FirstOntario Credit Union
This Page's Content Was Last Updated: July 21, 2026
Important Information
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Managing $7.2 billion in total assets, FirstOntario Credit Union stands as the #15 largest credit union in Canada. Our independent review breaks down FirstOntario Credit Union’s consumer offerings, deposit safety under the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF), and competitive rates for Ontario depositors and home buyers.
Jump to Section: Institution Overview•Mortgage Rates•GIC Rates•Financial Performance
Credit Union
FirstOntario
FirstOntario Credit Union is a credit union located in Ontario. It was founded in 1939. It primarily serves Greater Hamilton Area, Halton Region and and the Niagara Region.
FirstOntario Credit Union has roots in southern Ontario’s labour and community credit union history. It traces its origins to 1939, when employees of the Steel Company of Canada in Hamilton formed Stelco Employees Credit Union. Over time, it grew through mergers with other community based cooperatives, including Niagara region predecessors, and adopted the FirstOntario name in 2000.
Today, FirstOntario serves members across Hamilton, Niagara, Halton, and southwestern Ontario with personal and business banking, mortgages, loans, investments, and financial advice. As a member owned cooperative, it reinvests profits into local partnerships, charitable support, and community programs.
One of its established community initiatives is support for student nutrition programs, which help provide food to students through local school and community partners.
Provinces served
Number of Members (as of 2025): ~126,000
FirstOntario Mortgage Rates
The mortgage rates on this page were last updated on September 21, 2026 at 6:15 PM ET.
| Lender | Term | Insured down payment < 20% | Insurable home < $1M & amortization ≤ 25yr | Uninsured home ≥ $1M or refinances |
|---|---|---|---|---|
| FirstOntario Credit Union | 6-Month Fixed | 6.34% | 6.34% | 6.34% |
| FirstOntario Credit Union | 1-Year Fixed | 5.34% | 5.34% | 5.34% |
| FirstOntario Credit Union | 2-Year Fixed | 4.79% | 4.79% | 4.79% |
| FirstOntario Credit Union | 3-Year Fixed | 4.79% | 4.79% | 4.79% |
| FirstOntario Credit Union | 4-Year Fixed | 4.84% | 4.84% | 4.84% |
| FirstOntario Credit Union | 5-Year Fixed | 4.89% | 4.89% | 4.89% |
| FirstOntario Credit Union | 7-Year Fixed | 5.79% | 5.79% | 5.79% |
| FirstOntario Credit Union | 10-Year Fixed | 5.99% | 5.99% | 5.99% |
| FirstOntario Credit Union | 5-Year Variable | 3.55% | 4.05% | 4.05% |
* Rates are for informational purposes only and reflect the lowest rates available. Rates may change at any time and may be applicable only to certain borrowers. Terms and conditions apply. | ||||
Looking for fine-print details? Read our comprehensive FirstOntario Credit Union Mortgage Rates, Prepayment Privileges & Penalty Review to learn about annual lump-sum rules, payment increases, and early payout calculations.
FirstOntario GIC Rates
The GIC rates on this page were last updated on September 21, 2026 at 5:44 PM ET.
| Term | Non-Registered Rate | Registered Rate |
|---|---|---|
| 6-Month | 2.60% | 2.60% |
| 9-Month | 2.75% | 2.75% |
| 1-Year | 3.10% | 3.10% |
| 2-Year | 3.40% | 3.40% |
| 3-Year | 3.55% | 3.55% |
| 4-Year | 3.55% | 3.55% |
| 5-Year | 3.65% | 3.65% |
* Rates are for informational purposes only and reflect the highest rates available. Rates may change at any time and may be applicable only to certain depositors. Terms and conditions apply. | ||
FirstOntario Credit Union Ranking Among Credit Unions Monitored by WOWA
15th
by Assets
of 134 credit unions
14th
by Loans
of 133 credit unions
14th
by Deposits
of 133 credit unions
FirstOntario Credit Union ranks 15th among Canadian credit unions by assets monitored by WOWA, 14th by loans, and 14th by deposits, as of December 31, 2025. You can view the complete list of Canadian credit unions here.
FirstOntario Credit Union Branch Locations
Chequing and Savings Accounts
The account-related data on this page was last updated on July 20, 2026.
Chequing Accounts
Chequing Account
1. Account: Pay As You Go
- Standard Fee
- Free
- Free Transactions
- 0
- Max e-Transfer / Day
- $10,000
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- This account allows 0 free transactions.
- Debit Card Transaction: $0.50 In-Branch Withdrawal: $1.00 Cheque: $1.00 Pre-Authorized Debit: $1.00 Interac e-Transfer: $1.50 Overdraft Protection: $2.50 per month
- Maximum Interac e-Transfer per day: $10,000
- Maximum Interac e-Transfer per week: $10,000
- This limit may vary depending on the client profile.
- FirstOntario Pay As You Go is a no-monthly-fee chequing account with transactions charged individually. Bill payments and transfers are free, debit card transactions cost $0.50 each, and in-branch withdrawals, cheques, and pre-authorized debits cost $1 each. Interac e-Transfers cost $1.50, with free withdrawals at participating ATMs across Canada and the U.S.
Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Chequing Account
2. Account: Premium
- Standard Fee
- $13.95/mo
- Free Transactions
- Unlimited
- Max e-Transfer / Day
- $10,000
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- The monthly account fee is waived if you maintain a minimum balance of $4,000 in your account.
- The monthly account fee is waived if you receive at least $1,500 in direct deposits each month.
- The account fee may be waived for students and youth.
- This account allows Unlimited free transactions.
- 10 free Interac e-Transfers are included each month.
- Maximum Interac e-Transfer per day: $10,000
- Maximum Interac e-Transfer per week: $10,000
- This limit may vary depending on the client profile.
- FirstOntario Premium includes unlimited transactions, 10 free Interac e-Transfers per month, free overdraft protection, and up to a $60 annual rebate on an eligible FirstOntario Visa. Its $13.95 monthly fee is waived with a $4,000 minimum daily balance or $1,500 monthly payroll or pension direct deposit, and for youth and students under 25.
Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Chequing Account
3. Account: Premium Unlimited
- Standard Fee
- $19.95/mo
- Free Transactions
- Unlimited
- Max e-Transfer / Day
- $10,000
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- The monthly account fee is waived if you maintain a minimum balance of $6,000 in your account.
- The monthly account fee is waived if you receive at least $2,500 in direct deposits each month.
- This account allows Unlimited free transactions.
- Maximum Interac e-Transfer per day: $10,000
- Maximum Interac e-Transfer per week: $10,000
- This limit may vary depending on the client profile.
- FirstOntario Premium Unlimited is a $19.95-per-month chequing account with unlimited transactions and Interac e-Transfers. It includes the Benefits1 Bundle for legal, estate, identity theft, and home referral assistance, plus unlimited bank drafts and 100 cheques per year. The monthly fee can be waived with a $6,000 minimum daily balance or eligible $2,500 monthly direct deposit.
Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Savings Accounts
Savings Account
Account: Daily Interest Savings
- Interest Rate
- 0.05%
- Standard Fee
- Free
- Free Transactions
- 2
- Max e-Transfer / Day
- $10,000
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- This account allows 2 free transactions.
- Unlimited debit transactions are included when a minimum balance of $3,000 is maintained.
- Maximum Interac e-Transfer per day: $10,000
- Maximum Interac e-Transfer per week: $10,000
- This limit may vary depending on the client profile.
- FirstOntario Daily Interest Savings is a no-monthly-fee savings account with no minimum balance requirement and unlimited free deposits. Interest is calculated daily and paid at month-end. It includes 2 free debit transactions per month, which become unlimited when a minimum monthly balance of $3,000 is maintained.
Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Savings Account
Account: High Interest eSavings
- Interest Rate
- 0.60%*
- Standard Fee
- Free
- Free Transactions
- 2
- Max e-Transfer / Day
- $10,000
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- This account allows 2 free transactions.
- Maximum Interac e-Transfer per day: $10,000
- Maximum Interac e-Transfer per week: $10,000
- This limit may vary depending on the client profile.
*Interest Rate Breakdown by Balance
Balance amount Interest rate $0.00 to $100,000.00 0.60% $100,000.01 to $200,000.00 0.75% $200,000.01 or over 0.80% - FirstOntario High Interest eSavings is a no-monthly-fee savings account with no minimum balance requirement and tiered interest based on the account balance. Interest is calculated daily and paid at month-end. It includes unlimited free deposits and debit transactions, along with free drafts and certified cheques and a $10 safe deposit box discount.
Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Savings Account
Account: Investment Savings
- Interest Rate
- 0.30%*
- Standard Fee
- Free
- Free Transactions
- 1
- Max e-Transfer / Day
- $10,000
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- This account allows 1 free transaction.
- Maximum Interac e-Transfer per day: $10,000
- Maximum Interac e-Transfer per week: $10,000
- This limit may vary depending on the client profile.
*Interest Rate Breakdown by Balance
Interest rates differ by account type:
Balance amount Interest rate Non-Registered Savings 0.30% TFSA Investment Savings 0.60% FHSA Investment Savings 3.20% RRSP Investment Savings 0.05% RRIF Investment Savings 0.05% - FirstOntario Investment Savings is a no-monthly-fee savings account with no minimum balance requirement and 1 free debit per month. Interest is calculated daily and paid monthly, with rates varying by account type. The account includes unlimited free deposits and is available in non-registered, TFSA, FHSA, RRSP, and RRIF versions.
Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Key Financial Metrics and Trends
| Metric | 2025 | YoY Change | 5-Year Change |
|---|---|---|---|
| Assets | $7,174M | +8.9% | +38.0% |
| Loans | $6,424M | +8.8% | +39.8% |
| Deposits | $6,181M | +11.9% | +42.2% |
| Loan-to-Deposit Ratio | 103.9% | — | — |
| Mortgages + HELOCs | $4,723M | +11.2% | +30.5% |
| Securities | $399M | +10.2% | -19.9% |
| Revenue | $151M | +19.8% | -6.8% |
| Efficiency Ratio | 76.2% | — | — |
| Target Members / Region | Greater Hamilton Area, Halton Region, and the Niagara Region | — | — |
FirstOntario Credit Union Deposits, Loans and Revenue in the Past 5 Years
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