Related: Full guide for how to switch banks
Bank accounts offered by credit unions
Get a say in how your financial institution works. Compare these credit union bank accounts and have your say.
Wondering about credit unions? They’re smaller than the big traditional banks and run by members instead of shareholders, so you get more say in how they operate. But smaller institutions could mean fewer branches and ATMs. Check out our guide on credit union bank accounts and find out what to look for—and avoid—when exploring your options.
What are the top 10 credit unions in Canada?
Here are the top 10 largest credit unions in Canada based on assets as of the end of 2025:
- Desjardins: $510.2 billion
- Vancity: $41 billion
- Servus: $40.1 billion
- Meridian Credit Union Limited: $27.3 billion
- Coast Capital Savings Federal Credit Union: $22.9 billion
- Tru Cooperative Bank (formerly First West Credit Union): $20.8 billion
- Access Credit Union: $14.1 billion
- Beem Credit Union: $13.8 billion
- Alterna Savings Credit Union: $13.4 billion
- Prospera Credit Union: $11.1 billion
What is a credit union?
A credit union is a member-owned, not-for-profit financial institution that generally offers the same products as traditional banks, including chequing accounts, savings accounts, loans and mortgages. You typically need to pay a fee to join, making you a member and giving you a share in the organization with voting rights in how it’s managed or governed.
Originally, credit unions were created by various industries to give their workers access to banking products without having to pay high rates and fees. For this reason, many credit unions today still only cater to certain groups, such as teachers’ unions or religious groups. However, many have been able to expand their membership to the general public.
Credit unions vs traditional banks in Canada
Credit unions are member-owned and reinvest their profits back into the organization, which can result in lower fees, more competitive loan rates and a stronger focus on customer service. Traditional banks are shareholder-owned, for-profit institutions that typically prioritize returns for investors and offer broader access.
The comparison table below can help you evaluate the key differences between the two to help you choose where to open an account.
| Feature | Credit unions | Traditional banks |
|---|---|---|
| Ownership structure | Member-owned, not-for-profit | Shareholder-owned, for-profit |
| Fees | Often lower or more flexible | Often higher with standardized fee structures |
| Interest rates | Often competitive on savings and loans | Competitive but profit-driven |
| Account access | Regional branches and shared ATM networks | Nationwide branch and ATM networks |
| Digital banking | Basic or no mobile apps and limited online banking features | Generally more advanced and feature-rich |
| Customer service | Often more personalized | More standardized, high-volume service model |
| Product range | May be more limited depending on size | Broad range of financial products and services |
| Membership/access | May require eligibility or membership | Open to the general public |
| Deposit protection | Provincial insurance or CDIC coverage for federal credit unions | CDIC coverage up to $100,000 per eligible deposit category |
Can I switch from a bank to a credit union?
Yes, you can easily switch from a bank to a credit union or even have an account at both institutions. The process typically involves opening a credit union chequing account first, then transferring your funds, direct deposits and pre-authorized payments from your bank to your new account. Once everything is fully transferred, you can close your bank account to avoid being charged inactivity fees.
What type of accounts do credit unions offer?
Credit unions in Canada offer a similar range of accounts to traditional banks, though the exact options vary by institution. Common account types include:
- Chequing accounts
- Savings accounts
- High-interest savings accounts
- Registered accounts like TFSAs and RRSPs
- Youth and student accounts
- Senior accounts
- Joint accounts
- Business accounts
Related: Guide to how TFSAs work in Canada
Canadian credit union chequing accounts
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Finder Score for chequing accounts
To make comparing even easier we came up with the Finder Score. Welcome offers, account fees and features across 60+ chequing accounts and 25+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.
Federally regulated vs provincially regulated credit unions
Credit unions in Canada operate under two different regulatory systems: federal and provincial. While both provide similar everyday banking services, the key differences lie in where they can operate, how they’re regulated and how deposits are insured.
Federally regulated credit unions
Federally regulated credit unions are authorized to operate across Canada, allowing members to access services nationwide. They’re overseen by the Office of the Superintendent of Financial Institutions (OSFI), chartered under the federal Bank Act and insured by the Canada Deposit Insurance Corporation (CDIC). Consumer protection oversight is managed by the Financial Consumer Agency of Canada (FCAC).
Provincially regulated credit unions
Most credit unions in Canada are provincially regulated and operate within a single province or territory, meaning their branches and membership are generally limited to that region. They’re supervised by provincial financial regulatory authorities and participate in provincial deposit insurance programs. While coverage structures differ slightly by province, deposits are generally well protected.
How to choose the right credit union for you
When comparing credit unions, focus on the features that will affect your day-to-day banking experience and overall costs, such as:
- Fees: Review all potential charges, such as membership, monthly, annual, overdraft, bill payment and foreign transaction fees. Read the fine print closely to familiarize yourself with all penalties that may apply, and check to see if any of the fees can be waived if you meet certain conditions, like a minimum balance requirement.
- Account access: Compare the ways you can access and manage your money, including branch locations, ATM availability, online banking services, mobile apps and telephone support. Also consider how easily you can withdraw funds in an emergency and whether any access methods come with additional fees.
- Account options: Look at the range of chequing and savings accounts available and compare the different transaction limits, fees and included features.
- Customer reviews: Read reviews to find out information like how user-friendly the credit union’s online banking portal and mobile app are, how helpful customer service is and how it compares to other credit unions.
- Additional products and services: Consider the full range of products and services offered by the credit union, such as credit cards, mortgages, personal loans, investment options and insurance products to ensure it can meet your broader financial needs over time.
- Interest rates: Compare the interest rates the credit union offers on its chequing and savings accounts, as these can vary significantly between institutions.
- Sign-up bonuses: Some credit unions offer sign-up bonuses to new customers, such as cash incentives, fee rebates or promotional interest rates.
Related: The best banks in Canada
How to choose a credit union bank account
The right credit union bank account depends on your financial habits, access preferences and long-term needs. The following steps can help you compare options and select an account that fits your situation.
- Determine your banking needs. Start by identifying how you plan to use the account. Consider how often you make transactions, whether you need unlimited debit purchases, if you regularly use ATMs and whether you require additional services like joint accounts or overdraft protection.
- Check eligibility requirements. Confirm that you qualify for membership with the credit union. While many credit unions in Canada are open to the public, some still have criteria based on location, employment or affiliation.
- Review access and convenience. Assess how easily you can manage your money by checking for branches or ATMs near you and whether you’ll have access to online banking, a mobile app and telephone support.
- Review reputation and stability. Research the credit union’s history, financial strength and customer satisfaction. Larger institutions may offer more resources, while smaller ones may provide more personalized service.
- Compare account types. Review the different chequing and savings accounts each credit union offers. Look at transaction limits, fees, interest and other features, as well as additional benefits like fee waivers or credit card rebates.
- Choose the right account. Once you’ve narrowed down a credit union, compare the specific accounts it offers to find the best fit for you. Many credit unions offer tiered chequing and savings accounts based on transaction needs, with different monthly fees, transaction limits and included features. Look closely at what’s included in each tier to ensure you’re not paying for services you don’t need.
Are funds in a credit union bank account insured by the government?
Yes, funds in a federally regulated credit union account are insured by the Canada Deposit Insurance Corporation (CDIC), which is a federal Crown corporation. Eligible deposits are protected up to $100,000 per category and per member institution.
Funds in a provincially regulated credit union aren’t insured by the CDIC, but they’re protected by provincial deposit insurance programs run by government agencies or mandated deposit insurers like the Financial Services Regulatory Authority of Ontario (FSRA) or the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
Coverage rules vary by province. For example, in Ontario, non-registered deposits are insured up to $250,000, while registered accounts receive unlimited coverage. In British Columbia, eligible deposits are fully insured with no dollar limit for both registered and non-registered accounts.
What are the benefits of credit union bank accounts?
Credit union bank accounts offer plenty of benefits, such as:
- Lower fees. Since credit unions are nonprofit institutions, fees for services and accounts are often lower than those charged by banks.
- Competitive rates. Many credit unions offer competitive or higher interest rates and lower loan rates than traditional banks.
- Personalized experience. Credit unions are much smaller than most banks, allowing them to offer a more personal approach to banking.
- Voting rights. Credit union members get a say in how the institution is run and can vote on important decisions like appointing new board members.
- Member-focused model. Credit unions are designed to prioritize member value rather than shareholder returns.
- Deposit protection. Federally regulated credit unions are protected by the Canada Deposit Insurance Corporation (CDIC), while provincially regulated credit unions are covered by their respective provincial deposit insurers.
- Community focus. Many credit unions reinvest in local communities through sponsorships, lending and development programs.
What are the risks of a credit union?
Things to watch out for when comparing a credit union to a bank include:
- Limited presence. Credit unions are often regional, which may mean fewer branches and ATMs compared to national banks. However, many participate in shared ATM networks that expand access nationwide.
- Membership requirements. Some credit unions require a small membership share or initial deposit to join, rather than a traditional fee.
- Less advanced digital tools. While most credit unions offer online and mobile banking, smaller institutions may have fewer features or slower technology updates compared to large banks.
- Fewer product options. Credit unions may offer a narrower range of financial products, particularly in areas like credit cards and investment services.
Bottom line
Credit unions provide many of the same core banking services as traditional banks, often with lower fees, competitive rates and a more member-focused approach. However, differences in access, digital tools, product range and regional availability mean it’s important to compare different credit unions and their accounts carefully to find the right fit for your financial needs. To explore your options in more detail, check out our guide on Canadian credit union savings accounts.
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