The 12 Best Credit Unions in Toronto [2022] (2024)

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Credit unions are a great alternative to banks, and there are plenty of great options to choose from in Toronto. Whether you’re looking for low interest rates, great customer service, or a credit union that offers a wide range of products and services, we’ve got you covered.

We’ve compiled a list of the 12 best credit unions in the city, so you can find one that fits your needs. If you’re not sure where to start, check out our list and find the perfect credit union for you!

To create this list, we looked at a number of different factors. These include:

• Interest rates: Credit unions typically offer lower interest rates on loans and higher interest rates on savings accounts than banks. This can help you save money on your borrowing costs and grow your savings faster.
• Customer service: Credit unions are known for their great customer service. This is because they’re typically smaller than banks and have a more personal touch. If you’re looking for a financial institution that will treat you like a person and not a number, a credit union is a great choice.
• Range of products and services: Credit unions offer a wide range of products and services, from chequing and savings accounts to loans and investment products. This gives you the flexibility to find a credit union that offers everything you need in one place.
• Locations: Credit unions typically have branches located across the city, so you can find one that’s convenient for you.

At Member Savings Credit Union, they appreciate the services that they provide to their clients. They take the time to get to know them and provide them with personalized solutions. As a credit union member, you have access to many free services for the first three months of your membership.

During this time, all fees are waived so you can build your business with them and also provide them with time to understand your banking needs. The benefits package increases with business income. So, the more you do with Member Savings Credit Union, the more you’ll save!

At Meridian Credit Union, they offer many of the same products and services that a major bank provides, along with a more individual and customer-friendly approach. They’re deeply committed to their members and to the communities they serve, and they’re always keeping up to date with new trends in an effort to help Members – like innovative services, community programs, incredible service, and low rates.

They offer you various chequing accounts, each with unique offerings to best suit your needs. In addition, they offer seniors (over the age of 60) and members (aged 18 to 29) free unlimited transactions. Your variety of chequing accounts definitely offer a range of free transactions without any monthly expenses. The money you earn on your account will be completely risk-free.

At Moya Financial Credit Union, your initial membership deposit qualifies you as a member-owner. You have a voice in how you operate financially in your personal lives as well as that of the credit union’s community. As a member-owner, you even have the right to vote for on the Board of Directors.

These members facilitate the decision-making process on behalf of the credit union. They provide higher interest on their members’ savings accounts and lower interest rates on loans and credit cards, with their primary focus being to benefit their members.

If a member has money deposited in any combination of accounts, it is covered by federal deposit insurance up to $250,000.

Alterna Savings is Ontario’s third-largest credit union and one of the best ten credit unions in the country has competitive rates and transparent and friendly advice. A dedicated team of commercial service and community business banking pros at the facility can help you reach your business goals.

Its online brokerage and investment management services provide industry-leading brokerage and investment advisory services. Alterna was the first credit union to participate in the federal Community Microfinance Program, which facilitates microloans to small business owners.

Additionally, the credit union provides support services to entrepreneurs through one-on-one counseling, financial education, tools, and workshops.

PARAMA Credit Union is the perfect alternative to traditional banks. With assets of approximately $500 million, we offer a wide range of services including mortgages (residential & co-op apartments), safety deposit boxes, chequing and savings account, GICs, and investments.

Their modern, full-service financial institution is committed to providing members with the best possible service and financial products. Whether you’re looking for a new place to park your money or you’re in the market for a mortgage, PARAMA Credit Union is a great choice.

BCU Financial Credit Union is a federally chartered credit union serving the people of Toronto. With many members, BCU Financial Credit Union is one of the largest credit unions in Canada. The credit union offers a wide range of financial products and services, including checking and savings accounts, loans, mortgages, insurance, and investments.

BCU Financial Credit Union is also home to one of the most comprehensive lending libraries in the province. These are some of their advantages; competitive mortgage and loan rates, convenient mobile and internet banking and many more.

bcufinancial.com
+14167636883
2280 Bloor St W, Toronto, ON M6S 1N9

At the Fort York Community Credit Union, you’re more than just a customer. The FYCCU exists to serve you and would not exist without you. The money you deposit at the Credit Union is loaned to other members who need loan funds.

Those who borrow understand that the money belongs to the members of the Credit Union and others in their community. Their profits are invested into developing new services for their members. Some of the services they offer is; Collabria Credit Card, Full Pay Deposit, Chequing & Savings Accounts, RRSP’s, Credit & Mortgage Protection Insurance and more.

Comtech Fire Credit Union is a full service financial institution that offers top-notch advantages to their members and their kin. Having more than $530 million in total assets and locations in more than 20 cities in Ontario, their business has prospered over the course of more than five decades.

The Credit Union is devoted to offering its customers with affordable financial advice and personalized service in the environment of a relationship-driven relationship. Some of the services they provide include chequing and savings accounts, loans, mortgages, investments, and even insurance!

They have a wide network of ATMs and online/mobile banking options for the customer’s convenience. Regardless of what your needs are, Comtech Fire Credit Union will be able to help you out.

Tandia Financial Credit Union is a not-for-profit financial cooperative in Toronto and surrounding areas. The MemberOne Branch offers a full range of banking products and services, including loans, deposit products, mortgages and insurance. The Branch also offers a wide variety of financial education and support programs.

At Tandia, you are not just another client, you are a member of their family and an owner. That means that you can be confident that you will receive services that are just right for you. Recognizing that every individual is unique, they devote their work to better ensure that each person gets what they need.

The Police Credit Union is a one-stop shop for personal financial services that is committed to helping members reach and maintain financial stability. With competitive rates and their attractive reward programs, Police Credit Union members know they are part of a large family.

Their staff of experienced and caring financial experts is always available to support you throughout the loan application process. As a credit union, they dedicated to help make your finances as easy as possible.

Central 1’s position as a leading financial institution has allowed it to support a strong credit union system for over 75 years. It is also well-positioned to lead the way towards a more sustainable financial future.

Their responsible investing approach that takes into consideration ESG factors, as well as the long-term financial health of the market. With growing support from investors and financial institutions alike, it has two goals: maximizing positive environmental and social impact, and minimizing negative impact.

Central 1 is committed to responsible investing, and is working to integrate ESG factors into its investment decision-making process. This commitment will help create a more sustainable future for their clients, their customers, and society as a whole.

If you are looking for a credit union in Toronto, the 12 institutions listed above should give you plenty of good options. Each one offers its own unique set of products and services, so it is important to do your research before deciding which is the best fit for your needs.

For more information on each individual credit union, be sure to click through to their website or contact them directly. We hope this list helps you find the right financial institution for your needs.