Question 1

What is Affinity Credit Union?

Accepted Answer

Affinity Credit Union is a member-owned financial co-operative headquartered in Saskatoon, Saskatchewan. It is the largest credit union in Saskatchewan and the tenth-largest in Canada, managing approximately $9.6 billion in assets as of 2023. The institution serves over 144,000 members across the province through a network of 50 branches in 41 communities.

As a co-operative financial institution, Affinity operates on the principle of being owned by and accountable to its members, rather than external shareholders. The credit union employs approximately 820 people and focuses on improving the financial well-being of Saskatchewan residents while supporting local communities.

Question 2

When was Affinity Credit Union founded?

Accepted Answer

Affinity Credit Union was originally established in 2005. However, the institution took its current form on July 1, 2013, through a transformative merger of three Saskatchewan credit unions: the original Affinity Credit Union (headquartered in Saskatoon with $2.9 billion in assets and 99,000 members), Spectra Credit Union (based in Estevan with $935 million in assets and 22,000 members), and Advantage Credit Union (located in Melfort with $571 million in assets and 20,000 members).

This merger created a unified organization managing $4.5 billion in assets and serving more than 140,000 members from 76 branches across 68 communities. The merger was designed to enhance service capabilities, provide additional resources for members, and strengthen the credit union's position in both rural and urban markets while maintaining a commitment to traditional co-operative values and grassroots community connections.

Question 3

Where is Affinity Credit Union headquartered?

Accepted Answer

Affinity Credit Union maintains its head office at 902 7th Ave N, Saskatoon, Saskatchewan, S7K 3P4, Canada. Saskatoon serves as the central hub for the credit union's operations, strategic planning, and executive leadership. The headquarters location reflects the institution's strong presence in Saskatchewan's largest city and its commitment to serving the province's urban centers.

Question 4

Where does Affinity Credit Union operate?

Accepted Answer

Affinity Credit Union operates exclusively within Saskatchewan, maintaining 50 branch locations (which they call "advice centres") across 41 communities throughout the province. The institution has a balanced presence in both urban and rural areas, with significant operations in major centers like Saskatoon, Regina, and Estevan, as well as numerous smaller communities across the province.

The credit union's extensive branch network ensures accessibility for members in diverse geographic areas, from agricultural regions to urban centers. This widespread presence allows Affinity to serve farmers, small business owners, and urban professionals throughout Saskatchewan.

Question 5

What services does Affinity Credit Union offer?

Accepted Answer

Affinity Credit Union provides a comprehensive range of financial services designed to meet diverse member needs:

Personal Banking Services: Chequing and savings accounts, registered accounts (RRSPs, TFSAs, RESPs), youth accounts, and accounts specifically designed for seniors and students.

Lending Products: Residential mortgages with competitive rates, personal loans, lines of credit, agricultural financing, vehicle loans, and the innovative Restart Loan program designed to help members break free from predatory payday lending.

Business and Agricultural Banking: Commercial accounts, business loans (including Canada Small Business Financing Program loans under $1 million), agricultural financing for farm operations, and specialized services for co-operatives and non-profit organizations.

Investment and Wealth Management: Investment advisory services, mutual funds, portfolio management, and retirement planning assistance.

Insurance Services: Through Affinity Insurance Services, the credit union owns and operates several independently managed insurance brokerages throughout Saskatchewan, providing comprehensive insurance solutions for members.

Digital Banking Platforms: The Affinity Mobile app offers comprehensive mobile banking capabilities, including account management, bill payments, mobile cheque deposit, INTERAC e-Transfer services, biometric fingerprint login, and the Lock'N'Block feature for card security. The credit union also provides robust online banking services accessible from any internet-connected device, with secure 24/7 account access.

Credit Cards: Affinity Rewards credit cards that allow members to earn rewards on purchases while benefiting from competitive interest rates.

Question 6

What makes Affinity Credit Union unique?

Accepted Answer

Affinity Credit Union distinguishes itself through several innovative initiatives and its commitment to social responsibility:

The Restart Loan Program: In 2019, Affinity launched Saskatchewan's first Restart Loan, a groundbreaking financial product designed to help members escape the cycle of predatory payday lending. This innovative loan offers significantly lower fees than traditional payday loans and assists individuals struggling with debt or credit challenges. The program earned Affinity the Co-operative Enterprise Award at the Saskatchewan Co-operative Merit Awards, recognizing its commitment to providing fair financial solutions to vulnerable members.

Community Investment Leadership: In 2024, Affinity donated over $2.1 million to local communities across Saskatchewan through various channels, including Member Councils, employee and elected official charitable choices, and corporate sponsorships. This substantial investment demonstrates the credit union's commitment to building stronger communities throughout the province.

Co-operative Values and Member Ownership: As a true co-operative, Affinity operates on democratic principles where each member has one vote regardless of their account balance. Members have a direct voice in how the institution operates, elect the board of directors, and share in the credit union's success through competitive rates and dividends rather than profits being distributed to external shareholders.

Global Recognition: Affinity is a member of the World Council of Credit Unions and the Global Alliance for Banking on Values, international organizations that recognize financial institutions committed to sustainable banking practices and positive social impact.

Progressive Service Model: The credit union has redesigned its branch concept, calling them "advice centres" rather than traditional branches, emphasizing personalized financial guidance. These locations feature extended hours, 24/7 ATM access, and open-concept community workspaces that reflect a modern approach to financial services.

Question 7

What type of financial institution is Affinity Credit Union?

Accepted Answer

Affinity Credit Union is a provincial credit union regulated under Saskatchewan's Credit Union Act and supervised by the Credit Union Deposit Guarantee Corporation (CUDGC). Unlike banks, which are federally chartered and regulated, credit unions in Canada operate under provincial legislation and regulation.

As a credit union, Affinity is fundamentally different from traditional banks in its structure and purpose. It is a not-for-profit financial co-operative owned entirely by its members. This means that anyone who opens an account becomes a member-owner with democratic voting rights in the organization. Profits are returned to members through better interest rates on savings, lower loan rates, reduced fees, and community investment rather than being distributed to external shareholders.

All deposits at Affinity Credit Union are fully guaranteed by the Credit Union Deposit Guarantee Corporation, which has successfully protected deposits held in Saskatchewan credit unions since 1953, making it Canada's first deposit guarantor. This guarantee provides comprehensive protection for member deposits without limit on the amount covered.

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