Credit Unions In Canada: Top 5 Reviewed & Compared (2020)

Credit unions are financial cooperatives that are owned and controlled by their members. They are managed on the tenet of helping one another by offering members credits and various forms of financial services at a very competitive rate.

All the members of a credit union have a share in the co-operative, share in the profits, and also have a say in the decision-making process. 

Credit unions are designed not for profit but rather their purpose is to primarily serve its members. The “not for profit” model is entirely different from charity organizations as they do not depend on donations to run their business.

What Is A Credit Union? 

Credit unions are financial organizations that must make what is called a small profit. In economic terms, a “surplus” has to be made by establishments (such as credit unions) to make sure they remain in existence.

The history of credit unions dates back to 1852 in Germany when the first credit union was established. It was first established in North America by a journalist called Alphonse Desjardins.

Well did you know – Credit Unions originated in Canada in Quebec in 1900 and was called Caisse Populaires or People’s Bank.

Today, the Canadian Credit Union Association has exactly 241 unions in Canada serving more than 5.8 million members. Statistically, one out of five Canadians belongs to a credit union today. 

Credit Unions

How Do Credit Unions Work?

There are seven cooperative principles that give an insight into the running of a credit union.

  • Willful and open membership

  • Self-governing control

  • Monetary participation by members

  • Sovereignty and independence

  • Teaching, Training, and Information

  • Coalition among cooperatives

  • Interest towards community

Advantages and Disadvantages Of Credit Unions

Becoming a member of any credit union comes with some advantages and disadvantages.

Pros Of Credit Unions

Below is the list of pros:

1. Higher Interest Rates

Credit unions generally pay interest rates more than big banks when it comes to savings and other kinds of deposits. However, online banks (e.g EQ and Tangerine Bank) tend to pay more interest rates compared to credit unions.

As a plus, unions sometimes do pay interest on a chequing account balance

2. Lower Fees

When compared to the big banks, service account maintenance and fees are cheaper. Credit unions offer its members a no-fee chequing account including no-minimum balance banking.

Some Canadian credit unions, fees are quite competitive with their big bank rivals.

3. Better Rates

With credit unions having the interest of its members at heart, better rates are always offered. Mortgage, credit, and personal loans are offered to its members at competitive rates.

4. Customer Service

Credit unions are known to provide excellent one-on-one customer services over their competition (the big banks).

In fact, in the year 2019, Canada’s credit unions were awarded the top honours in the Ipsos Financial Service Excellence Awards (IFSEA) for Customer service. Canada’s credit unions have received this award for 15 years in a row.

5. Community Development

Credit unions offer sponsorships to different programs and projects within their local community. These supports are rendered to also indirectly assist their members who reside in the community.

Many of the credit unions are caught endorsing actions that will bring about development and sustainability towards its local community.

Disadvantages Of Credit Unions

Below is the list of the cons: 

1. Fewer Financial Products

Most credit unions do not offer additional financial services. In fact, a few numbers of them do not even offer some basic services.

However, many unions are starting to evolve and looking to expand their financial products. Partnerships are being formed with different service providers to improve their financial services.

For example, wealth management services are now offered by many credit unions by employing Robo-advisors and online trading.

2. Limited Locations

In comparison with the big banks that have branches across the country, credit unions commonly have fewer branches and are sometimes limited to a community.

However, when it comes to ATM operations, unions offer access to thousands of surcharge-free ATMs all over Canada which compete extraordinarily with their big bank rivals.

3. Technology Deficiencies

When it comes to technology deficiencies, Credit unions spend lesser resources on their websites and mobile apps compared to the big banks. 

Credit Unions vs. Banks

The major difference between a credit union and a bank is their mode of operation.

Credit unions employ a not-for-profit model with members having ownership of the cooperative while banks are profit-oriented organizations that are charged with maximizing interest for its shareholders.

They offer a better rate when it comes to a mortgage. A rate of 50 basis points (0.50%) is not uncommon to be offered by credit unions which is quite unlikely with banks. Ultimately, these rates are offered with very similar terms and conditions as banks.

Also, credit unions prioritize their members by making financial services available at affordable fees. They also contribute positively to the local community through sponsoring of different programs and projects.

Types Of Accounts Offered By Credit Unions In Canada

Just like conventional banks, unions offer several types of financial accounts similar to. Some of these accounts include popular accounts such as:

1. Credit Cards 

The partnership between credit unions and Collabra Investment accounts has made the provision of credit cards to members possible.

2. Investment Accounts

Mutual funds are now offered through Credentials Asset Management and online brokerage services via Qtrade.

3. ATMs

Members of credit unions have access to thousands of ATMs across the country via The EXCHANGE Network.

ATM services are totally free for all credit union customers. However, not all credit unions are members of the EXCHANGE so make sure you check the back of your card for the EXCHANGE logo to know if your credit union is a member.

Furthermore, access to ATMs in the U.S may also be available to members. This is made possible via the ACCEL Network which is a system of “ding-free” ATMs. This ATM network is better than what most banks have to offer.

Others include;

  • Loans

  • Mortgages

  • Insurance

  • Financial advice

  • Planning services

How To Join Credit Unions?

There are certain requirements to be met before one can be a full member of a credit union.

Most credit unions will require that you:

  • have met the minimum age requirement of your province (that is, 18 or 19 years and above)

  • Are a citizen of the province

  • Are willing to purchase a capital share in the credit union (costs between $5 to $25)

  • Have not announced bankruptcy in the last 7 years

Furthermore, anyone who is a citizen of Canada is accepted by federally-incorporated credit unions.

Credit Union

Top 5 Credit Unions In Canada

A list of all the credit unions in Canada is compiled every year by the Canadian Credit Union Association. 

All credit unions are ranked based on assets, for the top 100 credit unions twice yearly.

In the second quarter of 2019, 10 credit unions ranked best with Vancity leading the entire association.

Some of the credit unions which will be reviewed include;

  • Vancity

  • Coast Capital Savings Credit Union

  • Meridian Credit Union

  • Servus Credit Union

  • Conexus Credit Union

1. Vancity Credit Union

Vancity Credit Union

The Vancouver City Savings Credit Union (Vancity) is the biggest credit union (based on AUM) in British Columbia and Canada with a total of $27.4 billion in assets under management.

Established in 1946, Vancity today serves over 534,856 members via its system of 59 branches across British Columbia and Canada

1.1 Mode Of Operation

Members of Vancity Credit Union can complete their banking transactions through their mobile, mobile app, and their online platform.

Furthermore, via The EXCHANGE and ACCULINK Networks, members have free access to more than 3,500 ATMs across the country.

1.2 Banking With Vancity Credit Union

 Two main categories of accounts are offered by Vancity; the personal banking and business banking

1.3 Personal Banking

All kinds of basic accounts you would get in a bank are offered by the Vancity Credit Union. Be it the chequing, savings, investments, mortgages, credit, or insurance, they’ve got all on the table.

1.4. Chequing Accounts

Vancity Credit Union offers six different packages to select from when opening a chequing account;

1.4.1 E-Package Chequing

  • A monthly fee of $7.75 per month (keeping a minimum balance of $1,000 sees this relinquished)

  • Payment of bills, debit card transactions, cheques, and pre-authorized debits (PAD) are free

  • Free Interac e-Transfers

  • Free one in-person transaction then a few of $0.70 per transaction is charged (except with a minimum $1,000 balance)

1.4.2 Pay As You Go Chequing

  • No monthly account fee

  • Payment of $0.70 per in-person transaction and $0.50 per debit, cheque or pre-authorized transaction

However, all charges are relinquished if one maintains a minimum balance of  $1,000 monthly.

1.4.3 Chequing Plus (Account for youths and elderly)

  • All online payments are free

  • No monthly fees

  • Debits, cheques and preauthorized debits (PADs) are free

1.4.4 Access Chequing (Account for those with disabilities)

  • A total of 40 free transactions is available per month. If the limit is exceeded, a fee of $0.70 per transaction is charged.

Others are;

  1. USD chequing

  2. USD Chequing Plus

1.5 Savings Accounts

Vancity Credit Union offers three different packages to select from when opening a savings account:

1.5.1 Jumpstart High-Interest Savings

1.5.2 Plan 24 Savings

  • A savings interest rate of 0.05% is offered in this account

  • A fee of $0.70 per transaction is charged after 10 free in-person transactions are exceeded

  • Free online banking (except Interac e-Transfer)

  • Plan 24 Savings Plus

  • This savings account is targeted towards youth (below age 25 and members aged 55)

  • Zero monthly fees and unlimited free transactions (except Interac e-Transfer)

1.6 Credit Cards

Vancity has three types of credit cards:

  1. enviro Visa Infinite Card

  2. enviro Gold Visa Card

  3. enviro Classic Visa Card

Vancity Credit Cards

1.7 Mortgages

Vancity Credit Union offers both fixed and variable-rate mortgages are offered by Vancity

  • Loans

Vancity offers personal loans, clean air vehicles, lines of credit, and other loan types.

  • Investments

Several types of popular investment accounts can be opened with Vancity. This include:

  • Non-Registered Investment accounts

  • Socially responsible investing

  • Discretionary investment management

  • TFSA

  • RRSP

  • RESP

  • RRIF

  • RDSP

Vancity is in partnership with Qtrade to provide more trading options for its members who want to supervise their own investments.

1.8 Insurance

Personal, and business insurance, retirement planning aids are offered through Vancity Life Insurance Services.

1.9 Business Banking

Vancity provides various business accounts that are tailored to meet different business needs of its members.

1.9.1 Business Chequing Accounts

Vancity offers various packages to select from when opening a business chequing account.

1.9.2 Independent Business Account

This is tailored for small businesses

  • A $6.50 fee is charged per month. However, this is relinquished if the business can maintain a monthly minimum balance of $1,500

  • Free Interac e-Transfers.

  • Up to 0.05% interest rate is paid

1.9.3 Business Full Serve Package

  • Monthly fees between $15 and $55 are charged depending on the limit on free in-branch transactions in the proposal.

1.9.4 Business Self-Serve Package

  • Monthly fees between $8 and $28 are charged depending on the limit on electronic transactions in the proposal.

  • $1.25 is charged per In-branch transaction

1.10 Community Service Package

This is tailored to serve non-profit organizations. 

  • It offers 40 free transactions per month.

  • An interest rate of up to 0.1%

1.11 USD Chequing

A monthly fee of $3 is charged. However, this is relinquished if the business can maintain a monthly minimum balance of $1,000

1.12 Business Savings Accounts

Vancity Credit Union offers various packages to select from when opening a business savings account.

1.12.1 Jumpstart Savings

  • No monthly fees

  • Free unlimited online transactions

  • An interest rate of up to 0.75% is earned

1.12.2 USD Savings

  • No monthly fees.

  • An interest rate of up to 0.20% is earned

1.12.3 Other Business Accounts

1.12.4 Trust Accounts

  1. Investment Pool Account

  2. Prime and Custom Account Packages

  3. Business Investments

1.12.5 Business Financing

2. Coast Capital Savings

Coast Capital Savings

Coast Capital Savings is the second-biggest credit union (based on AUM) in British Columbia and Canada with a total of $20 billion in assets under management.

Established in the 1940s, Coast Capital Savings today serves over 570,000 members via its system of 52 branches across British Columbia and Canada.

Furthermore, Coast Capital Savings is the biggest federally regulated credit union in Canada. Coast Capital Savings came to be a federal credit union in 2018, giving it the chance to extend nationwide.

Through “The EXCHANGE”, members of Coast Capital Savings have access to more than 4,000 ATMs in Canada. Access to ATMs in the United States is also available to members through the ACCEL Network.

All transactions performed via the ATM are completely free.

Banking With Coast Capital Savings

Two main categories of accounts are offered by Coast Capital Savings; the personal banking and business banking

2.1 Personal Banking

Coast Capital Savings Credit Union offers a wide variety of banking services. These include chequing accounts, savings accounts, credit cards, mortgages, loans, and investments.

2.2 Chequing Accounts

Coast Capital Savings offers various packages to select from when opening a chequing account

2.2.1 Free Chequing Account

  • No minimum balance requirement

  • No monthly fee

  • Unlimited free transactions

  • No additional charges for withdrawals and deposits at ATMs

  • Free statements

2.2.2 Coast U.S. Chequing

  • No monthly account fee

  • 1 free transaction per month and $1 fee per transaction afterward except you maintain a minimum monthly balance of $1,000

  • Free electronic statements

  • An interest rate of up to 15% is earned

2.2.3 Coast Chequing Classic Package

  • Monthly fee of $11 (relinquished for members above the age of 59)

  • 40 free transactions per month

  • An interest rate of up to 0.025% is earned

  • Free cheques and bank drafts

  • Free electronic and paper statements

2.2.4 Coast Capital Savings: Chequing Prestige Package

  • Monthly fee of $21 and $10.50 (members above 59 years). Also, the monthly fee is relinquished if one maintained a minimum monthly balance of $5000

  • Unlimited free transactions

  • 8 free withdrawals at ATMs in both Canada and the United States

  • Free bank drafts, personalized cheques, electronic and paper statements

  • An interest rate of up to 0.10% is earned

2.3 Savings Account

Coast Capital Savings offers various packages to select from when opening a savings account

2.3.1 Coast Capital Savings: High-Interest Savings Account

This savings account offers:

  • No monthly account fee

  • An interest rate of up to 0.50% is earned

  • 2 free monthly transactions and $5 per transaction afterward

  • No minimum balance requirement

  • Free electronic statements

2.4. Coast Credit Union Credit Cards

Four different types of credit cards are offered by Coast Capital Savings. These are;

  1. Coast Visa Elegance Gold Card

  2. Coast Visa modulo Gold Card

  3. Coast Visa Odyssey Gold

  4. Coast Visa Platinum

2.5 Mortgages

Mortgages at both fixed and variable rates are offered by Coast Capital Savings, however, with differing terms.

2.6 Loans

Personal loans, RRSP loans, lines of credit and car loans are also offered by Coast Capital Savings

2.7 Investments

Several types of popular investment accounts can be opened with Coast Capital Savings including TFSA, RRSP, RESP, RRIF, and non-registered investment accounts. Investments in these accounts can be done via

  • Term deposits and GICs

  • Mutual funds

  • Online Investing

2.8 Business Banking

Coast Capital Savings business products extend to chequing, savings, credit cards, investments, and business financing.

2.9 Business Chequing Accounts

Packages include;

  1. The Deposit-for-free Business Account

  2. The One Small Fee, the Rest is Free Business Account

  3. Coast Community Chequing

  4. Coast US Business Chequing

  5. Coast Business Chequing Trust

  6. Business Savings Accounts

2.10 The High-Interest Business Savings Account

Packages include;

  1. Coast Business Savings

  2. Coast Business Savings Trust

  3. Business Credit Cards

  4. Coast Visa Business Card

3. Meridian Credit Union

Meridian Credit Union

Meridian Credit Union is the biggest credit union in Ontario Canada with a total of $21.3 billion in assets under management.

Established in 1944, Vancity today serves over 340,000 members via its system of 91 branches across Ontario Canada. One of Canada’s latest online bank (Motusbank) was launched by Meridian Credit Union in April 2019

A wide range of creative and pocket-friendly products are offered to members, large and small scale businesses by Meridian Credit Union.

The EXCHANGE, members of the Meridian Credit Union have access to more than 3,500  ATMs in Canada. Access to over 500,000 ATMs in the United States is also available to members through the same The EXCHANGE network.

Additionally, Meridian Credit Union is a member of the Deposit Insurance Corporation of Ontario (DICO).

If you are not from Ontario, you still have the opportunity to be a member of the Meridian Credit Union via the recently launched Meridian’s digital national bank; Motusbank. A wide range of banking services are provided in all province (except Quebec) via the digital banking

Banking With Meridian Credit Union

Two main categories of accounts are offered by Meridian; the personal banking and business banking

3.1 Personal Banking

Meridian offers a wide range of accounts to its members be it the chequing, savings, investments, mortgages, credit, or insurance.

3.2 Meridian Credit Union: Chequing Accounts

There are 7 different types of chequing accounts offered by Meridian to meet the various needs of its members. These include

  1. Pay As You Go

  2. Limitless

  3. Convenience

  4. Electronic

  5. Convenience Plus,

  6. Senior

  7. U.S. Dollar chequing

3.3 Savings Account

3.3.1 Meridian’s High-Interest Savings Account (HISA)

  • No monthly fees

  • No minimum balance requirement

  • An interest rate of up to 0.50% is earned

  • Unlimited free transactions

  • Automatic savings plans

  • Free access to ATMs

  • Deposit insurance by DICO

Other savings account offered by Meridian Credit Union include

  • S. Dollar Account – Advantage Savings Account     

3.4 Mortgage

Both fixed and variable mortgages are provided by Meridian at a very competitive rate. Furthermore, lots of benefits and bonuses come along with these mortgages. These benefits include;

  • Pre-approval with a 90-day rate guarantee.

  • 20% lump sum prepayment

This implies that principal balance can always be paid down at least up to 20% per year without sanctions.

  • 20% regular payment increase

This enables individuals to increase monthly payments by up to 20% without consequences.

  • Skip-a-payment

This provides the option of skipping a month’s mortgage payment yearly.

Mortgage loans can always be completed online through their websites and mobile app. If needed, mortgage specialists are also provided by the credit union to give advice on mortgage rates. 

3.5 Loans

Personal loans, RRSP loans, lines of credit and car loans are offered by Meridian.

The personal loans are eye eye-catchers to $35,000 are offered to individuals with rates as low as 5.15%.

3.6 Business Banking

Business owners either small or big can make use of Meridian to supervise their business savings, investment, planning, and financing.

3.6.1 Business Savings Account

3.6.2 Business Advantage Plus Savings Account

This account offers a high-interest rate to businesses who wish to save their proceeds with Meridian. Additional benefits include;

  • Unlimited free transactions

  • No monthly fee

  • No minimum balance requirement

  • Readily available access

Presently, Meridian is offering an interest rate of close to 0.75% on its Business Advantage Plus Savings Account. The bonus rate is as follows;

  • An interest rate of 0.65% is earned on an account balance between $0 and $99,999

  • An interest rate of 0.65% is earned on an account balance between $100,000 and $999,999

  • An interest rate of 0.75% is earned on an account  balance between $1 and 2 million

Other Savings accounts offered are;

  1. Business Advantage savings account

3.7 Guaranteed Investments for Small Businesses

To cater to members running small businesses, a wide range of Guaranteed Investment Certificates (GICs) are offered by Meridian.

These investments are modelled for businesses not willing to take risks on their capital but also want to make profits.

Meridian offers competitive GIC rates to its members. They are;

  • An interest rate of 1.85% for an 18-month GIC (non-redeemable)

  • An interest rate of 2.05% for a 3-year GIC (capable)

The minimum investment capital is quite low with a benchmark of $100.

4. Servus Credit Union

Servus Credit Union

Servus Credit Union is the fourth largest credit union in Canada with a total of $16 billion in assets under management.

Servus Credit Union has its headquarters located in Edmonton and other provincial offices in Lloydminster and Red Deer including more than 100 branches across Alberta.

Established in 1938, Servus today serves over 380,000 members via its system of 100 branches across Canada.

Like every other credit union, Servus is owned and controlled by its members. A feat was accomplished by the credit union in 2019 when a total sum of $54.1 million was paid to its members (for the 2018 financial year) as part of their annual profit

Approximately 1800 ATMs are available for free transactions to members of the Servus Credit Union in Canada.

4.1. Banking with Servus Credit Union

Two main categories of accounts are offered by Coast Capital Savings; the personal banking and business banking

4.1.1 Personal Banking

Servus Credit Union offers a wide range of banking services such as chequing accounts, savings accounts, credit cards, mortgages, loans and investments

4.1.2 Chequing Accounts

4.1.2.1 Pay-As-You-Go

  • No monthly fee

  • $1.25 per transaction

  • $1.50 per Interac e-Transfer

4.1.2.2 Personal Plan 30

  • Unlimited Interac e-Transfers

  • Monthly fee of $10.95 (relinquished if a minimum monthly balance of $3,000 is maintained)

  • 30 free monthly transactions then a payment of $1.25 per transaction afterward

4.1.2.3 Personal Plan 60

  • Monthly fee of $11.95 (relinquished if a minimum monthly balance of $3,500 is maintained)

  • 60 free transactions, then a payment of $1.25 per transaction afterward

4.1.2.4 Personal e-Plan 60

  • Unlimited transactions

  • Monthly fee of $11.95 (relinquished if a minimum monthly balance of $2,500 is maintained)

  • 60 free electronic transactions monthly then pay between $1.10 and $1.50 per transaction afterward

  • A free non-credit union ATM withdrawal

4.1.2.5 Personal Unlimited Plan

  • Monthly fee of $14.95 (relinquished if a minimum monthly balance of $4,000 is maintained)

  • Unlimited transactions

  • unlimited Interac e-Transfers

  • 2 free non-credit union ATM withdrawals

4.1.2.6 Personal Premium Unlimited Plan

  • Monthly fee of $25  (relinquished if a minimum monthly balance of $5,000 is maintained)

  • Unlimited e-Transfers

  • 10 free non-credit union ATM withdrawals

4.1.2.7 Senior Unlimited

This chequing account is designed for members above the age of 60 years

  • No monthly fee

  • 100 free cheques yearly

  • Unlimited transactions

  • 5 free cover drafts

  • $1.50 per Interac e-Transfer

4.1.2.8 17-25 Be Free

Designed For members between the age of 17 and 25.

  • No monthly fee

  • Unlimited transactions

  • Unlimited Interac e-Transfers

4.1.2.9 Youth Plan 60

Designed For members between the age of 12 and 17

  • No monthly fee

  • 60 electronic or in-branch transactions

  • 2 free Interac e-Transfers

  • 1 free non-credit union ATM withdrawal

  • An interest rate of up to 0.10% is earned

4.1.2.10 S. Pay-As-You-Go

  • No monthly fee

  • Withdrawals, cheques, and automated fund transfers are charged at $1.50

4.1.3 Savings Account

4.1.3.1 Personal Savings

  • No monthly fee,

  • One free transaction monthly then a payment of $1.25 per transactions afterward

  • $1.50 per Interac e-Transfer

  • Free deposits

  • An interest rate of up to 0.05%.is earned

4.1.3.2 High-Yield Savings

  • No monthly fee

  • An interest rate of up to 00% is earned monthly

  • 1 free transaction, then a payment of $5 per transaction afterward

4.1.3.3 S. Personal Savings

  • No monthly fee

  • No monthly interest rates

4.1.3.4 S. High Yield Savings

  • No monthly fee

  • An interest rate of up to 0.15% is earned

  • 1 free transaction per month

  • Unlimited transactions between Servus accounts

4.3. Servus Credit Union Credit Cards

 Four different types of personal Mastercard credit cards are offered by Servus. These are

  1. Servus No Fee Mastercard

  2. Servus Gold Mastercard

  3. Servus Low-Rate Mastercard

  4. Servus World Elite Mastercard

4.4. Investment

Several types of popular investment accounts can be opened with Servus Credit Union including TFSA, RRSP, RESP, RRIF. Partnerships with Credential Securities and Qtrade are also formed to provide an avenue for full-service brokerage and  online self-directed investing to its members

4.5. Loans

Loans such as Personal loans, mortgage, consolidation, investment, student, and renovation loans are all provided by Servus to all its members.

4.6. Insurance

Insurances such as home, auto, travel, life, illness, and disability insurances are offered to its members

4.7. Additional Fees

Excluding fees charged on various accounts, there are some additional fees to take note of;

  • Transaction at non-credit union ATM (Canada): $1.50 each

  • Withdrawals at Cirrus ATM (U.S): $3 each

  • International withdrawal at Cirrus ATM: $5 each

  • Paper statements: $2per quarter

4.8. Severus Credit Union: Business Banking

Servus Credit Union offers various banking accounts to select from. These accounts are highly competitive, offering different discounts and a high amount of transactions at a cheap fee. These business accounts include;

  1. Pay-As-You-Go

  2. Business Plan 15

  3. Business Plan 30

  4. Business Plan 60

  5. Business e-Plan 60

  6. Business Plan 100

  7. Business Plan 150

  8. Community Plan

  9. Condominium

5. Conexus Credit Union

Conexus Credit Union

Conexus Credit Union is the biggest credit union in Saskatchewan and the sixth-largest credit union (based on AUM) Canada with a total of $8 billion in assets under management.

Established in 1976, Conexus started off as Sherwood Credit Union and today, it serves over 128,000 members via its system of 39 branches across British Columbia and Canada.

5.1 Banking With Conexus

Like every other credit union, two main categories of banking are offered by Conexus Credit Union; the personal banking and business banking

5.2 Personal Banking

Conexus offer varieties of financial services to its members. These include; chequing and savings accounts, credit cards, mortgages, personal loans, and wealth management services.

5.2.1 Chequing Accounts

5.2.1.1 No-Fee Chequing

  • Unlimited free chequing transactions

  • Free deposits

  • Free e-statements.

  • A few of $4 applies to all ATM transactions Internationally

  • No interest is earned

5.2.1.2 U.S. Chequing

  • No monthly fee

  • An interest rate of up to 0.10% is earned

  • Online transfers, pre-authorized debits, and cheques cost $0.60 per transaction.

  • Withdrawals and transfers conducted at local branch costs $1 each

5.2.1.3 Maximizer Chequing

  • Monthly fee of $1.50 (relinquished if a minimum monthly balance of $1,500 is maintained)

  • An interest rate of up to 0.30% is earned

5.2.1.4 Savings Account

  • Interest rate between 40% to 1.00% is earned

  • 2 free monthly transactions then a payment of $5 per transaction afterward

  • Free deposits

5.3 Credit Cards

Seven different types of personal Mastercard credit cards are offered by Conexus. These are

  1. Conexus Cash Back Mastercard

  2. Conexus Centra Gold Mastercard

5.3.1 Conexus Credit Union Flex Rate Mastercard

  1. Conexus Travel Rewards Gold Mastercard

  2. Conexus World Mastercard

  3. Conexus US Dollar Mastercard

5.3.2 Conexus Credit Union Student Mastercard

Each of these credit cards has its own peculiar advantages over the other.

5.4 Mortgages

Both the fixed and variable-rate mortgages are offers by Conexus

5.5 Loans

Personal loans, RRSP loans, line of credit, student loans and HELOC are the available loans offered by Conexus

5.6 Investments

Several types of popular investment accounts are available with Conexus Credit Union. These include TFSA, RRSP, RESP, RRIF. Investments can be some using the I’m deposits, mutual funds, and GICs.

5.7 Business Banking

In order to offer its full services to both small and large scale businesses, Conexus provides the option of either the business chequing or savings accounts to its business clients.

Chequing

Business and Agriculture chequing

Savings

 Business and Agri-Invest savings accounts.

5.7.1 Credit Card for Business

There are three different types of business MasterCard credit cards offered by Conexus. These are;

5.7.1.1 Business No-Fee Cash Back Mastercard

5.7.1.2 Business Preferred Rate Mastercard

5.7.1.3 Business Platinum Mastercard

5.8 Loans

Term loans, small business financing loans, Canadian agriculture loans and leasing, line of credit, letter of credit and mortgages are offered to small and lag scale businesses

How Safe Are Credit Unions?

To safeguard the deposits of members of all credit unions, deposit insurers have been assigned to each province to monitor activities of these credit unions.

The primary responsibilities of these deposit insurance corporations are to supervise compliance and ensure the smooth running of the credit union system.

In comparison to most conventional banks, members of credit unions tend to have more deposit protection.

The deposit insurers are tasked by the provincial government and these Insurance are offered by the following provincial bodies:

1. Alberta

Alberta Credit Union Deposit Guarantee Corporation; Insurance covers 100% of the deposit

2. British Columbia

Credit Union Deposit Insurance Corporation of British Columbia; insurance covers 100% of the deposit

3. Manitoba

Deposit Guarantee Corporation of Manitoba; insurance covers 100% of the deposit

4. New Brunswick

New Brunswick Credit Union Deposit Insurance Corporation; insurance covers deposit up to $250,000

5. Newfoundland & Labrador

Newfoundland and Labrador Credit Union Deposit Guarantee Corporation; insurance covers deposit

up to $250,000

6. Nova Scotia

Nova Scotia Credit Union Deposit Insurance Corporation; insurance covers deposit up to $250,000

7. Ontario

Deposit Insurance Corporation of Ontario; insurance covers deposit up to $250,000 and unlimited for registered accounts

8. Prince Edward Island

In the Prince Edward Island, Credit Union Deposit Insurance Corporation of PEI; Insurance covers deposit up to $125,000 and 100% for registered plans

9. Saskatchewan

Credit Union Deposit Guarantee Corporation of Saskatchewan; insurance covers 100% of the deposit

10. Quebec

Autorite des Marches Financiers; insurance covers deposit up to $100,000

Insurance offered by deposit insurers only covers deposit products such as savings, term deposits, drafts, GICs, chequing, and certified cheques.

Also, Insurances do not extend to foreign currency deposits, mutual funds, bonds, debentures,  treasury bills, and equity membership shares

In addition, credit unions at the federal level are offered insurance coverage via the Canada Deposit Insurance Corporation (CDIC). Deposits made by members are insured up to $100,000.

Conclusion

There are more than 200 credit unions in Canada. This has given Canadians the opportunity to choose a financial institution that best suits their banking needs.

In the search of the financial institution that suits your need, always remember to check out the credit union in your community. Low-fee banking options, high saving rates,  competitive rates on loans, investments and mortgages are offered by credit unions

Nevertheless, credit unions also have their advantages and disadvantages. So make sure you compare financial services different credit unions have to offer.

Services to look out for include; ATM networks,  rates, customer services, bonuses and promos, discounts, charges, and online services.

Your final decision should be based on what’s best for your financial needs.

If you like the content of this article and find it helpful, please share it on social media and help spread the word. Let me know your thoughts and comments. Thanks for reading!

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