The best credit union in Canada is Coast Capital Savings, followed closely by Vancity and Servus Credit Union. Coast Capital is one of only three federally-regulated credit unions in Canada, which is likely a contributing factor of its large membership base.
Many Canadians prefer the community-centered approach to personal banking offered by credit unions. These institutions often surpass the big banks in terms of customer service, interest rate returns, and community involvement.
Here, we'll look at the top credit unions in the country, covering where they're located, what they offer, and what makes them stand out.
Key Takeaways
- Coast Capital Savings is the best credit union in Canada.
- Coast Capital Savings is the largest credit union in Canada, in terms of membership base, with Vancity as a close second.
- Coast Capital Savings and Innovation Credit Union are both federally regulated, which allows them a broader reach across the country.
- Credit unions provide all the financial services you’d expect from a bank, and even exceed them in certain ways.
What are the best credit unions in Canada?
When you consider all the product menu size and variety, plus the number of clients it serves, Coast Capital is the best credit union in Canada, followed closely by Vancity and Servus.
Credit unions typically only serve a single province, but there are a few exceptions, including Meridian and Coast Capital.
To help you compare, we’ve listed the top credit unions in Canada and what they do best:
| Credit union | Membership size | Locations | Province | Best for… |
|---|---|---|---|---|
| Coast Capital | 600,000 | 45 | BC | Unique account perks |
| Vancity | 570,000+ | 50+ | BC | Social responsibility |
| Servus | 500,000 | 100+ | AB | Profit Share program |
| Meridian | 360,000+ | 87 | ON | Digital tools |
| Access | 206,000 | 47 | MB | Workplace culture |
| Alterna Savings | 206,000 | 46 | ON | Good rates and fees |
| Innovation | 67,500+ | 26 | SK | No-fee accounts |
Coast Capital Savings Credit Union
Coast Capital Savings is based in British Columbia but does offer some of its products Canada-wide (except Quebec), serving around 600,000 clients. It also offers impressive welcome bonuses, excellent digital banking solutions, and a few unusual but very valuable account perks.
Joining Coast Capital is easy, too. You can do so online, over the phone, or in person by booking an appointment and visiting a physical location.
One of this institution's top products is the Coast Capital Elevate Chequing Account. For a very reasonable $16.95 each month (discounted for certain age groups), account holders have many premium features. These include unlimited transactions and Interac e-Transfers, 50 free cheques each year, and three free international ATM withdrawals every year.
It's also a prime example of an account with unusual but thoughtful account perks. Users receive free ID Assist for identity theft protection, as well as complimentary access to Coursera, which features more than 11,000 courses, professional certificates, and designations.
The Coast Capital Elevate Chequing Account offers complimentary Coursera*** access and identity theft protection, in addition to free unlimited e-Transfers, more included ATM transactions and a credit card rebate.
- Monthly fee discounts available****
- Annual fee rebate on select Coast Capital credit cards
- 50 free cheques annually
- Free ID protection and password manager
- Free access to Coursera***
- Limited unaffiliated ATM withdrawals and slightly higher ATM fee
- Not available in Quebec
- Have a SIN
- Age of majority in your province
- Live in Canada (except Quebec)
- New members must purchase a minimum of $5 in membership equity shares
$125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
- Free access<sup>***</sup> to Coursera's global learning platform (Value $538/year)<sup>*</sup>
- Free identity theft protection and password manager with ID Assist
- New members must purchase a minimum of $5 in membership equity shares
- 2 free Interac network Canadian ATM withdrawals per month<sup>†</sup>
- 3 free International ATM withdrawals per year<sup>††</sup>
$125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
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Vancity Credit Union
Another British Columbia-based credit union is Vancity, which serves more than 570,000 members and is one of the largest private-sector Living Wage employers in Canada. It’s open to BC residents only, and the membership requirement is $5 for shares.
Vancity places a high value on socially responsible investments (SRIs), as well as a number of socially responsible initiatives. In 2013, Vancity was named as one of Canada's most socially responsible companies, and it's certainly worked hard to maintain this focus.
With a wide menu of personal and business banking products, including bank accounts, credit cards, mortgages, investments, and much more, Vancity is an excellent choice for those who value social responsibility along with value and convenience.
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Servus Credit Union
Servus Credit Union is Alberta’s largest credit union with over 100 branch locations in 60 communities, providing a variety of financial products and services comparable to any big bank. It's also the largest credit union in Canada by total assets – $38.4 billion as of April 2025.
Most, if not all, credit unions have a profit-sharing program, but Servus' program is consistently one of the most successful in the country. In 2020, it paid out a record $33.3 million. In 2023, this went up to $68.1 million and then to $88 million in 2024. It's hard to ignore numbers like this, so it's unsurprising that Servus has about 500,000 clients.
These clients have access to numerous quality banking products, which include a few notable U.S. bank accounts, both savings and chequing. Servus’ Fast Forward Small Loans are also worth mentioning – loans can be as small as $200 or as much as $2,500, with terms from three months to two years.
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Meridian Credit Union
With more than 360,000 members, 2,200+ employees, and 87 branches across Ontario, Meridian Credit Union is a popular credit union in central Canada. Like most credit unions, Meridian is community-focused, directing 4% of its pre-tax profits toward local initiatives and programs.
Its mobile apps and online banking platform are all quite well rated, in large part because they're frequently updated and enhanced, with new features frequently added. Meridian also partners with Qtrade, offering its clients an online broker with top-notch analytics tools and many educational tools.
Meridian often has valuable welcome offers, and consistently offers large amounts for its cash back mortgage options. If you're looking for a savings account, the Meridian High Interest Savings Account is one of the overall best savings accounts in Canada, and definitely the best option from a credit union.
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Access Credit Union
Based in Manitoba, Access Credit Union is one of the largest in the province. It serves roughly 206,000 clients via its 47 branches, online banking platform, and mobile apps,
One way that Access shows its commitment to community and typical credit union values is by creating a particularly attractive working environment for its staff. It's been listed as one of Manitoba's Top Employers for 10 years in a row, and in 2024 it was also mentioned as a top employer for recent graduates.
Aside from this, Access is a full service banking institution with a range of personal and business products, including specialized accounts for clients for youth, students, newcomers to Canada, and more. It's also worth noting that its mortgage rates are quite competitive.
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Alterna Savings and Credit Union Limited
Alterna Savings and Credit Union Limited – usually referred to simply as Alterna Savings – is a credit union that serves just over 200,000 clients at its 46 branch locations in Ontario. Its online arm, Alterna Bank, offers high quality products and services to Canadians across the country.
A Surviscor study ranks Alterna Bank as having the best banking rates and fees in Canada, receiving an 89% score for customer experience. Accounts directly from Alterna Savings have different rates and fees than its online subsidiary, but supporting Alterna Bank still means supporting the values and mission of this Ontarian credit union.
Alterna Savings offers a full suite of banking products and services, with enticing welcome offers for new accounts. Mortgage incentives worth up to $1,000 are also available.
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Innovation Federal Credit Union
Based in Saskatchewan, Innovation Credit Union is the province's first credit union (and only third in the country) to become federally regulated, so it now has national reach. Still, its branches are based in the prairies, concentrated in Regina and Saskatoon.
Partially due to its federal regulation, Innovation is known for its no-fee accounts, particularly the Innovation's No-Fee Bank Account. In fact, when Innovation first launched this account, it automatically switched 23,000 members over so they could immediately enjoy the benefit of no fees.
Of course, there are more products and services than just the one no-fee account. Innovation offers a full suite of products, from accounts and personal loans, to mortgages and credit cards. Business banking services are also available.
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How do credit unions work?
Credit unions are very similar to banks. They provide financial products and services like chequing and savings accounts, mortgages, business loans, investment advice, and much more.
Here are some key differences between a credit union and a normal bank:
- Banks are for-profit institutions, and credit unions are not-for-profit. Any revenue coming to a credit union is used to pay for operational costs.
- Credit unions are also collectively owned. To join a credit union, you need to purchase shares, making you part-owner. As an owner, you also get to vote on the credit union’s board of directors.
- Because of their not-for-profit status, credit unions typically have lower fees and can afford to pay higher interest rates on savings accounts.
- Most credit unions only serve a single province. This means that if you want to join a specific credit union, you have to be a resident of the province it serves.
- Credit unions generally offer fewer services and products than banks.
- Credit unions give back to their community.
- Most credit unions are provincially insured, unless they’re federally incorporated, such as Innovation or Coast Capital Credit Union.
- Credit unions participate in profit sharing, meaning that members receive dividends or equity if the credit union generates a profit.
FAQ
Are banks safer than credit unions?
Both institutions are protected by deposit insurance. In the case of banks, they’re insured by the CDIC. Credit unions are typically protected by provincial deposit insurers, though there are some credit unions that are federally regulated.
What's the difference between a credit union and a bank?
Banks are for-profit organizations owned by shareholders. Credit unions are not-for-profit organizations owned collectively by all of their members. Banks typically have a large menu of products and charge higher fees, whereas credit unions may offer less products at better rates.
How does a credit union work?
In a credit union, members pool their cash together in a single place. This cash is lent out to other members, similar to how a bank operates. But the difference is that since a credit union is a non-profit, any extra revenue is reinvested into the credit union or paid out to members.
Do credit unions have better customer service than banks?
On average, yes. According to the Canadian Federation of Independent Business, in 2019, credit unions ranked better than banks in terms of service. A quick search on Trustpilot reveals that while credit unions aren’t perfect, they typically have higher scores than banks.
Do credit unions have fewer ATMs to choose from?
Not necessarily. Canadian credit unions typically give you access to THE EXCHANGE and ACCULINK networks of ATMs, which allow members to access thousands of ATMs across Canada.
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