Complete SCU Rates Overview
Where Your Money Works Harder
SCU rates reflect the member-owned difference. Because Steinbach Credit Union returns earnings to members instead of external shareholders, deposit rates trend higher and loan rates trend lower than comparable products at traditional financial institutions. Every rate on this page is set with the member's financial outcome as the primary consideration.
Steinbach Credit Union publishes SCU rates across all product categories to help members make informed decisions about both saving and borrowing. The complete SCU rates sheet is organized into deposit rates — covering savings, checking, money market, and certificate accounts — and loan rates — covering mortgages, home equity lines, auto loans, personal loans, recreational vehicle financing, and business lending. Each SCU rate listing includes the nominal rate, the annual percentage yield for deposit products, and the annual percentage rate for loan products.
SCU rates are reviewed and adjusted in response to changes in the Bank of Canada overnight rate, bond market yields, interbank lending rates, and competitive conditions in the Manitoba financial services market. Deposit SCU rates on savings and certificates are tiered: higher balances automatically earn higher rates within qualifying account types. Loan SCU rates factor in credit profile, loan term, down payment or collateral position, and relationship pricing for members who maintain multiple account relationships with Steinbach Credit Union.
Deposit SCU Rates
Deposit SCU rates at Steinbach Credit Union reward members for building savings. The rate structure is straightforward — no promotional teaser rates that expire after an introductory period, no minimum balance requirements that are difficult to maintain, and no complex qualification formulas that make the advertised SCU rates inaccessible to typical members. What appears on the rate sheet is what members earn.
Savings account SCU rates operate on an automatic tier system. The base rate applies to all balances, and higher balance tiers earn progressively higher rates without any action required from the member. Certificates of deposit lock in fixed SCU rates for the selected term, protecting earnings from rate decreases during the certificate period. Members can ladder certificates across multiple terms to balance rate optimization with liquidity access. Money market SCU rates combine checking account flexibility with savings account yields for members who maintain higher average balances.
Savings and Checking SCU Rates
Standard passbook savings at Steinbach Credit Union carries a base SCU rate of 0.10% APY with no minimum balance requirement. High-yield savings SCU rates start at 2.85% APY for balances up to $10,000, increase to 3.45% APY for balances between $10,000 and $25,000, and reach 4.15% APY for balances above $25,000. Interest compounds daily and credits monthly. There are no monthly maintenance fees on savings accounts, and members can make up to six convenient withdrawals per statement cycle without affecting the stated SCU rate.
Interest-bearing checking SCU rates begin at 0.50% APY for balances up to $5,000 and increase to 1.25% APY for balances above $5,000. Standard checking accounts with direct deposit carry no monthly maintenance fee and no minimum balance requirement but do not earn interest. Premium checking SCU rates reach 1.75% APY on balances above $10,000 with unlimited transaction processing and additional member perks including free official checks and discounted safe deposit box rental.
Certificate and Money Market SCU Rates
Certificate SCU rates at Steinbach Credit Union reward members who commit funds for a fixed term. The 6-month certificate carries a 3.75% APY SCU rate. The 12-month certificate increases the SCU rate to 4.25% APY. The 24-month certificate offers 4.65% APY. The 36-month certificate provides 4.90% APY. The 60-month certificate delivers the highest certificate SCU rate at 5.25% APY. All certificate SCU rates are fixed for the full term with interest that can be paid monthly, quarterly, or at maturity. Early withdrawal penalties apply and are clearly disclosed at account opening.
Money market SCU rates start at 3.15% APY for balances between $2,500 and $10,000, increase to 3.85% APY for balances between $10,000 and $25,000, and reach 4.15% APY for balances above $25,000. Money market accounts include limited check-writing privileges and debit card access, combining the earning power of savings SCU rates with the transactional convenience of a checking account. The minimum opening deposit for a money market account is $2,500.
Loan SCU Rates
Loan SCU rates at Steinbach Credit Union reflect the cooperative advantage — lending earnings cycle back to members through better deposit rates and lower fees rather than enriching distant shareholders. SCU rates on mortgages, auto financing, personal loans, and business credit are set to be competitive while maintaining the financial strength that protects every member's deposits.
Mortgage SCU Rates
Fixed-rate mortgage SCU rates vary by term. The 6-month convertible fixed term carries a 6.25% APR SCU rate. The 1-year fixed term offers 5.99% APR. The 3-year fixed term provides 5.49% APR. The 5-year fixed term — the most popular selection among Steinbach Credit Union members — carries a 5.29% APR SCU rate. The 7-year fixed term is priced at 5.59% APR. The 10-year fixed term offers 5.89% APR. Variable-rate mortgage SCU rates start at prime minus 0.50%, adjusting as the prime rate fluctuates. Adjustable-rate mortgage SCU rates adjust the payment amount with rate changes while maintaining the original amortization schedule.
Home equity line of credit SCU rates are priced at prime plus 0.50% with interest-only payment options during the draw period. Members can access up to 80% of their home equity through a revolving credit line with a variable SCU rate that tracks the prime rate. Construction-to-permanent financing SCU rates follow the same term structure with an interest-only draw period during the construction phase converting to standard amortization upon completion.
Auto, Personal, and Business Loan SCU Rates
New auto loan SCU rates start at 5.49% APR for terms up to 60 months with a minimum 20% down payment. Used auto loan SCU rates begin at 6.25% APR for vehicles up to five model years old, and 7.49% APR for vehicles six to ten model years old. Recreational vehicle SCU rates for boats, snowmobiles, ATVs, and RVs start at 7.99% APR with terms up to 120 months depending on the vehicle type and loan amount. All auto SCU rates include no prepayment penalties, allowing members to pay off loans early without additional charges.
Personal loan SCU rates range from 8.99% APR to 17.99% APR depending on credit profile, loan amount, and term length. Unsecured personal loans carry higher SCU rates than secured loans backed by savings or certificate collateral. Personal line of credit SCU rates start at prime plus 3.00% with interest charged only on the outstanding balance. Student loan SCU rates for post-secondary education financing start at prime plus 1.50% with interest-only payments available while the borrower is enrolled full-time.
Business loan SCU rates vary by product type and credit assessment. Business lines of credit carry SCU rates starting at prime plus 2.00%. Equipment financing SCU rates begin at 6.49% APR with terms matched to the useful life of the equipment. Commercial real estate SCU rates follow the mortgage rate structure with an additional spread for commercial property. Small business administration loan SCU rates follow program guidelines with Steinbach Credit Union participation. Agricultural operating loan SCU rates start at prime plus 1.50% with seasonal payment structures aligned to harvest and production cycles.
Complete SCU Rates Sheet
Deposit SCU Rates
| Product | Tier / Term | Rate (APY) | Min. Balance |
|---|---|---|---|
| Passbook Savings | All balances | 0.10% | None |
| High-Yield Savings | Up to $10,000 | 2.85% | $100 |
| High-Yield Savings | $10,000 – $25,000 | 3.45% | $100 |
| High-Yield Savings | Above $25,000 | 4.15% | $100 |
| Interest Checking | Up to $5,000 | 0.50% | $500 |
| Interest Checking | Above $5,000 | 1.25% | $500 |
| Premium Checking | Above $10,000 | 1.75% | $10,000 |
| Money Market | $2,500 – $10,000 | 3.15% | $2,500 |
| Money Market | $10,000 – $25,000 | 3.85% | $2,500 |
| Money Market | Above $25,000 | 4.15% | $2,500 |
| 6-Month Certificate | 6 months | 3.75% | $1,000 |
| 12-Month Certificate | 12 months | 4.25% | $1,000 |
| 24-Month Certificate | 24 months | 4.65% | $1,000 |
| 36-Month Certificate | 36 months | 4.90% | $1,000 |
| 60-Month Certificate | 60 months | 5.25% | $1,000 |
| Youth Savings | All balances (under 18) | 1.50% | $25 |
| Senior Advantage Savings | Above $5,000 (age 62+) | 3.65% | $5,000 |
Loan SCU Rates
| Product | Term / Type | Rate (APR) | Notes |
|---|---|---|---|
| Fixed Mortgage | 6-month convertible | 6.25% | Converts to longer term at maturity |
| Fixed Mortgage | 1-year fixed | 5.99% | Rate lock up to 120 days |
| Fixed Mortgage | 3-year fixed | 5.49% | Rate lock up to 120 days |
| Fixed Mortgage | 5-year fixed | 5.29% | Most popular term |
| Fixed Mortgage | 7-year fixed | 5.59% | Rate lock up to 120 days |
| Fixed Mortgage | 10-year fixed | 5.89% | Maximum rate stability |
| Variable Mortgage | 5-year variable | Prime – 0.50% | Adjusts with prime rate |
| Home Equity LOC | Revolving | Prime + 0.50% | Interest-only payments available |
| New Auto Loan | Up to 60 months | 5.49% | 20% down, no prepayment penalty |
| Used Auto Loan | Up to 60 months, 1–5 yrs old | 6.25% | No prepayment penalty |
| Used Auto Loan | Up to 48 months, 6–10 yrs old | 7.49% | No prepayment penalty |
| Recreational Vehicle | Up to 120 months | 7.99% | Boats, RVs, snowmobiles, ATVs |
| Personal Loan (Secured) | Up to 60 months | 8.99% – 12.99% | Secured by savings or certificate |
| Personal Loan (Unsecured) | Up to 48 months | 12.99% – 17.99% | Credit profile dependent |
| Personal Line of Credit | Revolving | Prime + 3.00% | Interest on outstanding balance only |
| Student Loan | Up to 120 months | Prime + 1.50% | Interest-only while enrolled full-time |
| Business Line of Credit | Revolving | Prime + 2.00% | Business credit assessment required |
| Equipment Financing | Matched to equipment life | 6.49% | New and used business equipment |
| Commercial Real Estate | Fixed or variable | Mortgage rate + 0.50% | Owner-occupied or investment property |
| Agricultural Operating | Revolving, seasonal | Prime + 1.50% | Payment schedule aligned to production |
How SCU Rates Are Determined
SCU rates at Steinbach Credit Union are set through a disciplined process that balances member returns, institutional stability, and market competitiveness. The asset-liability committee reviews rate data from multiple sources — Bank of Canada policy rates, Government of Canada bond yields, interbank lending benchmarks, and competitive rate surveys across Manitoba financial institutions — to determine where SCU rates should be positioned within each product category.
Deposit SCU rates reflect the credit union's funding needs and the earnings generated by the loan portfolio. When loan demand is strong and earnings are healthy, deposit SCU rates tend to increase as more earnings flow back to members. When market rates decline broadly, deposit SCU rates adjust downward but typically maintain a premium over comparable bank products because the credit union model does not need to satisfy shareholder return requirements. Loan SCU rates follow a similar member-first philosophy — rates are set to cover funding costs, operating expenses, and a modest reserve contribution without the profit margin extraction that characterizes investor-owned financial institutions.
Members who want to understand how SCU rates apply to their specific financial situation can schedule a rate review with a Steinbach Credit Union financial advisor. The advisor examines the member's complete banking picture — deposit balances, loan obligations, credit profile, and financial goals — and identifies opportunities to optimize SCU rates across both earning and borrowing products. Relationship pricing may improve SCU rates for members with multiple account relationships. Members can also consult external rate comparison resources including guidance from NCUA on credit union rate structures and Consumer Financial Protection Bureau tools for comparing financial product costs.
“We refinanced our commercial equipment through Steinbach Credit Union after comparing SCU rates against three other lenders. Not only were the rates better, but the terms were transparent with no hidden costs buried in the fine print. Our business has saved thousands in interest charges over the life of the financing.”— Franz Krahn, IT Director, Southeast Tech Solutions, Steinbach
Frequently Asked Questions
-
What are the current SCU rates for savings accounts?
SCU rates on savings accounts at Steinbach Credit Union range from 0.10% APY on basic passbook savings to 4.15% APY on high-yield money market accounts for balances above $25,000. Rates are tiered, meaning higher balances earn higher rates automatically. SCU rates on certificates of deposit range from 3.75% APY on 6-month terms up to 5.25% APY on 5-year terms.
All savings SCU rates are posted on this page and updated as market conditions change. Interest on savings and money market accounts compounds daily and credits monthly. Certificate interest can be paid monthly, quarterly, or at maturity based on member preference. Youth savings SCU rates provide 1.50% APY for members under eighteen, and senior advantage savings SCU rates deliver 3.65% APY for members aged sixty-two and above with qualifying balances.
-
How do SCU rates compare to bank rates?
SCU rates at Steinbach Credit Union typically outperform comparable bank products because the credit union model returns earnings to members rather than external shareholders. Deposit SCU rates on savings and certificates generally run 0.25% to 1.00% higher than national bank averages for equivalent products. Loan SCU rates on mortgages, auto financing, and personal loans typically undercut traditional bank rates by a similar margin.
The difference between credit union and bank rates compounds significantly over time. On a $300,000 mortgage, a rate difference of 0.50% saves approximately $25,000 in interest over a 25-year amortization. On a $50,000 savings balance, a rate difference of 0.75% APY generates an additional $375 annually in interest earnings. The member-owned cooperative structure of Steinbach Credit Union directly benefits rate competitiveness across every product category.
-
How often are SCU rates updated?
Steinbach Credit Union reviews and updates SCU rates regularly, with rate adjustments reflecting changes in the Bank of Canada overnight rate, bond market yields, and competitive market conditions. Deposit SCU rates and loan SCU rates are posted online and updated promptly when adjustments occur. Promotional SCU rates on certificates and select loan products may be offered for limited periods.
Members can monitor SCU rates through this page, which is updated whenever a rate change takes effect. The rate effective date is noted alongside each product category. Mortgage SCU rates can be locked for up to 120 days on new purchase applications, providing rate certainty during the home search process. Rate locks protect members from increases while allowing them to benefit if SCU rates decline before closing.
-
Does Steinbach Credit Union offer relationship-based SCU rates?
Yes, Steinbach Credit Union provides relationship-based SCU rates for members who maintain multiple account relationships. Members with an active checking account, savings account, and loan product may qualify for rate improvements on select offerings. The relationship pricing program includes a rate bonus on certificate renewals, a rate reduction on personal and auto loans, and preferred SCU rates on money market accounts.
Relationship pricing applies automatically when member accounts meet the qualifying criteria. Members do not need to submit a separate application or request for relationship-based SCU rates. Account reviews conducted by Steinbach Credit Union financial advisors identify which relationship pricing benefits apply to each member's specific account configuration. Members can schedule a rate optimization review at any time to confirm they are receiving all available relationship-based SCU rates.
-
Where can I find the complete list of SCU rates?
The complete SCU rates sheet is published on this page, organized by product category for straightforward comparison. Deposit SCU rates include savings, checking, money market, and certificate products with corresponding APY figures. Loan SCU rates cover mortgages, home equity lines, auto loans, personal loans, recreational vehicle loans, and business lending with corresponding APR figures.
SCU rates are also displayed in-branch at Steinbach Credit Union locations and available through member support by phone at 1-877-555-4728 during business hours. Printed rate sheets are available at the branch for members who prefer a physical copy. The digital rate sheet on this page represents the most current SCU rates and is the recommended reference point for rate-sensitive financial decisions.
Ready to Put SCU Rates to Work?
Open an account or speak with a financial advisor about optimizing your rates at Steinbach Credit Union.
Explore Accounts