Here are some answers to some (common) questions we think you could have.

We want to make the Ideal Savings process as easy as possible for you and hope we covered the answer you were looking for. If not, please contact us.

Opening Your Account

We would be happy to open an account for you, if you:

  1. are 18 years of age or older and currently reside in Canada, excluding Quebec
  2. have a valid Social Insurance Number (SIN)
  3. are able to deposit a personalized cheque in Canadian funds from a Canadian financial institution
  4. have a valid email address

Joint accounts may be opened as long as we receive a personalized cheque that includes each account holders name (individual cheques will be accepted).

All Ideal Savings online investment banking products are designed for personal banking only and may not be opened by a business, trust or organization.

All accounts are subject to approval by Ideal Savings. Credit bureau checks will be performed on all applicants.

As a virtual financial institution we are required to comply with federal and provincial identity regulations including income tax reporting requirements.

In these few simple steps you’ll be on your way to your ideal future.

  1. Read our terms and conditions. If you agree, proceed to fill out a short personal verification form so we are able confirm your identity.
  2. Once you’ve been verified, please complete all the required sections on our application form.
  3. Print out your completed application, sign it, attach your initial deposit cheque and mail to:

Ideal Savings
PO Box 4053 RPO Redwood
Winnipeg MB R2W 5K8

Click here to start your application!

The entire process should take less than 10 minutes to complete.

We require a cheque from a Canadian Financial Institution to complete the identity verification process. Since we will communicate only through email or phone, we need to take this extra step to comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

A third party is someone other than the named account holder(s) who have full or partial control over the decisions regarding the activities or transactions on this/these account(s). All Financial Entities are required by law under subsection 8(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to collect this information before opening an account.

You are a politically exposed foreign person if you hold or you have ever held one of the following offices or positions in or on behalf of a foreign country:

  • a head of state or government; a member of the executive council of government or member of a legislature; a deputy minister (or equivalent); an ambassador or an ambassador’s attaché or counsellor; a military general (or higher rank); a president of a state-owned company or bank; a head of a government agency; a judge; or
  • a leader or president of a political party in a legislature.

You are also considered a politically exposed foreign person if you are a family member of an individual described above. In this context, a family member means one of the following:

  • mother or father; child; spouse or common-law partner; spouse’s or common-law partner’s mother or father and brother, sister, half-brother or half-sister (that is, any other child of the individual’s mother or father).

It will take ten business days from the date you mail the application for your Ideal Savings online investment bank account to be set up.

Ideal Savings – no minimum

GIC/Escalator –  $1,000

TFSA Variable – no minimum

TFSA GIC/Escalator –  $1,000

Upon opening your account (within ten days after mailing), we will send you a welcome package by mail that will contain your personal online investment banking user information.

After that, you can simply keep track of your account(s) online at your convenience.

No. We only accept Canadian dollars.

Managing Your Account(s)

After your initial cheque deposit is made, you can make a deposit by:

– use the postage paid envelopes we provide to mail in a cheque (no cash please)
– 10 business day holds will be applied to all cheque deposits

Automatic Funds Transfer
– set up a one-time or recurring automatic transfer from your existing financial institution
– same day deposit (initial set up may take up to 5 business days)

Interac e-Transfer ®
– send funds electronically through online banking (transfer limits apply)
– takes 30-60 minutes to receive

At this time we are not offering debit cards.

Unfortunately, it is not possible at this point to link two accounts from different financial institutions through our online banking and you will not be able to see the link. It is a manual process that we do at our end.

If you would like to transfer funds from Ideal Savings please complete the Automated Funds Transfer-Out Form and if you would like to transfer into Ideal Savings please complete the Automated Funds Transfer-In Form; then email it us to process the first transfer only. The first transfer will be scheduled within five business days. For further transfers, simply email us the amount, date of transfer (next business day is the earliest) and frequency.

If you would like to withdraw funds from your Ideal Savings account you may do so with an automatic funds transfer, Interac e-Transfer® or contact us to send you an official cheque by mail.

You may not withdraw funds from a term investment before its maturity date.

We will not be sending out paper statements.

You may check and print your statements through online banking and you will receive e-alerts notifying you of account transactions.

Yes, you may pay bills through online banking.

Other FAQs

Yes. All funds on deposit with Ideal Savings are guaranteed without limit by the Deposit Guarantee Corporation of Manitoba. That is, your principal and interest are 100% insured regardless of where you live in Canada.

To keep your deposit safe and secure, and separate from our Carpathia Credit Union Limited business, we collect all mail daily from a PO Box that is designated only to Ideal Savings investment bank account holders.

No. Ideal Savings investment bank account holders are not shareholders of Carpathia Credit Union Limited. They do not participate in any vote or patronage program through the credit union.

Ideal Savings is operated separately from Carpathia Credit Union Limited. Employees of Carpathia Credit Union branches will not have access to any Ideal Savings account holder information.

You will be able to access your account information through your online investment banking account or by contacting Ideal Savings directly.

We encourage you to contact us by email at

Ideal Savings is administered by Carpathia Credit Union Ltd, therefore you may receive documents from Carpathia Credit Union.