Luminus Financial Review

Luminus Financial is a credit union that was founded in 1951 “to provide everyday banking for individuals, families and businesses in Ontario with an expertise on under-banked markets”

Below is a brief Luminus Financial review covering everything you need to know before signing up.

Luminus Financial

Is Luminus Financial Safe and Legit?

Absolutely. The credit union is safe and legit because deposits with it are covered by the Financial Service Regulator Authority of Ontario (FSRA).

This means that your deposit on Luminus Financial’s registered savings account will be covered unlimitedly and your deposit on a non-registered account will be covered up to $250,000 per account by the FSRA.

Luminus Financial Products

The credit union offers the following products to the residents of Ontario:

  • Savings accounts: Registered and non-registered savings accounts available in TFSA, RRSP, RRIF, LIRA, LIF, and RESP.
  • Chequing account: Free and USD chequing accounts.
  • GICs: With a minimum deposit of $500. Available in TFSA, RSP, and RIF.
  • Loans and lines of credit: Personal loans and lines of credit including RRSP and investment loans, HELOC etc.
  • Mortgages: 1-7 year fixed mortgage terms and a variable closed term mortgage.

Luminus Financial Rates

The following are Luminus Financial rates effective November 1, 2023.

Luminus Financial Savings & Chequing Rates

Below are the interest rates on the Luminus Financial savings and chequing accounts.

  • Regular savings: 0.05%
  • Investment savings: 1.75%
  • TFSA savings: 1.75%
  • Free chequing: 0.05%
  • US chequing: 0.05% to 0.15% 

Luminus Financial GIC Rates

Below are the redeemable and fixed GIC rates at Luminus Financial.

TermRate
30 to 59 days redeemable1.95%
60 to 89 days redeemable2.05%
90 to 179 days redeemable2.70%
180 to 269 days redeemable2.90%
270 to 364 days redeemable3.35%
18 months redeemable5.00%
6 months fixed5.40%
1 year fixed4.75% (🎁5.25%*)
18 months fixed4.85% (🎁5.15%*)
2 years fixed5.10%
3 years fixed4.75%
4 years fixed4.70%
5 years fixed4.65%

*Limited special offer

Luminus Financial Loan & Credit Rates

The following are the personal loans and lines of credit rates at Luminus Financial.

CategoryRate starts from
Personal loan fixed9.75%
Personal loan variable8.75%
Personal Line of credit8.75%
RRSP and investment loan8.75%
Unauthorized Overdraft40.00%
Overdraft protection21.00%

Luminus Financial Mortgage Rates

Below are the interest rates on Luminus personal loans and lines of credit.

TermRate starts from
1 year open fixed7.95%
1 year closed fixed7.55%
2 years closed fixed7.20%
3 years closed fixed7.05%
4 years closed fixed6.89%
5 years closed fixed6.49%
7 years closed fixed6.99%
Variable closed7.95%

Luminus Financial Fees

Luminus doesn’t charge a fee for deposits through the branch, ATM, electronics transfer, mail,. direct deposit or payroll deduction on its investment savings account.

It doesn’t also charge fees on:

  • E-statement request
  • Incoming Interac e-Transfer 
  • Extended Warranty and Buyer Protection

However, the credit union charges $10/month after 1-year of inactivity. Other fees it charges on its Plan 24 Savings Account include:

ServiceFeeIncrease starting December 4, 2023
In-branch transfer$0.85$1.00
In-branch deposits$0.85$1.00
In-branch withdrawals$0.85$1.00
Interac direct payment$0.85$1.00
Pre-authorized (electronic) deposits$0.85$1.00
Pre-authorized (electronic) withdrawals$0.85$1.00

Learn more about other Luminus fees here.

Pros and Cons of Luminus Financial

From the above Luminus Financial review, we can identify the following pros and cons: 

Pros

  • Flexible GICs: You can choose from 13 different GIC terms, providing you with more flexibility.
  • Multiple products: Compared to other credit unions out there, Luminus Financial has a broad range of products to choose from, making it an all-in-one credit union.
  • Competitive special offers: The current Luminus special offers on 1-year and 18-month term deposits are among the highest out there.

Cons

  • Low rates: Luminus Financial doesn’t have some of the best rates out there including on savings, GICs, loans and mortgages.
  • Limited availability: The credit union is only available to the residents of Ontario.
  • Poor online mobile accessibility: The Luminus website has poor mobile accessibility that may impact your online banking experience.

How to Open a Luminus Financial Account

To open a Luminus Financial account, you must first become a member since they’re a credit union. 

The eligibility to join Luminus Financial are highlighted below:

  • Reside in Ontario 
  • Be 19 years of age or older
  • Have no bankruptcy history in the last 7 years
  • Be willing to pay a $9.99 annual membership fee

If you meet the above eligibility, you should visit the sign-up page to initiate the registration process.

How to Contact Luminus Financial

If you have more questions or concerns about Luminus Financial, you can contact them by calling  1.877.782.7639 or emailing inquiries@luminusfinancial.com.

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Oaken Financial marks its 10th anniversary with up to 10% special GIC rate

MCAN Financial Corp GIC Rates Review: Up To 6.15% Interest

MCAN Financial Mortgage Rates Review 

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