Like many Canadians, I've grown pretty tired of big banks and therefore recently opened a Coast Capital Free Chequing, Free Debit, and More Account. After reading up on the many benefits that credit unions offer, including their superior customer service, I was eager to give Coast Capital a shot and see the benefits for myself.
Of course, I love the no monthly fees and the free use of ATMs across Canada. But what really sealed the deal for me is Coast Capital’s focus on social impact.
Here are the top 4 reasons I switched, and why it might convince you to do the same.
Key Takeaways
- Coast Capital Savings is a certified B Corporation and a member of the Net-Zero Banking Alliance with a commitment to making a lasting social impact.
- It's recently expanded its scope to serve all of Canada, Quebec excepted.
- It offers many of the benefits of a big bank, including a long product catalogue, alongside benefits of online-only banks, including high interest rates.
- I have the Coast Capital Free Chequing, Debit, and More Account and it's fantastic, but the Coast Capital Unlimited Chequing Account is also an excellent product that's worth considering.
1. Coast Capital’s commitment to social impact
As a Certified B Corporation, Coast Capital is part of a global movement striving for economic change that results in inclusive, equitable, and regenerative economies.
Here are a few other of Coast Capital's social initiatives:
- Joining the Net-Zero Banking Alliance, an initiative focused on achieving net-zero emissions by 2050
- Reinvesting 10% of its annual budgeted bottom line into local projects and initiatives within the community
- Making a $1 million commitment to the Construction Foundation of BC and launching the Coast Capital Road to Red Seal program, providing support for tradespeople pursuing their Red Seal designation
- Working with DIVERSEcity to provide guidance and financial support for women newcomers to Canada working to resume their professional careers here
- Providing Education Awards to barrier-breaking youth via CFBC, Indspire, The Youth Futures Education Fund, and more
- Offering Elevate Chequing Account holders free access to Coursera's online learning platform so users can develop their professional skills and improve employability
2. It has the perks of an online-only bank and a traditional bank
While many Canadians, including myself, can only use Coast Capital as a digital bank because their physical locations are all in BC, the fact that it's not a digital-only bank means that it offers more products and services than other online-only institutions.
This includes a variety of low to no-fee chequing and savings accounts, credit cards, student and senior-specific products, and commercial banking solutions.
Plus, as a credit union, Coast Capital can offer high interest rates, comparable to some online-only banks. In other words, you can have the increased number of products and services of a traditional bank, plus the lower fees and higher returns of an online-only bank.
3. Low to no monthly fees, free ATM use across Canada, and affordable e-Transfers
If all you need is a no-frills chequing account, something that will hold your money and let you make as many withdrawals as possible, the Coast Capital Free Chequing, Free Debit, and More Account is an excellent choice.
Here's what I like most about this account:
- No monthly fee
- Unlimited day-to-day transactions
- Free ATM withdrawals via The EXCHANGE Network
- Receive unlimited Interac e-Transfers per month
- Send unlimited Interac e-Transfers for $1.50 each
- Mobile cheque deposits
On the other hand, if you want a few more bells and whistles, check out the feature-rich Coast Capital Unlimited Chequing Account and the Coast Capital Elevate Chequing Account. These come with perks like free and unlimited Interac e-Transfers and a free book of cheques each year
Although these accounts do have a monthly cost, the fees are quite reasonable and can be waived or lowered in a variety of ways.
4. You don’t have to be a BC resident to join
Coast Capital started in British Columbia back in 1940 and has served the residents of that province well for many years. Luckily, though, things have recently changed and Coast Capital now serves most of the country.
I live in Nova Scotia and I’ve had my eye on Coast Capital for a while. Since I work in personal finance, I recognized fairly quickly that I'd open an account with this bank if it was possible, and now I can!
And you can too – unless you live in Quebec – Coast Capital hasn't quite expanded that far yet.
Keep in mind that the only brick-and-mortar Coast Capital locations are in BC.
Why you should also consider the Coast Capital Unlimited Chequing Account
Yes, Coast Capital offers a perfectly good free chequing account with the Coast Capital Free Chequing, Free Debit, and More Account, but you might want to take a look at the Coast Capital Unlimited Chequing Account too. It's reasonable $8.50 monthly price tag covers quite a bit of ground:
- Unlimited transactions
- Free and unlimited Interac e-Transfers
- 25 cheques for free each year
- Free access to THE EXCHANGE Network of ATMs
- Identity protection from ID Assist
- Free paper and eStatements
- $0 monthly fee for students and seniors, or with a minimum balance of $4,000
- A $5 monthly fee discount after setting up a recurring direct deposit
Get access to free ID theft protection and unlimited free e-Transfers with the Coast Capital Unlimited Chequing Account. It’s available in all provinces (except for Quebec) for a lower-than-average monthly fee.
- Reasonable monthly fee***
- Valuable welcome offer**
- Free ID Assist protection
- Discounts for seniors, youth, and others***
- Free cheques each year
- Unavailable in Quebec
- No free unaffiliated ATM withdrawals
- Be the age of majority in your province or territory
- Have a SIN
- Live in Canada (except Quebec)
- New members must purchase a minimum of $5 in membership equity shares
$125 GeniusCash + New members can get $250** when they open and use an Unlimited Chequing Account.
- Online identity theft protection and monitoring (Value $96/year)
- Free withdrawals and deposits at more than 4,000 ATMs across Canada
$125 GeniusCash + New members can get $250** when they open and use an Unlimited Chequing Account.
Are you considering switching to Coast Capital?
Now that I’ve mentioned the reasons why I switched to Coast Capital, are you going to do the same? Or would you prefer to stay with your current bank? And how do you feel about credit unions vs. traditional banks?
Let us know in the comments, and share your experience and thoughts.
$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
$25 GeniusCash + $50 bonus for funding a new account, and $0 commissions on stocks & ETFs
$12 GeniusCash + Access trusted news coverage 24/7 + Digital and home subscription options.
$25 GeniusCash + Delicious meal choices with fresh ingredients + Front-door delivery.FAQ
Is Coast Capital a good bank?
Yes, Coast Capital is a reputable, CDIC-insured credit union that has offered financial products and services to the residents of BC since the 1940s (albeit under a different name). It currently has about 600,000 members across Canada.
Is Coast Capital still a credit union?
Yes, it is. Coast Capital became a federal credit union in 2018, opening its services up to Canadians outside of BC. It's still a member-owned financial cooperative where members have voting rights for its board of directors, etc.
Are your Coast Capital funds insured?
Coast Capital is a CDIC member, which means your funds are insured. A max of $100,000 per depositor and per eligible deposit category is protected. Each member is automatically protected once they join the credit union.
Can I use Coast Capital in the U.S.?
Yes, Coast Capital members have access to ATMs across the U.S. and around the world thanks to partnerships with the Accel, Cirrus, and ACCULINK networks. Plus, use your Coast Capital credit card wherever Mastercard is accepted.
How do you join Coast Capital?
You can become a Coast Capital member/client either by applying online or by visiting a branch in BC. Both options take only minutes to complete, and you only need to purchase $5 of membership equity shares.
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