Managing your finances is one of those skills that's always worth working on. There are many moving parts, from the institution you should join down to the account types you should open.
While some people follow in the footsteps of friends or family and take the traditional banking route, there's another option that one-third of Canadians (that's over 10 million) have chosen — joining a credit union.
But what is a credit union, anyway? Simply put, it's a secure and well-regulated financial institution that offers the same products and services you'd expect from a bank: chequing and savings accounts, online banking, investments, registered accounts (like RRSPs), small-business loans, mortgages and more.
If you're still unsure of whether joining one of Canada's Credit Unions is right for you, here are seven reasons to consider making the switch.
You're not just a member, you're an owner
When you bank with a credit union, you become a member and an owner. All credit unions operate under the "one member, one vote" model, meaning you get a say in how your institution is run.
You have a voice in voting for your credit union's board of directors, no matter how much you've invested or what's in your account (yay democracy!).
Credit unions have award-winning service
Canada’s credit unions pride themselves on delivering best-in-class customer service, and their dedication hasn't gone unrecognized. For the 18th year in a row, Canadian credit unions have won the Ipsos Customer Service Excellence Award.
In 2022, they also won awards in five more categories, including Financial Planning and Advice, Live Agent Telephone Banking Excellence and Online Banking Excellence.They're community orientated & locally based
If giving back is a high priority for you, you'll be able to share that value with your credit union. Credit unions are able to reinvest part of their profits in their local communities through charitable organizations and initiatives, and some even give back to their members through profit sharing.
For anyone looking to buy their first home or better manage their debt, many credit unions also offer free community workshops through the Each One, Teach One program, designed to help Canadians become more confident in their money decisions — so no more anxious calls to your parents to ask for adviceGet customized financial advice just for you
Whatever your unique needs or situation, credit unions work with you to help you achieve your goals. They provide personalized financial advice and are committed to supporting your financial well-being.
Credit unions have competitive mortgage rates
Canada’s credit unions are among the largest lenders to homeowners in Canada. They offer competitive rates, and their localized expertise can allow them to offer members quicker and more personalized decision-making.
They're a leader in small-business lending
Budding entrepreneurs, take note. As the leader in small-business lending, credit unions can offer business owners a number of financing options that are simple, flexible and affordable — so don't be nervous to dream big.
You get access to surcharge-free ATMs in Canada
Canadian credit union members get great perks like access to over 5,200 ATMs across the country through the ACCULINK shared service and the Exchange Network. This ATM network is bigger than most big banks’, and it’s surcharge free!
Making the switch to a credit union is a decision you can feel comfortable about. And with more than 200 credit unions across the country, finding an institution closest to you is easy.
Wherever your financial journey may take you, Canada’s Credit Unions are ready to guide you along the way.
To learn more about credit unions, check out Canada’s Credit Unions’ website or follow them on Facebook, Instagram, Twitter or YouTube.
This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.