranteed Investment Certificates (GIC) providing safety of your initial investment and competitive return at a guaranteed rate or based on the market performance;
  • Registered plans like a TFSA, an RRSP, RESP, RRIF, and RDSP to grow your savings and investment income tax-free;
  • Open and closed mortgages with fixed and variable rates ranging from 4.85% to 5.95%;
  • Loans providing financing for a one-time borrowing need;
  • Lines of credit providing revolving access to a pre-set maximum credit;
  • Credit cards varying in the benefits they provide — no annual fees, low rates, cash back, and reward-earning opportunities;
  • Insurance products including life, health, loan and line of credit, mortgage, home, and travel insurance.

For business members, there are the following products at SCU:

  • Business savings accounts with no minimum balance requirements and interest-earning capabilities;
  • Business chequing accounts for daily banking operations with low fees and interest applied daily;
  • Charity accounts for non-profit organizations with low fees and interest applied daily;
  • Community accounts for clubs, community organizations, and places of worship with tiered interest applied;
  • Mortgages at competitive rates with flexible repayment terms for real estate projects of your business;
  • Business loans with flexible repayment terms and penalty-free early payoff;
  • Business lines of credit covering the daily operating costs of your business with interest applied only to the borrowed amount;
  • Credit cards with benefits like no annual fees, low rates, cash back, and reward-earning opportunities;
  • GICs providing a guaranteed return over a fixed period, available in both Canadian and U.S. dollars.


Individuals can reach out to SCU for online investing services available through Qtrade Guided Portfolios™ and Qtrade Direct Investing™. Qtrade Guided Portfolios™ provides automated recommendations on investments that match your financial goals and risk tolerance level. Qtrade Direct Investing™ allows you to trade investment securities on your own with low trading fees. Services for business members include:

  • Customer Automated Funds Transfer (CAFT) services in the form of preauthorized debits and deposit transactions with employees, customers, or suppliers;
  • Business Owner & Payment Protection insurance to use in addition to your personal life insurance policy to ensure coverage of your business obligations;
  • Merchant Payment Solutions designed to accept payments from your customers and manage your cash flow more efficiently;
  • Wire transfers to send funds the same day or the next business day.

In addition, both personal and business members can get the advantage of wealth management services. Wealth management experts will provide you with a customized strategy to achieve your financial goals.



Who owns Steinbach Credit Union?

Steinbach Credit Union is a financial cooperative owned by its members. Unlike banks or other financial institutions, it doesn’t have shareholders. Being the owners, members have a right to elect the Board of Directors.

Is Steinbach Credit Union legitimate?

SCU has been around for 81 years already and has earned the trust of 100,000 members across Manitoba. 

Steinbach Credit Union Limited is a registered legal entity with the following LEI: 549300VINJNSZEZC7W31.

How to become a Steinbach Credit Union member?

You can apply for a Steinbach Credit Union online. To proceed, click the “Join SCU” button, select the products you like, and fill out an online application form with your personal details.

Alternatively, you can apply for a membership in person at your local SCU branch.

Company documents

SCU Market Code of Conduct

We offer a robust suite of products and services for personal, business, and agricultural members, ranging from day-to-day banking, to wealth management, and lending solutions that meet their every need.

At SCU, we explore the possibilities and provide members with trusted advice and guidance to help them on their journey of saving and spending wisely. 

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