Credit unions are not-for-profit financial institutions that provide banking services to their members. To become a member, you must purchase credit union shares, ranging from $5 to $100. As a shareholder, you can receive all their services, such as conventional mortgages, online banking, and a home equity line of credit. Some credit unions may even pay dividends out to shareholders. Additionally, the mortgage interest rates from credit unions are typically better than a big bank.
Name | Coverage Area | History | Branch, Members & Assets |
---|---|---|---|
Vancity Credit Union | BC; Vancouver | 51 Branches, 544,167 Members and $28,542,325,591 Assets | |
Meridian Credit Union | ON; Toronto | 91 Branches, 391,481 Members and $27,543,687,000 Assets | |
Coast Capital Savings (Coopérative de crédit fédérale Coast Capital Savings) | Transnational coverage but branches are only in BC. | 45 Branches, 597,681 Members and $21,704,611,000 Assets | |
Servus Credit Union | AB; Calgary, Edmonton | 107 Branches, 399,089 Members and $20,333,107,000 Assets | |
First West Credit Union | BC; Southwest regions | 47 Branches, 254,974 Members and $14,233,819,000 Assets | |
Access Credit Union | MB; Winnipeg, Southern regions | 58 Branches, 205,021 Members and $12,382,022,182 Assets | |
Steinbach Credit Union | MB; Winnipeg, Steinbach | 3 Branches, 110,009 Members and $9,543,311,903 Assets | |
Alterna Credit Union | ON; Southwest, West regions | 43 Branches, 183,435 Members and $7,976,116,000 Assets | |
Affinity Credit Union | SK; Saskatoon, Regina | 50 Branches, 132,506 Members and $7,724,897,316 Assets | |
DUCA Credit Union | ON; Southwest regions | 19 Branches, 93,428 Members and $7,672,141,387 Assets | |
Prospera Credit Union | BC; Southwest mainland regions | 26 Branches, 115,634 Members and $7,533,994,000 Assets | |
Connect First Credit Union | Central and Southern Alberta. | 44 Branches, 133,408 Members and $7,304,149,000 Assets | |
Conexus Credit Union | SK; Saskatoon, Regina | 30 Branches, 141,028 Members and $6,893,630,239 Assets | |
Assiniboine Credit Union | MB; Winnipeg | 18 Branches, 144,015 Members and $6,067,731,381 Assets | |
FirstOntario Credit Union | ON; Hamilton, Halton, Niagara, Southwest regions | 32 Branches, 129,093 Members and $6,057,525,000 Assets | |
Libro Credit Union | ON; Southwest regions | 34 Branches, 117,124 Members and $5,988,820,000 Assets | |
BlueShore Financial Credit Union | BC; North Shore | 12 Branches, 33,199 Members and $5,684,733,000 Assets | |
UNI Financial (UNI Coopération financière) | NB: North, East Regions | 42 Branches, 160,320 Members and $5,324,964,389 Assets | |
Windsor Family Credit Union | ON, Waterloo | 14 Branches, 72,567 Members and $5,046,882,244 Assets | |
Gulf and Fraser Credit Union | BC; Lower Mainland, Fraser Valley | 28 Branches, 72,289 Members and $4,804,916,421 Assets | |
Cambrian Credit Union | MB; Winnipeg | 11 Branches, 69,621 Members and $4,802,865,247 Assets | |
Innovation Credit Union | SK; Southern, Central regions | 25 Branches, 62,297 Members and $3,788,005,213 Assets | |
Interior Savings Credit Union | BC; South region | 25 Branches, 91,328 Members and $3,538,246,000 Assets | |
Coastal Community Credit Union | BC; Vancouver Island | 24 Branches, 84,799 Members and $3,294,620,987 Assets | |
Your Neighbourhood Credit Union (YNCU) | ON; Southwest regions | 18 Branches, 50,606 Members and $2,514,338,000 Assets | |
Caisse Populaire Alliance | ON; Northern region | 26 Branches, 56,666 Members and $2,426,353,000 Assets | |
Vision Credit Union | AB; East, Northwest regions | 24 Branches, 37,294 Members and $2,364,835,634 Assets | |
Kawartha Credit Union | ON; Southeast regions | 22 Branches, 58,123 Members and $2,203,453,047 Assets | |
Kindred Credit Union | ON; Southwest regions | 8 Branches, 28,311 Members and $2,078,881,055 Assets | |
Caisse Financial Group | MB; St. Malo | 19 Branches, 34,645 Members and $2,042,708,094 Assets | |
Cornerstone Credit Union | SK; Southeast regions | 15 Branches, 29,056 Members and $2,011,765,000 Assets | |
Synergy Credit Union | SK; West regions | 12 Branches, 27,086 Members and $1,925,545,000 Assets | |
Sunrise Credit Union | MB; Southwest regions | 19 Branches, 34,393 Members and $1,909,026,979 Assets | |
Northern Credit Union | ON; Toronto, Sudbury, Ottawa | 25 Branches, 70,373 Members and $1,828,984,047 Assets | |
Kootenay Savings Credit Union | BC; Southeast regions | 11 Branches, 34,053 Members and $1,596,592,808 Assets | |
Westoba Credit Union | MB; Southwest regions | 14 Branches, 42,673 Members and $1,553,337,072 Assets | |
Fusion Credit Union | MB; Western regions | 18 Branches, 29,863 Members and $1,511,546,389 Assets | |
Tandia Credit Union | ON; Southwest region | 10 Branches, 27,727 Members and $1,510,923,857 Assets | |
Provincial Credit Union | PEI; Charlottetown, Stratford, Montague, Stella Maris | 9 Branches, 35,404 Members and $1,451,812,377 Assets | |
Ukrainian Credit Union | ON; Southwest regions | 18 Branches, 29,277 Members and $1,268,304,608 Assets | |
Prairie Centre Credit Union | SK; Southeast regions | 16 Branches, 17,132 Members and $1,180,579,340 Assets | |
Mainstreet Credit Union | ON; Southwest regions | 10 Branches, 25,416 Members and $1,056,568,767 Assets | |
Buduchnist Credit Union (BCU) | ON; Southwest regions | 7 Branches, 17,977 Members and $1,022,867,355 Assets | |
Salmon Arm Savings and Credit Union | BC; Shuswap | 4 Branches, 19,872 Members and $1,018,908,881 Assets | |
Stride Credit Union | MB; Winnipeg | 5 Branches, 19,677 Members and $1,003,392,608 Assets | |
Credit Union Atlantic Limited | NS; Halifax, Dartmouth, Tantallon | 8 Branches, 20,119 Members and $985,080,000 Assets | |
Sunshine Coast Credit Union | BC; Sechelt, Gibsons, Pender Harbour | 3 Branches, 17,507 Members and $966,379,692 Assets | |
Brunswick Credit Union | NB; Saint John, Rothesay | 15 Branches, 36,839 Members and $934,275,364 Assets | |
IC Savings & Credit Union | ON; Toronto | 8 Branches, 21,572 Members and $898,011,340 Assets | |
Community Savings Credit Union | BC; Vancouver, Burnaby, Surrey, New Westminster, Coquitlam | 7 Branches, 15,433 Members and $884,777,702 Assets | |
Integris Credit Union | BC; Central regions | 8 Branches, 26,822 Members and $863,866,416 Assets | |
1st Choice Savings & Credit Union Ltd | AB; Southern regions | 5 Branches, 18,498 Members and $797,185,000 Assets | |
Northern Savings Credit Union | BC; Queen Charlotte, Prince Rupert, Terrace, Masset | 4 Branches, 17,416 Members and $791,729,361 Assets | |
Penfinancial Credit Union | ON; Niagara | 6 Branches, 19,726 Members and $774,771,240 Assets | |
NL Credit Union | NL; Southeast region | 12 Branches, 20,329 Members and $757,809,708 Assets | |
Khalsa Credit Union | BC; Lower mainland, Victoria | 6 Branches, 22,304 Members and $745,680,296 Assets | |
TCU Financial Group | SK; Saskatoon, Regina | 5 Branches, 14,527 Members and $710,454,487 Assets | |
Weyburn Credit Union | SK; Weyburn, Yellow Grass, Lang | 3 Branches, 7,987 Members and $709,732,972 Assets | |
Lakeland Credit Union | AB; Bonnyville, Cold Lake | 2 Branches, 11,168 Members and $707,806,676 Assets | |
Rosenort Credit Union | MB; Rosenort, Altona, Pembina | 3 Branches, 7,045 Members and $703,764,622 Assets | |
StellerVista Credit Union | BC; Kootenay, Boundary regions | 7 Branches, 19,879 Members and $700,219,382 Assets | |
Diamond North Credit Union | SK; Central regions | 8 Branches, 12,093 Members and $683,472,000 Assets | |
First Credit Union | BC; Vancouver Island, Powell River | 8 Branches, 14,596 Members and $666,626,578 Assets | |
Radius Credit Union Ltd | SK; Southern region | 8 Branches, 5,758 Members and $583,417,023 Assets | |
Sharon's Credit Union | BC; Vancouver, Coquitlam, Surrey | 5 Branches, 15,609 Members and $581,777,125 Assets | |
Parama Credit Union | ON; Toronto | 2 Branches, 6,694 Members and $569,813,503 Assets | |
Bow Valley Credit Union | AB; Cochrane, Airdrie, Calgary, Canmore, Banff | 6 Branches, 9,948 Members and $569,325,237 Assets | |
Motor City Credit Union | ON; Windsor | 3 Branches, 12,668 Members and $566,475,358 Assets | |
Sudbury Credit Union | ON; Sudbury | 6 Branches, 14,708 Members and $562,955,022 Assets | |
Bulkley Valley Credit Union | BC; New Hazelton, Houston, Burns Lake, Smithers | 4 Branches, 16,027 Members and $562,249,189 Assets | |
Copperfin Credit Union | ON; Thunder Bay, Kenora | 4 Branches, 18,076 Members and $562,059,322 Assets | |
Polish Credit Union | ON; Southeast region | 6 Branches, 15,122 Members and $553,181,878 Assets | |
Niverville Credit Union | MB; Steinbach | 3 Branches, 9,847 Members and $518,102,495 Assets | |
VantageOne Credit Union | BC; Vernon, Okanagan, Armstrong | 4 Branches, 9,598 Members and $465,034,194 Assets | |
Rocky Credit Union | AB; Rocky Mountain House | 1 Branch, 7,470 Members and $448,703,759 Assets | |
Williams Lake Credit Union | BC; Central regions | 3 Branches, 11,797 Members and $424,499,998 Assets | |
Comtech Fire Credit Union Ltd | ON; GTA, East Ontario | 7 Branches, 11,544 Members and $389,462,888 Assets | |
Summerland Credit Union | BC; Summerland | 1 Branch, 7,369 Members and $388,191,844 Assets | |
Omista Credit Union | NB; Moncton, Fredericton | 4 Branches, 10,503 Members and $386,665,819 Assets | |
Your Credit Union | ON; Ottawa, Cornwall | 4 Branches, 10,269 Members and $386,550,385 Assets | |
Pathwise Credit Union | ON; Oshawa, Bowmanville | 2 Branches, 12,159 Members and $385,893,875 Assets | |
Moya Financial Credit Union Limited | ON; Toronto, Hamilton | 2 Branches, 5,373 Members and $376,975,143 Assets | |
Police Credit Union (OPPA) | ON; Barrie | 6 Branches, 12,459 Members and $374,259,258 Assets | |
Lakeview Credit Union | BC; Dawson Creek, Tumbler Ridge, Chetwynd | 3 Branches, 8,493 Members and $370,079,904 Assets | |
Crossroads Credit Union | SK; Canora, Preeceville | 4 Branches, 6,529 Members and $348,681,101 Assets | |
Unity Credit Union | SK; Unity | 1 Branch, 4,423 Members and $348,643,237 Assets | |
Swan Valley Credit Union | MB; Swan River | 2 Branches, 7,010 Members and $347,009,063 Assets | |
Atlantic Edge | NL; Northwest Newfoundland, Southeast Labrador | 11 Branches, 17,610 Members and $346,699,056 Assets | |
Equity Credit Union | ON; Toronto | 1 Branch, 4,045 Members and $344,921,639 Assets | |
Consolidated Credit Union | PEI; Summerside | 2 Branches, 7,199 Members and $323,646,627 Assets | |
Rapport Credit Union | ON; Toronto, Hamilton, Thunder Bay | 10 Branches, 14,222 Members and $312,477,003 Assets | |
Accent Credit Union | SK; Quill Lake, Kelvington, Jansen | 3 Branches, 4,602 Members and $310,131,516 Assets | |
Sydney Credit Union | NS; Sydney | 3 Branches, 12,578 Members and $306,740,325 Assets | |
Biggar Credit Union | SK; Biggar, Landis, Perdue | 3 Branches, 3,902 Members and $306,097,670 Assets | |
Valley Credit Union | NS: West regions | 7 Branches, 10,634 Members and $301,389,711 Assets | |
Nelson And District Credit Union | BC; Nelson | 3 Branches, 9,732 Members and $299,698,047 Assets | |
Ladysmith Credit Union | BC; Vancouver Island | 2 Branches, 6,005 Members and $298,170,012 Assets | |
Healthcare & Municipal Employees' Credit Union Limited | ON; Hamilton region | 6 Branches, 10,807 Members and $273,947,155 Assets | |
Christian Credit Union | AB; Edmonton, Lethbridge | 2 Branches and $269,800,000 Assets | |
Revelstoke Credit Union | BC; Revelstoke | 2 Branches, 5,000 Members and $266,656,830 Assets | |
Vermilion Credit Union | AB; Vermillion, Mannville | 2 Branches, 3,486 Members and $248,628,358 Assets | |
Belgian Alliance Credit Union | MB; Winnipeg | 3 Branches, 5,000 Members and $230,644,097 Assets | |
Compass Credit Union | MB; South region | 3 Branches and $221,917,252 Assets | |
Raymore Credit Union | SK; Raymore, Dysart | 2 Branches, 3,000 Members and $216,479,219 Assets | |
Columbia Valley Credit Union | BC; Golden | 1 Branch, 4,500 Members and $215,193,802 Assets | |
Kingston Community Credit Union (KCCU) | ON; Kingston | 3 Branches, 12,000 Members and $211,889,378 Assets | |
Winnipeg Police Credit Union | MB; Winnipeg | 2 Branches and $211,681,119 Assets | |
Osoyoos Credit Union | BC; Osoyoos | 4 Branches, 3,892 Members and $204,307,458 Assets | |
Southwest Credit Union | ON; Sarnia, Corunna, Wyoming, Wallaceburg | 4 Branches, 6,300 Members and $197,000,000 Assets | |
Northern Birch Credit Union | ON; Toronto, Hamilton | 3 Branches and $192,342,419 Assets | |
Ganaraska Credit Union | ON; Cobourg | 2 Branches and $192,209,991 Assets | |
Community Credit Union | NS; Truro, Amherst | 3 Branches, 6,978 Members and $192,200,000 Assets | |
Momentum Credit Union | ON; Oakville, Hamilton | 2 Branches and $155,307,955 Assets | |
Oshawa Community Credit Union | ON; Oshawa | 1 Branch, 3,200 Members and $143,603,464 Assets | |
Souris Credit Union | PEI; Souris | 1 Branch, 3,445 Members and $118,694,239 Assets | |
Median Credit Union | MB; Winnipeg | 1 Branch, 3,725 Members and $118,585,482 Assets | |
Turtleford Credit Union | SK; Turtleford | 1 Branch, 2,077 Members and $109,017,842 Assets | |
Sandhills Credit Union | SK; Leader | 1 Branch and $101,968,967 Assets | |
Bay Credit Union | ON; Thunder Bay | 2 Branches, 5,000 Members and $88,846,811 Assets | |
St Joseph's Credit Union | NS; Petit-de-Grat | 1 Branch, 2,800 Members and $86,000,000 Assets | |
Beaubear Credit Union | NB; Beaubear | 2 Branches and $81,611,908 Assets | |
Public Service Credit Union | NL; St. John's | 1 Branch and $73,897,321 Assets | |
Victory Credit Union | NS; North regions | 3 Branches, 3,700 Members and $72,991,189 Assets | |
Teachers Plus Credit Union | NS; Bedford | 1 Branch, 2,700 Members and $70,041,080 Assets | |
Dundalk Credit Union | ON; Dundalk, Feversham | 5 Branches, 2,100 Members and $67,851,761 Assets | |
Lahave River Credit Union | NS; Bridgewater | 1 Branch, 2,200 Members and $61,460,998 Assets | |
Morell Credit Union | PEI; Morell | 1 Branch, 2,400 Members and $61,380,444 Assets | |
iNova Credit Union | NS; Halifax | 1 Branch and $52,347,018 Assets | |
Glace Bay Central Credit Union | NS; Glace Bay, Sydney | 1 Branch, 3,750 Members and $45,000,000 Assets | |
New Waterford Credit Union | NS; New Waterford | 1 Branch, 2,200 Members and $39,000,000 Assets | |
North Sydney Credit Union | NS; North Sydney | 1 Branch, 2,000 Members and $35,702,044 Assets | |
Venture Credit Union | NL; Eastern regions | 4 Branches, 3,700 Members and $34,000,000 Assets | |
Korean (Toronto) Credit Union | ON; Toronto | 1 Branch and $25,199,242 Assets | |
New Ross Credit Union | NS; New Ross, Chester Basin | 2 Branches, 3,000 Members and $25,000,000 Assets | |
Valley First Credit Union | BC; Southwest regions | 15 Branches | |
Envision Credit Union | BC; Southwest regions | 21 Branches | |
Acadian Credit Union | NS; Chéticamp | 1 Branch | |
Educators Credit Union (ECU) | ON; Kitchener, Waterloo, Cambridge | 3 Branches | |
Beaumont Credit Union (ACBU) | AB; Beaumont | 2 Branches | |
Cape Breton Credit Union | NS; Sydney, Glace Bay | 2 Branches | |
Golden Horseshoe Credit Union | ON; Hamilton | 2 Branches, 3,200 Members | |
Princess Credit Union | NS; Sydney | 1 Branch | |
Dominion Credit Union | NS; Dominion | 1 Branch | |
NBTA Credit Union | NB; Fredericton | 1 Branch | |
Ontario Educational Credit Union | ON; Mississauga | 2 Branches |
There are three federally regulated credit unions in Canada:
These federal credit unions are members of the Canada Deposit Insurance Corporation (CDIC), meaning your eligible deposits at these two federal credit unions are insured and protected for up to $100,000.
Federal Credit Unions are regulated just like banks are in Canada; they are both regulated by the Office of the Superintendent of Financial Institutions (OSFI) and operate under the Bank Act.
Provincial credit unions are regulated by their home provinces. Provincially regulated credit unions are not covered by CDIC deposit insurance but are usually covered by provincial coverage. For example, the Financial Services Regulatory Authority of Ontario (FSRA) covers eligible deposits at credit unions and at caisses populaires in Ontario for up to $250,000 for non-registered accounts and offers unlimited coverage for registered accounts. Given the location restrictions of credit unions, each province typically has different companies. For a complete list of credit unions, you can view our list.
While credit unions may have limited branches, many credit unions and smaller banks participate in the EXCHANGE Network. If you are a participating credit union member, you can use ATMs at all EXCHANGE ATMs across the country without any fees. In comparison, if you are a big bank customer, you may be charged a fee to use another bank’s ATM.
Some participating credit unions and banks in the network include Alterna Savings, Canadian Western Bank, Coast Capital Savings, DUCA Credit Union, FirstOntario Credit Union, HSBC Bank, ICICI Bank,Laurentian Bank, Manulife, Motusbank, Meridian Credit Union, National Bank, and Vancity Credit Union.
Many credit unions started as closed bond unions, meaning they only service a specific segment. For example, a closed bond credit union would only serve members of a particular profession or religion.
Today, only some closed bond credit unions exist, such as the Ontario Provincial Police Credit Union and various Teachers' unions. However, most of them are open bonded and provide their service to the surrounding neighbourhoods. Given most credit unions operate locally, they have a strong understanding of local first-time home buyer incentives.
All Atlantic Canada credit unions have an agreement that allows members to visit other unions. For example, if you're a Nova Scotia Credit Union member, you can walk into a separate PEI company and receive the same service.
Disclaimer: