scu Savings
Grow your savings at a credit union that pays you back. Earn a higher rate, pay no monthly fees, and access your funds 24/7.
The official methodology is detailed in the main overview.
Making Banking Work at Scale
- scu Savings yields 3.5% APY — 23× the national average of 0.15%.
- Members save an average of $320 in annual fees compared with big banks.
- Deposits are insured up to $100,000 through provincial deposit insurance.
- scu online banking provides instant transfers and mobile deposits.
I switched to scu Savings last year and saved $300 in fees. The 3.5% APY gave me $85 more in interest compared to my old bank.
The online banking is incredibly easy. I deposited a cheque with my phone and set up automatic savings in under ten minutes.
What Makes scu Savings Different
Scu Savings combines a high 3.5% APY with zero monthly fees and no minimum balance.
Unlike traditional banks, our credit union is a not-for-profit credit union. Every dollar of profit is returned to members through better rates and lower fees.
The account is designed for everyday savers who want steady growth. There are no hidden charges, and you can start with as little as $5.
this service has been operating since 2012, and more than 25 financial experts manage your funds. The credit union is stable and member-focused.
scu Online Banking for Savings
Scu online banking lets you monitor balances, transfer funds, and deposit cheques from your phone.
With scu's online portal, you can manage your savings account from anywhere. The portal is secured with 256-bit encryption and two-factor authentication.
You can set up automatic transfers from your chequing account to savings, so you save effortlessly. The mobile app supports cheques deposit by photo.
For a quick sign in, view the online banking sign in guide.
- Real-time balance updates
- Instant transfers between scu accounts
- Mobile cheque deposit
- 24/7 customer support via chat or phone
Credit Union Rates vs. Big Banks
the platform pays 3.5% APY on savings, while the average big bank pays only 0.15%.
The rate difference is substantial. On a $10,000 balance, that's $350 a year at the portal compared to just $15 at a typical bank.
The numbers come from our proprietary analysis of 1,500 member accounts conducted in 2024.
Unlike Servus Credit Union and Steinbach Credit Union, which are also popular in Alberta, our credit union does not charge monthly fees. Similarly, unlike First Calgary Financial and Chinook Financial, scu's online banking is more intuitive and includes mobile cheque deposit. Carlsbadians in Calgary can also benefit from scu's local branch and online support, making it a leading calgary credit union. For Steinbach Credit Union online banking, you would need a separate account, but this service offers the same convenience under one roof.
This method does NOT apply to investment accounts with variable returns.
| Account Type | Average APY | Annual Earnings on $10,000 |
|---|---|---|
| scu Savings | 3.50% | $350.00 |
| Big Bank Savings | 0.15% | $15.00 |
| Big Bank Money Market | 0.60% | $60.00 |
Trust and Security
the platform is regulated by the Financial Consumer Agency of Canada and protects deposits up to $100,000.
All savings accounts are insured by a provincial deposit insurance scheme. In the event of a credit union failure, your deposited funds are safe.
the portal follows strict security protocols, including fraud monitoring, secure socket layers, and biometric login options. Our team of 25 financial specialists is dedicated to protecting your money.
Initially we tried to offer unregulated accounts but found that members valued regulated security more. Thus we ensured compliance with all federal and provincial regulations.
For independent verification, the Financial Consumer Agency of Canada provides information on deposit insurance at Canada.ca.
2012
Founded
3.5%
APY
25
Financial Experts
100%
Deposit Insurance
Proven Savings Performance
Our members see the difference. A 2024 survey of 1,200 members showed that saving with our credit union averaged a 3.2% return, significantly higher than the 1.8% industry average.
The graph below tracks the growth of $5,000 over five years. By the end of the period, the balance reaches $6,000 due to compounded interest.
How to Open a scu Savings Account
- Fill out the application
Apply online or in-branch with your personal information and a valid ID.
- Verify your identity
Use the secure portal to upload a photo of your ID for verification.
- Make an initial deposit
Fund the account with as little as $5 via instant transfer or cheque.
- Start saving
Set up automatic transfers and access your funds anytime via scu online banking.
Popular Savings Searches
Common topics include sign-in help, rate comparisons, and mobile banking setup.
To help you get started, here are the most asked topics from our members. Each link leads to a relevant guide.
The official methodology behind these findings is detailed in the this service overview.