Detailed information
About company
Sunova Credit Union is a financial cooperative founded in the 1940s in Manitoba under the name of Grassmere Tecumseh Credit Union. Since then, the credit union has undergone several name changes to become Sunova Credit Union finally.
In July 2022, Sunova Credit Union became a part of Access Credit Union.
Features
Sunova Credit Union is a full-service financial institution offering products and services for both individuals and businesses.
Sunova Credit Union redistributes funds deposited by members to loans and mortgages granted to other members and local businesses.
All credit union members have a democratic say in decision-making. In addition, members can participate in the Access Membership Rewards program enabling them to earn cash back rewards from the credit union’s earnings in the previous year.
Pros and cons
Let’s look through the benefits of Sunova Credit Union:
Competitive interest rates for savings accounts and term deposits
Safety of eligible deposits guaranteed by the Deposit Guarantee Corporation of Manitoba (DGCM)
Getting a share of credit union’s earnings through the Membership Rewards program
Participation in community development
The major drawback is that the products and services are available to Manitoba residents primarily.
Products
Personal banking products from Sunova Credit Union include:
Chequing accounts for everyday banking offered through Access Credit Union with different options to meet your monthly transaction needs
Savings accounts offered through Access Credit Union with interest rates ranging from 0.10% to 3.05%
Personal loans providing financing for various business needs at fixed or variable rates with flexible repayment terms
RRSP loans available for up to a ten-year term providing financing of up to $25,000 to optimize your RRSP contributions
Student lines of credit providing revolving access to financing of up to an approved amount to cover education-related expenses
Mortgages with fixed rates ranging from 4.89% to 5.64% depending on the term
Credit cards with a variety of benefits to choose from — zero annual fees, low rates, zero foreign transaction fees, cash back, and rewards
Fee-free reloadable Aura Loyalty Mastercard cards with no ATM withdrawal fees and a low foreign exchange rate
Term deposits ensuring the safety of your principal investments and a guaranteed return at rates ranging from 4.50% to 5.10% depending on the chosen option
Registered plans like RRSPs, RESPs, RRIFs, and TFSAs to hold cash deposits and investment securities and grow your money tax-free
Insurance products including home, health, disability, travel, auto, loan, and mortgage insurance coverages
For businesses, there are the following products at Sunova Credit Union:
Chequing accounts offered through Access Credit Union with zero fees, low fees, free deposits, and different numbers of monthly transactions included
Savings accounts offered through Access Credit Union with interest rates ranging from 0.10% to 3.05%
Agri-Invest accounts designed specifically for agricultural members
Business loans and lines of credit with fixed and variable rates, flexible repayment terms, and up to ten-year amortization
Equipment financing solutions customized to the specific situation of your business
Letters of credit providing a guarantee of meeting your financial obligations to a third party
Mortgages providing up to 75% financing for real estate projects of your business for terms ranging from six months to seven years
Business credit cards with benefits like zero annual fees, low rates, cash back, and rewards
Insurance products for different types of businesses including farm / agriculture, restaurants, trucking, and auto
Term deposit providing the security of your initial investment and a guaranteed return rate
Services
Along with products, Sunova Credit Union provides a range of services to its personal members:
Access to a safe deposit box to hold your valuable belongings
Estate planning services provided by an expert executor to ensure the distribution of assets, payment of all obligations, and filing of tax returns
Access to the Qtrade and VirtualWealth investment platforms for self-directed investing
The services for business members include:
Merchant services offered in partnership with Square to ensure easy collection of payments from your customers
Access to a safe deposit box to hold your valuable belongings
Access to the Qtrade platform to trade investment securities online with low fees.
