Steinbach Credit Union

What Steinbach Credit Union does

Steinbach Credit Union (SCU) is a member-owned cooperative financial institution headquartered in Steinbach, Manitoba, founded in 1941 and operating branches in Steinbach and Winnipeg. It is the largest credit union in Manitoba and ranks among the top 10 in Canada by assets, serving more than 115,000 personal, business, and agricultural members with a full-service banking platform that spans chequing and savings accounts, mortgages, personal and business loans, lines of credit, credit cards issued under a Collabria partnership, registered investment accounts (TFSA, FHSA, RRSP, RESP, RRIF, RDSP), and GICs. Distribution combines physical branches with a digital banking platform built on Celero's MemberDirect infrastructure, supported by a mobile app and online self-service account opening, with native Apple Pay, Samsung Pay, and Google Pay wallet integration.

The technology stack centers on a Celero-powered enterprise banking platform, 256-bit TLS encryption with two-factor authentication, and biometric palm-vein authentication deployed in-branch for identity verification. Non-deposit and non-lending product lines, including wealth management (Qtrade Guided Portfolios and full advisory) and insurance (life, critical illness, disability, travel, home), are delivered through partnerships with Aviso Wealth, CUMIS General Insurance, CUMIS Life Insurance, and Co-operators. A March 2026 strategic partnership with BanQsi is supporting a multi-year core banking and technology transformation focused on delivery-risk mitigation and integration stability. The credit union is also a member of Central 1's ding-free ATM network across Canada.

Revenue mechanics are typical of a Canadian retail credit union: net interest income from mortgage, personal, business, and agricultural lending; account and transaction fees across multiple chequing tiers (Standard pay-as-you-go, Value Pack at $9.95/mo, Classic Pack at $17/mo, Personal E-Pack at $5.50/mo); and distribution economics from affiliated investment, credit card, and insurance partners. Pricing on deposits is tiered (GIC rates 1-5 years ranging 3.45%-3.75% at the latest disclosure; variable RSP at 2.10%; Daily Growth Savings at 1.50%), and lending pricing on the e-Loan product starts at 10.45%. As a cooperative, profits are either reinvested or returned to members, evidenced by $15 million cash bonuses distributed to members in both 2025 and 2026. All deposits are 100% guaranteed without limit by the Deposit Guarantee Corporation of Manitoba.

Name

Steinbach Credit Union

Legal name

Steinbach Credit Union

Website

https://scu.mb.ca

Company type

Private

Founded year

1941

Operating status

Operating

Headcount range

251–500 employees

Short description

Steinbach Credit Union is Manitoba's largest credit union serving 115,000+ personal, business, and agricultural members with full-service banking, lending, registered investments, wealth management, and insurance through branches and digital channels.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (522130)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industries

Cooperative Banks (Member-Owned Commercial/Retail) (FSABAEAF), Agricultural & Rural Cooperatives (Farm Credit/Co-op Banks) (FSABAEAG)

Keywords

• Retail banking services
• Credit union lending
• Mortgage products
• Registered investment accounts
• Commercial agriculture banking

Headquarters

HQ city

Steinbach

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Interest Income from Lending: Primary revenue stream generated from interest charged on mortgage loans, personal loans, lines of credit, and business loans. As a credit union, profits are returned to members in the form of better interest rates on deposits and lower fees.
2. Account and Transaction Fees: Monthly maintenance fees for various chequing account packages (Standard, Value, Classic, E-Pack), transaction fees, and charges for additional services such as Interac e-Transfers beyond free allowances
3. Investment Product Distribution: Revenue from offering investment products including GICs, TFSAs, RRSPs, RRRIFs, FHSAs, and RESPs through partnerships with wealth management providers. Insurance products are also distributed through affiliated partners.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

Steinbach Credit Union is a member-owned cooperative providing personal, business and agricultural banking services across Manitoba through branches in Steinbach and Winnipeg and a comprehensive digital banking platform. Its core offerings include chequing and savings accounts, GICs, registered investment plans, mortgages, personal loans, lines of credit, Collabria credit cards, wealth management (via Aviso Wealth) and personal/business insurance products (via CUMIS/Co-operators).

Product overview

Steinbach Credit Union (SCU) operates as a full-service financial cooperative offering a comprehensive banking platform for personal, business, and agricultural members through multiple channels including branches, online banking, and mobile app. The product portfolio centers on core banking services (chequing and savings accounts), credit products (mortgages, personal loans, lines of credit, and Collabria credit cards), registered investment accounts (TFSA, FHSA, RSP, RESP, RRIF, RDSP), Guaranteed Investment Certificates (GICs), insurance products (life, critical illness, disability, travel, home), and wealth management services delivered in partnership with Aviso Wealth. Digital banking capabilities include online banking, a mobile app with Apple Pay/Samsung Pay/Google Pay integration, and MemberDirect Business Services for enterprise clients. Supporting services include financial calculators, fraud prevention resources, educational content, and community sponsorship programs.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Chequing Accounts Day-to-day chequing account options for individuals in Manitoba, offering monthly subscription or pay-as-you-go pricing models with differing free-debit and Interac e-Transfer allowances.
• Personal Savings Accounts Interest-bearing savings products for individuals, including daily-balance, monthly-balance and high-interest variable accounts with no minimum balance on most tiers.
• Guaranteed Investment Certificate (GIC) Fixed-term guaranteed investment products with rates ranging 3.45% (1-year) to 3.75% (5-year); minimum $500 deposit; interest compounded or paid annually; available as registered or non-registered.
• Tax-Free Savings Account (TFSA) Registered tax-free savings vehicle allowing individuals to earn tax-free investment income, available in variable or fixed-term GIC form.
• First Home Savings Account (FHSA) Registered savings account helping first-time home buyers contribute up to $40,000 toward a qualifying first home purchase, available as variable or fixed-term GIC.
• Retirement Savings Plan (RRSP / RSP) Tax-sheltered registered retirement savings plans, available as variable-rate or fixed-term GIC, designed to reduce taxable income at contribution with tax-deferred growth.
• Registered Education Savings Plan (RESP) Registered education savings plan helping families save for a child's post-secondary education, enhanced by Canada Education Savings Grant and Canada Learning Bond.
• Registered Retirement Income Fund (RRIF) Registered retirement income fund that converts RRSP savings into periodic retirement income while keeping remaining funds tax-sheltered.
• Registered Disability Savings Plan (RDSP) Government-registered long-term savings plan for individuals under 60 with disabilities, leveraging Canada Disability Savings Grant and Bond matching.
• Personal Mortgages Fixed and variable rate mortgage products for purchasing, refinancing, building or renovating a home, plus rental, vacation and new-to-Canada variants.
• e-Loan Personal Loan Online-originated unsecured personal loan for existing Manitoba SCU members, up to $15,000, with flexible 1-6 year repayment and no prepayment penalty.
• Personal Loans Unsecured personal loans for individuals for purposes including debt consolidation, purchases and other expenses.
• Personal Lines of Credit Revolving credit lines for individuals, available as secured or unsecured, allowing repeated borrowing and repayment up to an approved limit.
• Collabria Personal Credit Cards Personal Mastercard and Visa credit cards issued to SCU members under license from Collabria Financial Services Inc., with rewards and cardholder services.
• Collabria Business Credit Cards Business Mastercard and Visa credit cards issued to SCU business members under license from Collabria Financial Services Inc.
• Personal Insurance Personal insurance products covering life, critical illness, disability, travel and home risks, underwritten by CUMIS and Co-operators and distributed via Aviso Insurance Inc.
• Loan and Line of Credit Insurance Optional creditor group insurance that pays off loan or line of credit balances in the event of death or critical illness, or covers payments upon disability.
• Mortgage Insurance Optional creditor insurance protecting the outstanding balance of an SCU mortgage in the event of death or critical illness.
• Business and Agriculture Banking Banking services for businesses and agricultural operators in Manitoba, including business savings and chequing accounts, charity/community/trust accounts, commercial mortgages, business loans, lines of credit, and treasury/payment services.
• Enterprise Banking (MemberDirect Business Services) Online enterprise banking platform for larger SCU business members, providing transactional services, transfers and bill payment through a 128-bit SSL secured portal.
• Wealth Management Services Comprehensive wealth advisory offering including online investing, guided investing and full wealth management, delivered in partnership with Aviso Wealth and Qtrade Guided Portfolios.
• Mobile Wallet Mobile payment service that lets SCU members use their debit card with Apple Pay, Samsung Pay and Google Pay for contactless payments in stores, in apps and online.
• Digital Banking (Online and Mobile) Comprehensive online banking portal and mobile app enabling members to manage accounts, pay bills, transfer funds, send Interac e-Transfers, deposit cheques remotely and access self-service features 24/7.
• Customer Automated Funds Transfer (CAFT) Automated funds transfer service enabling business members to move customer payments between financial institutions on a recurring basis.
• Merchant Payment Solutions Business payment processing services that enable merchants to accept and process cheque and other payments, including cheque scanner hardware.
• CU BY PHONE Automated Telephone Banking 24-hour automated telephone banking service allowing members to pay bills, transfer funds and conduct account inquiries via an interactive voice response system.

Quantifiable outcome

• $15 million cash bonus returned to members in 2025, second consecutive year of member bonuses
• +1 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature3 records

Partnerships

Nine partnerships are on record, tiered core.

• BanQsicoreTechnology or Integration · 31 March 2026BanQsi, a fintech and technology services firm, has been selected as a strategic partner to support SCU's core banking and technology transformation projects. The collaboration focuses on strengthening execution, managing delivery risk, and ensuring stability across critical systems, integrations, and member-facing services. BanQsi operates globally with offices in Canada, the United States, and the United Arab Emirates, specializing in core banking modernization and complex technology initiatives for credit unions and community banks.
• Aviso WealthcoreStrategic or Co-development PartnerAviso Wealth provides wealth management services and investment products to SCU members, including Qtrade Guided Portfolios, mutual funds, and market insights. Mutual funds and securities are offered through Aviso Wealth, a division of Aviso Financial Inc.
• Collabria Financial Services Inc.coreStrategic or Co-development PartnerCollabria Financial Services Inc. provides credit card products and services to SCU members, including personal and business credit cards through Mastercard and Visa partnerships. SCU acts as an affiliate for Collabria credit cards.
• CUMIS General Insurance CompanycoreStrategic or Co-development PartnerCUMIS General Insurance Company underwrites home and auto insurance offered to SCU members, administered by Co-operators General Insurance Company. CUMIS also provides travel insurance underwritten coverage administered by Allianz Global Assistance.
• CUMIS Life Insurance CompanycoreStrategic or Co-development PartnerCUMIS Life Insurance Company underwrites loan insurance, line of credit insurance, and mortgage insurance products offered to SCU members for protection against death, critical illness, or disability.
• Co-operators Life Insurance CompanycoreStrategic or Co-development PartnerCo-operators Life Insurance Company underwrites creditor group insurance coverage for SCU members and provides supporting services through CUMIS Services Incorporated for enrollment, medical underwriting, and claims administration.
• CelerocoreTechnology or IntegrationCelero provides digital banking technology infrastructure and enterprise banking platform (MemberDirect Business Services) powering SCU's online and mobile banking services. The company name appears in enterprise banking login URLs.
• Deposit Guarantee Corporation of Manitoba (DGCM)coreOthersThe Deposit Guarantee Corporation of Manitoba provides a 100% guarantee on all deposits held at Manitoba credit unions, including SCU. This guarantee protects member deposits without limit in case the financial institution fails.
• Central 1 Credit UnioncoreTechnology or IntegrationCentral 1 Credit Union provides the ding free ATM network (registered trademark) enabling surcharge-free withdrawals at credit union ATMs across Canada. Also provides CU BY PHONE registered trademark licensing.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Assiniboine Credit Union: Manitoba-based member-owned credit union providing personal, business, and agricultural banking across the province. Directly overlaps with SCU's product set and geographic market.
• Vancity: British Columbia's largest credit union and a values-driven cooperative offering retail, business, and wealth services. Closely comparable cooperative model and full-service breadth to SCU at a larger scale.
• Conexus Credit Union: Saskatchewan-based credit union with personal, business, and agricultural banking — very similar member segments to SCU, including a strong agriculture book on the prairies.
• Meridian Credit Union: Ontario's largest credit union by membership, offering full-service personal and business banking plus wealth and insurance. Closely analogous cooperative full-service model to SCU.
• First West Credit Union: BC-based credit union serving members across western Canada with retail, business, and wealth services. Comparable scale and broad product mix to SCU.
• Affinity Credit Union: Saskatchewan credit union with strong member-ownership culture and full personal/business banking lineup; overlaps SCU's prairie-cooperative profile.
• Your Neighbourhood Credit Union (YNCU): Ontario-based credit union providing personal and commercial banking. Comparable full-service cooperative model; notably, SCU's current CRO/CRO-track executive previously held roles at this institution.

Broad incumbents

• Desjardins Group: Canada's largest cooperative financial group, headquartered in Quebec, with retail, business, and wealth operations nationally. Largest cooperative peer; broader and more diversified than SCU but the dominant benchmark for Canadian credit union scale.
• RBC Royal Bank: One of Canada's largest schedule I banks with deep Manitoba branch presence. Indirect competitor across virtually every SCU product line; reflects the incumbent alternative SCU is differentiated against.

Emerging players

• Tangerine: Direct-bank subsidiary of Scotiabank offering digital-first chequing, savings, and lending across Canada. Represents the digital-native threat SCU's modernization efforts are trying to preempt.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UC9QxcooJC4d1sHEamGKfZ4A
• Facebookfacebook.com/SteinbachCreditUnion
• LinkedInlinkedin.com/company/steinbach-credit-union

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Steinbach Credit Union