Credit Unions in Ontario Canada: Largest and Most Notable

Ontario is home to a thriving credit union industry, with numerous institutions serving the financial needs of its residents. The province has a long history of credit union development, dating back to the early 20th century.

One of the largest credit unions in Ontario is FirstOntario Credit Union, which has over $8 billion in assets. This makes it a significant player in the province's financial landscape.

With 55 branches across the province, FirstOntario Credit Union offers a wide range of financial services to its members. Its extensive network allows for convenient access to banking services for those living in rural areas.

In addition to FirstOntario Credit Union, other notable credit unions in Ontario include Coast Capital Savings and Envision Financial. These institutions have made a name for themselves through their commitment to community development and financial literacy initiatives.

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If you're looking for a credit union with a large member base, Meridian is a good option, with over 391,000 members and 91 branches.

Meridian was formed in 2005 through the merger of two smaller credit unions, and it offers a wide range of services, including everyday banking, mortgages, loans, investments, insurance, and business services.

Alterna is another large credit union in Ontario, with over 183,000 members and 43 branches. It was formed through the merger of two credit unions in 2005 and has since grown to become one of Canada's top 10 credit unions.

Here is a comparison of the largest credit unions in Ontario:

Alterna Savings is a credit union that's been around since 1908, when it was founded in Ottawa, Ontario as the Civil Service Savings and Loan Society.

It operates over 30 locations in Ontario, which is a significant presence in the province.

Alterna Savings was the first credit union in Canada to offer a digital national bank with a fully digital mortgage experience.

The company also pioneered micro-loans in Canada through its Community Microfinance Program.

You can get all the usual financial products through Alterna Savings, including savings and investment accounts, mortgages, loans, credit cards, and support for small businesses.

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First Ontario Credit Union is a full-service credit union with locations limited to South Central Ontario. It provides a full suite of real estate-secured lending solutions for residential and commercial clients.

First Ontario reserves discounts for relationship-based pricing, offering special rates to loyal customers. This means that if you have multiple accounts or services with First Ontario, you may be eligible for a better interest rate.

First Ontario offers both Standard Charge and Collateral Charge mortgages, but the MeritLine Mortgage requires a Collateral Charge registration. This can have both advantages and disadvantages for the borrower, so it's essential to carefully review your options before making a decision.

First Ontario Credit Union has a limited geographic reach, with locations only in South Central Ontario. If you live outside this area, you may want to consider other credit unions or financial institutions that serve your region.

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In Ontario, you'll find a variety of credit unions that offer unique services and benefits to their members. One notable example is Caisse Populaire, which operates several branches across the province, including North Bay, Sturgeon Falls, and Timmins.

Caisse Populaire is part of the Caisse Alliance group, a network of credit unions that share resources and expertise to better serve their members. This collaboration allows Caisse Populaire to offer a wider range of financial services and products.

Here are some of the Caisse Populaire locations in Ontario:

Parama Credit Union is another notable example, with a strong presence in the province. It operates two locations in Royal York and Roncesvalles, serving over 6,000 members and managing over $500 million in assets.

Northern Credit Union is an Ontario-based credit union with 24 locations across the northern region of the Province. It was established in 1957.

With over 70,000 members and nearly $2 billion in assets under management, Northern Credit Union is a significant player in Northern Ontario.

One of its notable features is its savings account, which comes with no monthly or annual fees and no minimum account balance. The interest rate also rises as the balance in the account grows higher.

Northern Credit Union offers a range of financial products, including investment accounts, RRSPs and TFSAs, mortgages, loans, small business support, and multiple Visa credit cards.

If you're looking for a credit union with a strong presence in Northern Ontario, Northern Credit Union is definitely worth considering.

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Caisse Desjardins is a full-service credit union in Québec, with some locations in a few large cities in Ontario.

They provide mortgage lending services through branches and broker channel operations within Québec and Ontario.

Desjardins offers special rate offerings, reserving discounts for relationship-based pricing.

Their rate terms include a full suite of real estate secured lending (RESL) solutions for all types of clients.

However, Desjardins primarily offers mortgages under their collateral charge product, the Versatile Line of Credit (VLC), which requires Collateral Charge registration.

This has both advantages and disadvantages for the borrower.

Here's a list of some Caisse Desjardins locations in Ontario:

Note that Caisse Desjardins has a presence in Ontario, but it's worth noting that they are primarily based in Québec.

Kawartha Credit Union offers special rate discounts for clients who take advantage of relationship-based pricing, making it a great option for those with a long-term banking relationship.

Their real estate secured lending solutions are comprehensive, providing clients with a full suite of options to choose from.

One of the notable features of Kawartha's mortgages is the ability to offer both Standard Charge and Collateral Charge mortgages, giving clients more flexibility in their borrowing options.

However, it's worth noting that the All-In-One Mortgage requires Collateral Charge registration, which can have both advantages and disadvantages for the borrower.

Choosing a credit union in Ontario involves considering several factors beyond the interest rate. The interest rate is just one aspect to compare, as the lowest rate may not always be the best option if it comes with unfavourable terms.

Be aware of any additional fees the lender might charge, such as application fees, appraisal fees, and closing costs. These fees can add up quickly and impact your overall borrowing costs.

Consider the lender's reputation for customer service, including their response time, availability, and willingness to answer your questions. A good credit union should have a strong customer service reputation.

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When evaluating loan terms, look at the length of the loan, the type of interest rate (fixed or variable), and any penalties for early repayment. Some credit unions may offer more flexible loan terms than others.

To determine the best credit union for your needs, consider the following factors:

Member Savings is a great option for those in Ontario. It was founded in 1949 as the LCBO Credit Union in Toronto.

This credit union serves a large number of members, with 185,000 members as of December 2020. Most of these members are employees or families of companies like the OCRC, AGCO, Honeywell, MTS Allstream, or the Shell Group of Companies.

Member Savings offers a wide range of financial services and products, including savings and investment accounts, personal and business loans, and access to ATMs nationwide.

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Choosing a credit union in Ontario can be a daunting task, but by considering the right factors, you can make an informed decision. Interest rates are often the first thing people think of when choosing a credit union, but it's essential to look beyond the lowest rate.

Compare interest rates offered by different lenders, keeping in mind that the lowest rate may not always be the best option if it comes with unfavourable terms. Additional fees can quickly add up, so be aware of any application fees, appraisal fees, and closing costs.

Customer service is also crucial when choosing a credit union. Look for lenders with a reputation for prompt response times, availability, and a willingness to answer your questions. A good credit union will have a team that's easy to reach and willing to help.

Loan terms are another vital aspect to consider. Look at the length of the loan, the type of interest rate (fixed or variable), and any penalties for early repayment. Some credit unions may offer more flexible loan terms than others, so be sure to ask about options like double-up prepayments or deferred payments.

Here are some key factors to consider when choosing a credit union in Ontario:

Credit unions in Ontario are regulated by the Financial Services Regulatory Authority of Ontario (FSRA), which provides an added layer of safety.

This means that even smaller credit unions are held to high standards, giving you peace of mind.

In the unlikely event that a credit union fails, FSRA offers insurance coverage for member deposits, protecting your money up to $250,000 per member.

That's significantly higher than the $100,000 coverage offered for bank deposits, making credit unions a safer bet for large sums of money.

So, if you have a substantial amount of money with a financial institution in Ontario, consider moving it to a credit union for added protection.

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Choosing a credit union in Ontario can be a great decision, especially if you're looking for a more community-based and personalized banking experience. Credit unions are not-for-profit, which means they don't have to focus on growing their earnings to satisfy shareholders like banks do.

Banks tend to have a more extensive range of financial products and services, as well as more branches and advanced technology. Credit unions, on the other hand, often have more personal customer support and a stronger connection to their local communities.

Canada is dominated by the big five banks, but credit unions like Meridian Credit Union are making a name for themselves as a compelling alternative. Meridian Credit Union, the largest credit union in Ontario, offers a wide range of products and services, including competitive mortgage rates and wealth management options.

Credit unions are often more involved in their communities and give back to support their local customers. This community-focused approach can be a big draw for those looking for a more personal and supportive banking experience.

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If you're looking for a reliable credit union in Ontario, you have several options to consider. Meridian is one of the largest credit unions in Ontario, with over 391,000 members and $27.5 billion in assets.

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Meridian offers a wide range of services, including everyday banking, mortgages, loans, investments, insurance, and business services. They have 91 branches across the province.

Alterna is another large credit union in Ontario, with over 183,000 members and $7.9 billion in assets. They also offer everyday banking, mortgages, loans, investments, insurance, and business services, with 43 branches across the province.

Here are the top credit unions in Ontario, ranked by the number of branches:

FirstOntario is a large credit union with over 129,000 members and $6 billion in assets. They offer everyday banking, mortgages, loans, investments, and business services, with 32 branches across the province.

Libro is a B corp certified credit union with over 117,000 members and $5.9 billion in assets. They offer everyday banking, mortgages, loans, investments, and business services, with 34 branches across southern Ontario.

Each of these credit unions has its own unique strengths and offerings, so it's worth doing your research to find the one that best fits your needs.

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