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Best credit unions in Canada to boost your savings, investments, etc.

Credit unions in Canada – The importance of credit union in the larger economy cannot be underscored for any for any reason. Given this, credit union has contributed to the financial wellbeing of most Canadian residence.

While the traditional banks form the nucleus of macroeconomic advantage in Canada, credit unions in Canada complement their efforts in a more diversified arrangement reaching far and more residence with financial inclusion to further drive the economy.

If as a Canadian residence you want to get a firsthand information on Credit unions in your province, this guide will elaborate on the available unions that will not just meet your financial needs, but will as well suit your budget.

What is a credit union

Now there’s this need for people of like minds to come together with an aim to pull resources aimed at helping themselves financially where every member forms part of the ownership, just like the banks.

In the light of this, a credit union is a financial institution/co-operative which provides savings, loans and a number of other financial services to its members.

It’s owned and controlled by the members where they are said to have equal rights both in the direction of the union and managerial aspect like policy making.

Benefits of credit union

  • The interest rate paid on savings and similar deposits is high putting you in a competitive advantage to earn more money
  • They have a lower service and account maintenance fees
  • They offer a lower rate in terms of mortgage facilities, etc.
  • They provide excellent and personalized customer service
  • They take a major responsibility in developing the immediate community they operate in.

1. Meridian Credit Union

Talking about credit union, Meridian credit union is the second largest credit union in Canada based in Ontario with over 375,000 members which prides with about 75 years of banking history.

As a member of Financial Service Regulatory Authority in Ontario, Meridian offers array of financial services to its members with about 89 branches within the province of Ontario.

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However, non-Ontarians can access the service through digital banking with the launch of Motusbank.

Products offering

Members can access the following services,

  • Savings
  • Chequing
  • Mortgages
  • Investing
  • Credit cards
  • Personal loan
  • Insurance, etc.

2. Servus Credit Union

Servus Credit Union is the fourth largest credit union in Canada.

The credit union was founded back in 1938 and based in Alberta, till date, Servus prides itself with over 385,000 members with regional offices in Lloydminster and Red Deer with over 100 branches in Alberta.

As a member of Servus credit union, you have access to over 1,800 ATMs across Canada.

Products offering

Servus credit union offers

  • Chequing: The check works on the principle of pay-as-you-go, no monthly fee, charges $1.25 for every transaction consummated and $1.50 for every interace e-Transfer
  • Savings account: Servus offers a free monthly fee personal savings account.
  • Loan: Servus gives facilities to its members categorized under personal loan, mortgage, consolidation, students and renovation loans.
  • Mortgages: Members access facility to buy house, renovate, etc.
  • Investing: Members can invest and save via the RRSP,TFSA, RESP, using the stocks, bonds and mutual funds.
  • Insurance: Servus credit union provides insurance to members under home, auto, travel, life, illness and disability.
  • Trust and estate services to its members: They manage estate administration, professional trustee and investment administration services.

3. Vancity Credit Union

The Vancity Credit Union is found to be the largest credit union in Canada by asset category with over 520,448 members. Founded in 1946 with a network of 58 branches across Canada.

The dynamism of Vancity credit union is structured in a way that members can carry out their transactions via telephone, in the branch location, mobile app and other online channels.

With over 4,000 ATMs throughout Canadian provinces, members carry out their transactions seamlessly with relative ease.

They offer a line of service for both individuals and businesses across chequing, savings, mortgages, credit cards, insurance and investment.

For Canadian residence within Lower Mainland, Fraser Valley and Greater Victoria areas, Vancity ATMs are located in these areas too.

Products offering

Vancity credit union offers array of six different chequing accounts mainly.

  • E-Package chequing: With a $7.75 fee per month though can be waved for a monthly minimum balance of $1,000
  • Pay as you go chequing: Without monthly account fee, though has $0.7% per personal transaction and $0.5 per debit, cheque, or pre-authorized transaction. However, fees can be waved for a monthly minimum balance of $1,000
  • The Chequing plus: It’s a special account for youths from 25 years and below and members who are over 55 years, there’s no monthly fees.
  • Access chequing: This is an account designed for the disable, you can consummate up to 40 transactions for free monthly. Online payments are free, ATM networks are free.

Vancity savings account

It’s a high interest savings account without a monthly account fee, members are charged $5 per transaction in person, debit, PAD transactions, there’s no minimum balance required, online banking is free.

Various savings account include,

  • Plan 24: This allows maximum of 10 free in-person transactions per month, with a savings interest rate of 0.01%
  • Plan 24 plus: Specifically designed for youths 25 and below and aged persons 55 and above, unlimited free transactions, no monthly fees, etc.

4. Coast Capital Savings Credit Union

The Coast Capital savings is the second largest credit union in British Columbia and Canada, founded in the 1940s with over 594,000 members and prides with $20 billion in assets.

There are over 4,000 ATMs in Canada members of the Coast capital Savings can access.

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The coast capital inhabits 52 branches in Metro Vancouver, Fraser Valley, Vancouver Island and Okanagan.

However, talking about the first financial institution to offer free chequing  account, it’s coast capital savings.

Products offering

  • Chequing accounts
  • Savings accounts
  • Credit cards
  • Mortgages
  • Loans and
  • Investments.

5. First West Credit Union

The merger between Envison credit union and Valley First Credit union gave birth to First West Credit Union in 2010.

However, the origin of these two mergers traced back to 1946 and 1947.

The credit union is based in B.C with about 250,000 members, the service delivered to members are done through four chains namely,

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  • Island savings targeting Vancouver Island and southern Gulf Islands
  • Valley first targeting Okanagan, Similkameen and Thompson Valleys
  • Enderby and district targeting North Okanagan communities
  • Envision financial targeting Lower Mainland and Kitimat region

Products offering

  • Chequing accounts
  • Savings accounts
  • Mortgages
  • Insurance
  • Investments, etc.

Conclusion

There are over one hundred credit unions in Canada, however, the few listed here are the leading institutions that have great track record in assets evaluation.

Do afford to shop around for other credit unions that may meet your budget and financial demands.

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