Coast Capital review: What does this credit union offer?

Coast Capital offers a wide selection of accounts, loans and banking services, often alongside competitive sign-up bonus offers. If you’re interested in learning more about Coast Capital Savings products to decide if this bank is right for you, keep reading our detailed guide on Coast Capital, including how it stacks up against other banking options in Canada.

Coast Capital accounts and services

What is Coast Capital?

Coast Capital Savings Federal Credit Union is a member-owned financial cooperative headquartered in Surrey, British Columbia. It offers a comprehensive range of financial products and services, including chequing and savings accounts, mortgages, loans, credit cards and investment options across certain regions of Canada.

In 2018, Coast Capital became Canada’s first federal credit union, enabling it to expand services beyond British Columbia. Today, it serves over 730,000 members.

Coast Capital chequing account options

Coast Capital offers a variety of chequing and savings accounts designed to meet diverse banking needs, from cost-effective options to premium accounts with added perks. Whether you prioritize low fees, unlimited transactions or enhanced features like identity theft protection and learning resources, Coast Capital offers a chequing account to suit your financial goals.

Elevate Chequing Account

8 Great

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Coast Capital Elevate Chequing Account

Earn up to $600
Bonus Offer

$16.95
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

Enjoy premium banking benefits with the Coast Capital Elevate Chequing Account. Get a credit card rebate, free cash withdrawals at Interac Network and international ATMs and access to Coursera to boost your career and earning potential. Added security features like identity theft monitoring and protection make it a smart choice for those who value peace of mind alongside financial convenience.

• Free Interac e-Transfers
• Coursera learning access
• ID Assist for identity protection

• $16.95 monthly fee (waivable)
• Free out-of-network ATM withdrawals have a limit

Monthly Account Fee	$16.95
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
Foreign Transaction Fee	2%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn up to $600

This account is ideal for professionals or frequent travelers who value premium features like identity theft protection and learning resources. It’s also a good fit for those who often use ATMs.

If you want unlimited free ATM access across Canada and don’t need premium features like Coursera, you can also consider the Tangerine No Fee Daily Chequing Account, which offers no monthly fees and great flexibility for everyday banking.

Unlimited Chequing Account

8 Great

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Coast Capital Unlimited Chequing Account

Earn up to $600
Bonus Offer

$8.50
Monthly Account Fee

unlimited
Free Transactions

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• Pros + Cons
• More Details

Bank with confidence using the Unlimited Chequing Account, which offers unlimited free transactions and Interac e-Transfers. With a low waivable monthly fee, it's perfect for everyday banking without limits.

• Free Interac e-Transfers
• ID Assist included
• Waivable $8.50 monthly fee

• Out-of-network ATM fees
• Fewer perks compared to premium accounts

Monthly Account Fee	$8.50
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
Foreign Transaction Fee	2%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn up to $600

This account is ideal for individuals seeking a reliable and cost-effective solution for unlimited day-to-day banking transactions without the need for premium features. If you’re looking for a chequing account with more rewards and added benefits, the BMO Performance Chequing Account offers enhanced perks like fee waivers and a promotional interest rate, making it a compelling alternative.

Free Chequing, Free Debit, and More Account

7.7 Great

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Coast Capital Free Chequing, Free Debit, and More Account

Earn up to $350
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

Enjoy no monthly account fee and unlimited free transactions with the Free Chequing, Free Debit, and More Account. With no minimum balance requirements, this is a cost-effective and straightforward banking option.

• No monthly fee
• No minimum balance required

• $1.50 per Interac e-Transfer
• Lacks premium features
• No identity theft protection

Monthly Account Fee	$0
Free Transactions	unlimited
Interac e-Transfer Fee	$1.50
In-Network ATM Fee	$0
Foreign Transaction Fee	21%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn up to $350

The Free Chequing, Free Debit, and More Account is a solid choice for those looking for a no-fee banking option with unlimited transactions. However, the $1.50 fee per Interac e-Transfer may be a drawback for some.

For a comparable option, the Simplii No Fee Chequing Account offers no monthly fees and includes free Interac e-Transfers, making it a competitive fit for those who frequently send or receive money. This alternative addresses one of the key drawbacks of the Free Chequing account while maintaining the simplicity and cost-effectiveness that many users prioritize.

US Dollar Chequing Account

Coast Capital US Chequing Account

N/A
Bonus Offer

$0
Monthly Account Fee

Unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

Easily manage USD transactions with the US Dollar Chequing Account. Enjoy no monthly fee, unlimited deposits and cheque writing, making it a great option for frequent USD users.

• No monthly fee
• Unlimited USD deposits and cheque writing
• No minimum balance requirement

• $1 fee for extra withdrawals
• Limited online information
• Requires an in-person appointment to open account

Monthly Account Fee	$0
Free Transactions	Unlimited
Interac e-Transfer Fee	N/A
In-Network ATM Fee
Bonus Offer	N/A

The US Dollar Chequing Account is tailored for individuals who frequently handle USD transactions, offering no monthly fees, unlimited deposits and cheque-writing capabilities. However, it requires an in-person appointment to open and charges a $1 fee for extra withdrawals.

Another alternative is the Scotia U.S. Dollar Daily Interest Account, which provides tiered interest rates on USD balances, two free debit transactions per month and a waived monthly fee when you have a minimum daily balance of $200 USD.

Coast Capital savings account options

High-Interest Savings Account (HISA)

8.4 Great

Coast Capital High-Interest Savings Account

0.30%
Interest Rate

$0
Account Fee

2 free monthly transactions
Transaction Fee

• Info
• Pros + Cons
• More Details

The Coast Capital High-Interest Savings Account offers a reasonably competitive interest rate on balances, making it an excellent choice for those who want to grow their savings while keeping funds accessible. With no monthly fees, it's a simple and cost-effective way to save.

• No monthly fees
• Unlimited deposits and withdrawals

• Low APY compared to other HISA accounts on the market
• Fewer additional features compared to other accounts

Ongoing Interest Rate	0.3%
Promotional Interest Rate	No promotional rate available
Monthly Account Fee	$0
Minimum Balance	$0
CDIC Deposit Insurance	$100,000

The Coast Capital High-Interest Savings Account (HISA) is ideal for individuals looking for a straightforward, no-fee way to grow their savings while maintaining easy access to their funds. With features like unlimited deposits and withdrawals, it’s a practical choice for those prioritizing accessibility and simplicity.

However, if you’re seeking higher interest rates or additional perks, you may want to explore alternatives like the EQ Bank Notice Savings Account for consistently high rates or the Tangerine Savings Account for a competitive promotional interest rate.

Coast Capital interest rates

Coast Capital mortgages

Coast Capital offers competitive fixed and variable-rate mortgages, including high-ratio options for first-time buyers with small down payments. Borrowers can access optional creditor insurance through Securian Canada for added protection. With personalized guidance from Mortgage Advisors, Coast Capital provides tailored solutions to help make homeownership accessible and manageable.

Coast Capital personal loan and lines of credit

Coast Capital offers personal loans with fixed and variable rate options and terms ranging from 1 to 5 years. For more flexible access to funds that can be borrowed, repaid and reused as needed, Coast Capital has a personal line of credit and a home equity line of credit.

Coast Capital auto loans

Coast Capital offers auto loans for new and used cars, as well as auto refinancing to help borrowers get a lower interest rate or longer term on their existing loan. APRs vary, but terms range from 24 - 84 months with loan amounts up to $10,000 available.

Where can I find Coast Capital near me?

Coast Capital Savings operates branches primarily in British Columbia. Here’s every city where you can currently find Coast Capital branches:

Coast Capital online banking

Coast Capital combines the convenience of digital banking with the option of visiting physical branches for a comprehensive banking experience. Its online banking platform is designed to be seamless and user-friendly.

With Coast Online Banking, you can manage all your daily banking needs, including:

• Checking your account balances
• Viewing your transaction history
• Transferring money between accounts
• Sending Interac e-Transfers
• Paying bills and setting up automatic payments
• Managing investments like GICs
• Opening new accounts or applying for loans

Does Coast Capital offer a mobile banking app?

Coast Capital’s mobile app delivers a seamless and secure banking experience with features designed for convenience and personalization. Users can easily manage accounts, pay bills, send Interac e-Transfers, deposit cheques and track spending with the in-app Money Manager.

Advanced options like biometric login, debit card management and Quickview make banking fast and secure, while customization tools enhance usability. With its robust functionality and user-friendly design, Coast Capital’s app is a strong tool for managing finances in the palm of your hand.

Coast Capital app reviews and ratings

Here’s how the Coast Capital app performs according to user reviews on popular platforms:

While reviews for the Coast Capital app are generally positive, it has also received some mixed feedback. Customers who left positive reviews frequently highlighted the app’s ease of use, secure login options and helpful budgeting tools. On the other hand, negative reviews often mentioned occasional bugs, slow load times and crashes, which Coast Capital regularly addresses with updates.

Coast Capital credit card options

• Cash Back Mastercard: $0 annual fee, 20.99% interest, earn up to 1 point per $1 spent on groceries, gas and more; includes purchase protection and mobile device insurance.
• Centra Gold Mastercard: $50 annual fee, 12.99% interest, earn 1 point per $1 spent on all purchases; includes purchase protection and mobile device insurance.
• Classic Mastercard: $20 annual fee, 13.99% interest, designed for low-interest needs; includes purchase protection and mobile device insurance.
• World Mastercard: $120 annual fee, 20.99% interest, earn up to 3 points per $1 spent on groceries, dining and entertainment; includes travel and purchase insurance.
• Cash Back World Elite Mastercard: $120 annual fee, 20.99% interest, earn up to 4 points per $1 spent on groceries, transit and dining; includes extensive travel and purchase insurance.
• U.S. Dollar Mastercard: $50 USD annual fee, 19.99% interest, earn 1 point per US$2 spent, no foreign transaction fees; includes purchase protection and extended warranty coverage.

Does Coast Capital offer a Visa card?

As of October 10, 2023, Coast Capital Savings transitioned from offering Visa credit cards to exclusively providing Mastercard options through a partnership with Collabria Financial Services. Existing Visa cardholders were issued new Mastercards, and all new credit card offerings are now under the Mastercard brand.

Does Coast Capital offer insurance?

Yes, Coast Capital Savings offers creditor insurance products to its members, providing coverage options like life, disability, critical illness and involuntary loss of employment insurance. These products are designed to protect members’ financial obligations in unforeseen circumstances.

What is Coast Capital’s transit number and institution number?

Coast Capital Savings’ institution number is 809. Each branch has a unique five-digit transit number. For example, the transit number for the Blundell branch is 19610. You can find the transit numbers for all Coast Capital branches on the institution’s official website.

What is Coast Capital’s e-Transfer limit?

Coast Capital Savings sets the following limits for sending Interac e-Transfers (as of the date of publication):

• Per Transaction: $3,000
• Daily Limit: $3,000
• Weekly Limit: $10,000
• Monthly Limit: $20,000

Is Coast Capital safe?

Coast Capital Savings is a federally regulated credit union that prioritizes member safety and financial security. As a member of the Canada Deposit Insurance Corporation (CDIC), it protects eligible deposits up to $100,000 per category, ensuring funds are secure even in the unlikely event of institutional failure. Coast Capital operates under the oversight of the Office of the Superintendent of Financial Institutions (OSFI), adhering to strict national banking regulations.

Coast Capital also employs advanced cybersecurity measures, including encryption, firewalls and multi-factor authentication, to protect sensitive member data. In addition, fraud detection systems and secure online platforms safeguard accounts from unauthorized access and fraudulent activities.

With federal regulation, CDIC protection, advanced cybersecurity, fraud detection systems and transparent fees, Coast Capital offers a reliable and trustworthy banking experience for its users.

How does Coast Capital compare to other banks in Canada?

Coast Capital Savings offers competitive rates, personalized service and a strong lineup of financial products, including flexible GICs, diverse credit card options and tailored mortgage solutions. Its mobile banking app is user-friendly, and its branch network in British Columbia provides convenient in-person service for local members.

However, Coast Capital’s regional focus and limited national reach might not suit everyone. For those seeking broader availability and a wider range of services, Scotiabank’s extensive network across Canada and internationally could be a better fit. EQ Bank typically offers higher savings interest rates of up to 3% compared to Coast Capital’s HISA rate (currently at 0.3%), appealing to customers focused on maximizing returns.

While Coast Capital excels at serving its regional customer base with personalized service and competitive products, other banks might be a better choice for those prioritizing higher returns, comprehensive options or national availability. The right fit depends on your financial goals and banking preferences.

Pros and cons of banking with Coast Capital

Bottom line

Coast Capital Savings offers a broad range of financial products and services, including chequing and savings accounts, mortgages, loans, credit cards and investment options for diverse banking needs. From comprehensive offerings to personalized service in British Columbia, Coast Capital stands out as a reliable option for regional customers.

However, its limited national reach and lower savings account rates compared to digital banks may not appeal to those seeking broader availability or higher returns. But for those within its service areas, Coast Capital provides a secure and versatile banking experience.

Frequently asked questions about Coast Capital

• Does Coast Capital offer a high-interest savings account?

  Yes, Coast Capital provides a high-interest savings account, although its rate (currently at 0.3% APY) may not be as competitive as other HISAs on the market.

• What are Coast Capital's exchange rates?

  Coast Capital offers foreign currency exchange services, and rates may vary daily based on market conditions. Contact your local branch or visit their website for the latest rates. You can also use Coast Capital's Foreign Exchange Calculator to get an idea of a currency's exchange rate relative to the Canadian Dollar and vice versa.

• Does Coast Capital offer equipment financing?

  Yes, Coast Capital provides equipment financing options designed to help businesses acquire essential tools and machinery, like dump trucks, cranes, manufacturing equipment and trailers.

• Does Coast Capital have a debit-credit card?

  Yes, Coast Capital offers a debit card with features like ATM access, Interac Direct Payment and Interac Flash for contactless transactions. While it doesn't combine debit and credit into one card, it provides secure and convenient options for everyday banking.

• Where can I find Coast Capital branches?

  Coast Capital branches are located across British Columbia, serving cities like Vancouver, Surrey, Victoria and Kelowna.

• Is Coast Capital's mobile banking app secure?

  Yes, the Coast Capital app uses advanced security features, including multi-factor authentication and biometric login, to protect your account.

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Written by

Gabriel Vito

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Gabriel Vito is a freelance personal finance writer for Finder. With over four years of experience, he has crafted helpful guides and articles covering various personal finance topics, including credit cards, investing and banking. Gabriel's work has been featured on Yahoo Finance, NASDAQ, GoBankingRates, and more. He has a Bachelor's Degree in English and is passionate about helping others navigate their financial journey. See full bio

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