Steinbach Credit Union (SCU) was founded in 1941 in Steinbach, Manitoba. It is a cooperative which used to be the largest single-branch credit union in Canada. Steinbach Credit union opened a branch in southwest Winnipeg in 2003 and another branch in east Winnipeg in 2010. Currently, SCU, with over $8 billion of assets under management and around 100,000 members, is one of the largest credit unions in Canada.
SCU offers a full suite of financial services. SCU’s products include banking services, that is, chequing accounts, savings accounts, and GICs. SCU also offers registered accounts (tax shelters), including TFSA, RRSP, RRIF, RESP and RDSP.
* Rates are for informational purposes only and reflect the lowest rates available. Rates may change at anytime and may be applicable only to certain borrowers. Terms and conditions apply.
SCU’s lending products include fixed-rate mortgages with terms from 1 year to 5 years, open and closed mortgages with variable-rate, and capped variable-rate mortgages, in addition to different lines of credit. In SCU’s capped variable rate mortgage, increases in your interest rate are capped at 1% during the five-year term of the mortgage. SCU also offers business accounts, US dollar accounts, US dollar GICs and trades USD vs. CAD.
Finally, SCU partners with Cumis and Credential Financial (which is part of the Aviso Wealth group of companies) to offer many insurance products to its members. These insurance products include personal insurance through Credential and loan insurance, mortgage insurance, home insurance and travel insurance through Cumis.
Steinbach Credit Union was founded on the model of the Saskatchewan Wheat Pool to fund the growth of Steinbach businesses. Credit unions are staffed by their members, and because they are not for profit, they can often provide better rates to their members, even though, at times, they might pay member bonuses.
The membership elects the board of directors based on the one-member, one-vote philosophy during the annual general meeting. Before using Steinbach credit union services, one should pay a $5 member share fee and become a member.
Steinbach is provincially regulated, so it can only offer a mortgage in Manitoba. Steinbach asks mortgage seekers to come to an in-person meeting and bring their identification, proof of income and list of assets and liabilities for pre-approval. Its in-person services are practically limited to those living in and around Steinbach, Manitoba and those living in and around Winnipeg, Manitoba. Fortunately, SCU also accepts electronic signatures.
SCU offers a variety of mortgages, including
|Branch Name||Branch Address||Branch Phone Number||Branch Transit Number|
|Steinbach||333 Main Street Steinbach, MB R5G 1B1||204.326.3495||70177-879|
|Linden Ridge||2100 McGillivray Blvd. Winnipeg, MB R3Y 1X2||204.222.2100||05677-879|
|Lagimodiere||1575 Lagimodiere Blvd. Winnipeg, MB R3W 0B9||204.661.1575||14377-879|