Affinity Credit Union Review

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Affinity Credit Union

Affinity Credit Union is a Canadian co-operative financial institution based in Saskatchewan.

Affinity Credit Union claims not to be your typical bank. They claim not to be a bank at all. And like most credit unions, members are the owners of the organization.

Affinity is the second-biggest credit union in Saskatchewan.

Over the years they’ve amassed more than $5.6 billion in assets, serving more than 100,000 members.

Furthermore, Affinity belongs to the Global Alliance for Banking on Values. They are also only one of the three credit unions in Canada to hold a membership.

Also, Affinity Credit Union is also a member of the Credit Union Deposit Guarantee Corporation of Saskatchewan (CUDGC).

The credit union operates 56 branches in 47 communities all over Saskatchewan and employs around 791 people, serving about 150,000 members.

In this review, we’ll look into Affinity’s method of operation along with its pros and cons.

We’ll also check out all the crucial factors to consider before using their services.

Affinity Credit Union

Banking With Affinity Credit Union

Affinity Union Personal Account

Simply put, banking with the Affinity Credit Union comes with a wealth of options.

Furthermore, the credit union also offers alternatives like direct deposits, online banking, and mobile banking. Members also have access to the network structure of over 1800 ATMs.

Affinity Union Chequing Accounts

First of all, Affinity offers many types of personal chequing accounts. With each one tailored just for customer’s desires regardless of their financial situations.

1. Youth Chequing  

Affinity’s Youth Chequing account is free to members 20 years of age and younger.

In addition, qualified members have access to unlimited transactions. They also get one free Interac e-Transfers every month, which makes the account more exciting.

2. Unlimited Chequing  

Affinity offers an unlimited Chequing account, which comes with a $12 monthly charge. Its offerings include unlimited transactions such as free Interac e-Transfer service.

Also, members can even get a rebate of up to 75% on monthly charges, with Affinity’s Member Loyalty Program.

3. Student Chequing  

Like the Youth account, the Student account offers zero monthly fees. It also allows post-secondary school students to enjoy unlimited transactions.

Members can even continue to use their students’ accounts for up to 24 months after graduating.

4. 65+ Chequing  

With 100 free cheques per year and no more monthly charges. The 65+ Chequing account is exclusively for senior members.

It comes with:

  • Unlimited transactions

  • Interac e-Transfers

  • Staff-assisted bill at zero cost

  • Pay-as-you-go Chequing 

Moreover, this Chequing offers no monthly charge. It allows members to pay for only the transactions that they make.

5. U.S Chequing  

Affinity’s U.S Chequing account allows members to pay only for transactions performed. It offers;

  • Electronic debit- $1 per transaction

  • Processed cheque -$1 per transaction

  • Staff-assisted payment- $1.25 per transaction

Furthermore, It enables members to hold funds and pay interest in dollars (US).

Finally, the US chequing account also helps to avoid the struggle of continually dealing with exchange rates.

6. Value Chequing  

Members can make up to 12 free transactions per month with Value Chequing for a $4 monthly fee.

Owning an Affinity Chequing  

The account comes with perks like;

  • Free and guaranteed deposits

  • Debit cards

  • Interests on your account

  • Online banking

  • Unlimited electronic transfers

Chequing Transaction Fees

  • $1 for Interac e-Transfer transactions including Value and Pay-as-you-go Chequing packages

  • $2 for withdrawals at Canadian ATMs outside credit union’s ding-free network

  • Withdrawals via ATMs outside Canada – $5

  • Staff-assisted bill payment – $1.25

Affinity Credit Union

Savings Accounts

Affinity Credit Union has two major types of savings account. Members can choose from even though they both attract a 1$ Interac e-Transfer transaction fee.

Simply put, there is no monthly fee.

The savings accounts provide unlimited electronic transfers between accounts and free deposits.

Everyday Savings: 

This savings account is for short-term savings. 

Moreover, members have the freedom to use and move their money whenever they want.

  • Two free transactions each month. With an additional cost of $1 per transaction and $1 additional staff-assisted debit.

  • Withdrawals at Canadian ATMs outside the credit union’s ding free network – $2

  • Withdrawals via ATMs outside Canada – $5

  • Staff-assisted bill payment – $1.25

Investor Savings: 

With a high-interest rate and few transactions. The Investor Savings account can help to grow your money.

  • One free transaction each month. Afterwards, a $5 fee charged on each additional transaction.

  • Staff-assisted bill payments – $5

Note that you can’t access the Investor Savings account for ATM withdrawals and direct payment purchases.

Borrowing With Affinity Union

Affinity Credit Union offers mortgages and loans to help members achieve various financial goals.

The financial goals may include getting a new home, starting a new business, or embarking on an educational opportunity.

Personal Borrowing: This covers all your private borrowing needs. Let’s look at a few of them and what they offer.

Mortgages

For first-time homebuyers looking to renew, renovate, or upgrade their home; you can get all the mortgage advice you need from Affinity’s mobile mortgage specialists.

Furthermore, they also provide several enticing options with mortgage products and homeownership programs.

Loans

Obtaining loans can be a great way to afford the things you want in life. However, do make sure you get a loan with favourable interest rates.

Grouping of every affinity loan option is necessary, to suit needs across all walks of life.

Moreover, there are Personal, RRSP, Education, Restart, and Credit Builder loan options.

Lines of Credit

Lines of credit are virtually revolving loans.

It manages extra day-to-day expenses in the same way you might use a credit card. It comes with a much lower interest rate.

There are two revolving loan types;

1. Line of credit

The acquired loan finds with your Chequing account. You need not worry about your balance dipping below the zero marks, which is when the Line of Credit starts working.

Deposit some funds simply to bring your balance back above zero to pay it off. It serves as a cushion for when you need it.

2. Quick Loan

A quick loan is like the line of credit, except it’s not connected to your Chequing account. You can move your money to your Chequing account or anywhere else you want.

Moreover, Interest charges vary monthly, depending on if they’re secured or not.

Affinity Credit Union

Affinity Union Credit Cards

It’s important to note that Affinity offers credit cards for both personal and business needs.

Personal Credit Card

Student Mastercard

  • Zero annual fee

  • 11.9% Interest rates

  • Purchase Protection & Extended Warranty

  • Zero Liability Fraud Protection

  • Insurance for mobile devices

  • Mastercard Benefits

World Mastercard

  • Annual fee of $150

  • 19.9% interest rates

  • Earn 2 MySelect Rewards point for every $1 spent on everyday purchases

  • Extended Warranty and Purchase protection

  • Zero Liability Fraud Protection

  • Emergency Health Care Coverage

  • Trip Cancellation & Interruption Insurance

  • Auto Rental Collision or Loss Insurance

  • Lost or delayed baggage coverage

  • Accident Protection

  • 24/7 Travel Assistance

  • Price Protection Service

  • Mastercard Benefits

Centra Gold Mastercard

  • Annual fee of $50

  • 9.9% interest rates

  • Earn 1 MySelect Rewards point for every $1 spent on everyday purchases

  • Extended Warranty and Purchase protection

  • Zero liability fraud protection

  • Auto rental collision or loss insurance

  • Accident protection

  • Mastercard benefits

Travel Rewards Gold Mastercard

  • Annual fee of $110

  • 19.9% interest rates

  • Earn 1 MySelect Rewards point for every $1 spent on everyday purchases. And 2 points on purchases in foreign currencies

  • Purchase protection & extended warranty

  • Zero liability fraud protection

  • Emergency health care coverage

  • Trip cancellation & interruption insurance

  • Auto rental collision or loss insurance

  • Lost or Delayed Baggage Coverage

  • Accident Protection

  • Protection for grandchildren travelling with you

  • 24/7 Travel Assistance

  • Mastercard Benefits

Flex Mastercard

  • Annual fee of $40

  • Prime rate + 6.90% to 15.90%; Variable

  • Earn 1 MySelect Rewards point for every $1 spent on everyday purchases

  • Extended Warranty and Purchase protection  

  • Zero liability fraud protection

  • Insurance for Mobile device

  • Mastercard benefits

Cash Back Mastercard

  • Zero annual fee

  • 19.9% interest rates

  • Earn 1 MySelect Rewards point for every $1 spent on everyday purchases. And 2 points on gas purchases

  • Extended Warranty and Purchase protection

  • Zero liability fraud protection

  • Insurance for Mobile device

  • Mastercard Benefits

Classic Mastercard

  • Annual fee of $30

  • 11.9% interest rates

  • Purchase protection & extended warranty

  • Zero liability fraud protection

  • Mobile device insurance

  • Mastercard benefits

US Dollar Mastercard

  • Annual fee of $65

  • 19.9% interest rates

  • Earn 1 MySelect Rewards point for every dollar spent on everyday purchases

  • Extended Warranty and Purchase protection  

  • Zero liability fraud protection

  • Emergency health care coverage

  • Trip cancellation and Interruption insurance

  • Auto rental collision or loss insurance

  • Lost or delayed baggage coverage

  • Accident protection

  • 24/7 travel assistance

  • Mastercard benefits

Business Credit Cards

Low Rate Business Mastercard

  • Annual fee of $25

  • 12.9% interest rates

  • Purchase protection and extended warranty

  • Zero liability fraud protection

  • Mastercard benefits

No Fee Cash Back Business Mastercard

  • Zero annual fee

  • 19.9% interest rates

  • Earn 1 MySelect Rewards point for every $2 spent on everyday purchases

  • Extended Warranty and purchase protection

  • Zero Liability Fraud Protection

  • Mastercard Benefits

Platinum Business Mastercard

  • Annual fee of $120

  • 19.9% interest rates

  • Earn 2 MySelect Rewards point for every $1 spent on everyday purchases

  • Purchase protection & extended warranty

  • Zero liability fraud protection

  • Trip cancellation and interruption insurance

  • Auto Rental Collision and Loss Insurance

  • Lost or delayed baggage coverage

  • Accident protection

  • 24/7 travel assistance

  • Mastercard benefits

Affinity Credit

Investing With Affinity Credit Union

IF you’re thinking of investing, it doesn’t matter if you are new to investing or an expert. There is a wealth of options to choose from when investing with Affinity Credit Union.

Guaranteed Investment Certificates (GICs) are available.

GCIs enables you to pick any of the terms that match your needs and get a guaranteed interest rate.

Affinity also offers mutual funds through Credential Asset Management Inc. and a host of registered investment accounts- RRSPs, TFSAs, RESPs, and RDSPs.

Some online tools are available to members looking to make the right financial decisions.

Online tools like Qtrade Investors and VirtualWealth are accessible to yield excellent outcomes.

Affinity Credit Union Business Plans

Business Chequing Accounts

  • Business Select Chequing: $65 per month. It provides unlimited transactions, including Interac e‑Transfer transactions.

  • Second, Business Enhanced Chequing: $35 per month and 50 transactions.

  • Third, Business Basic Chequing: $6 and 6 transactions per month.

  • Fourth, Business U.S Chequing: $6 per month and 6 transactions.

Business Savings Accounts

  • No monthly fee

  • One free transaction per month and a $5 fee for every additional transaction

  • $5 charge for withdrawals at ATMs and $1 for Interac e-Transfer transactions.

  • Unlimited electronic transfers between accounts

  • Deposits are free

  • Credit Union Deposit Guarantee Corporation guarantees your balance.

Merchant Payment Services

The benefits your business gets with Affinity Merchant Payment Services:

  • Customers can pay with any type of generally accepted debit cards.

  • Companies get to enjoy offerings like ent or purchase countertop, wireless, cordless, mobile, or phone-based point-of-sale terminals.

  • Cash-back options.

  • Real-time online reporting.

  • Recurring payment options.

  • Batch processing.

  • Online payments.

  • eCommerce solutions.

  • 24/7 technical support.

  • Minimal collection risk.

Cash Management Services

Add the following tools to enhance your cash management portfolio;

  • Online Banking

  • Customer Automated Funds Transfer(CAFT)

  • International Funds Transfer

Government Programs

You can qualify for the Canada Small Business Financing Program (CSBFP). It is a collaboration between the federal government and financial institutions like Affinity.

The program is for helping businesses, and startups get the financing they need. Under CSBFP, you can get up to $1 million.  

Moreover, Affinity members can only spend $350,000 on equipment purchases and leasehold improvements.

The CSBFP loan comes with a 2% registration fee and average lending fees. You can choose to finance the registration fee as part of the loan.

Requirements for qualification;

  • Corporations with total revenue under $10 million can apply. Sole proprietorships, partnerships, and co-operatives in Canada are also eligible.

  • Charitable organizations and farming businesses do not qualify for this program.

You can decide to finance the loan with the following;

  • Land or buildings utilized for commercial purposes.

  • Equipment, either new or used.

  • New or existing leasehold improvements

  • Renovations to leased property by a tenant.

Canada mug

Banking With Affinity Credit Union

You’ll need the following to open an account with Affinity;

  • A valid government-issued photo identification

  • Must be a resident of Saskatchewan and at least 18 years of age.

  • Must be willing to purchase $5 of member equity share.

The most convenient way of banking with Affinity is via their online website or mobile app. The app is available on Google Play Store for Android and iTunes for Apple devices.

You can perform your typical day to day banking like;

  • Paying bills

  • Making loan payments

  • Reviewing transaction history

  • Cheque deposits

  • Transfer of funds.

Members can visit the branch closest to them if they’d like to talk to any of their staff in person.

Reach Affinity Union through any of their call centres:

  • For calls – 1.866.863.6237. If you want to call from outside of Canada 0.306.934.4000

  • Emails – [email protected]

  • Chat with them online by selecting the chat button on their website. Log in to your online banking for secure messaging.

  • Mail – PO Box 1330, Saskatoon, SK S7K 3P4

Affinity Union Pros

  • First of all, the fees are low and interest rates on loans are high.

  • There are varieties of options from mortgages to loans and different lines of credit.

  • Easy to navigate the website and availability of the mobile app.

  • Good customer service

Affinity Union Cons

Simply put, members own Credit Unions, so they lack accountability to shareholders.

Other than providing more ATMs across Canada, there are no notable downsides to the Affinity Credit Union.

Frequently Asked Questions

Is Affinity safe?

Yes. Your deposits are 100% guaranteed. Affinity is very transparent with their dealings. They are also a member of the Credit Union Deposit Guarantee Corporation of Saskatchewan (CUDGC).

What are the options made available for travellers?

Affinity Credit Union no longer offers a traveller’s cheque. However, there are other options to make sure you have the money you need when travelling.

How much do I get charged for online banking?

There’s no set-up fee or extra charges. Personal Online Banking is an aspect of your monthly account service fee plan.

However, signing up for Business Online Banking can attract some additional charges.

Is the Affinity Mobile App Secure?

Yes. You can keep your mobile app secured by using your phone’s built-in Touch ID and Face ID.

Will my debit card work outside of Canada?

Some international ATMs will accept your card and some won’t. Suppose you’re paying at a debit machine. In that case, It is advisable to look for devices displaying the Cirrus symbol or the Maestro symbol.

Furthermore, you should note that International ATMs only recognize Chequing accounts.

Final Words

It’s easy to get caught up in the excitement of credit unions. Moreover, it is essential to note that all credit unions aren’t created equal.

Some credit unions have websites with a broad selection of online services and programs. Others have very little information and sometimes small websites that are difficult to navigate.

Affinity Credit Union offers just the necessary information you need to get started. The information is available on a very engaging website that’s easy to browse through to accomplish your financial needs.

Simply put, If you are a resident of Saskatchewan and are looking to make use of the service of a credit union, Affinity is a top choice.

However, suppose you are having trouble making a decision. In that case, you can reach out to Affinity through any of the contact options most comfortable for you.

Thanks for reading, please let me know your thoughts and comments below. 

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