Credit Unions [Ontario/GTA] (lemmy.world)

submitted 1 year ago by totallynotarobot@lemmy.world to c/personalfinancecanada@lemmy.ca

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Hello Canadian Finance Enthusiasts

Thinking of switching from big banks (TD mostly) to a credit union.

Would appreciate advice, reviews, or experience from y'all to compliment my own investigations.

My priorities in order:

interest rates on loans
cohesive personal and small business service
low account and investment fees
credit card rewards (love my TD travel rewards visas rn)

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[-] Inky@lemmy.ca 1 points 1 year ago

Honestly, for spending and savings accounts I don't think you can beat no-fee online banks. I've checked out local credit unions a couple of times over the years. The fees were always higher (and not much lower than the big 5) and the savings account rates were lower.

[-] deltatux@mstdn.ca 1 points 1 year ago

@Inky online banks have their place, so too do credit unions. It also depends on what credit union you're comparing with. Some CUs provide free accounts like the online banks but still have the option to get either free or PAYG branch access for the times where branches can resolve things faster.

If all you want is a no frills banking experience, online banks are great but CUs still fill a role that can't be found with the Big Banks either. Really depends on what your needs are really.

this post was submitted on 08 Sep 2023

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