Did you know that you can access the same banking products and services at a credit union just as you would at a traditional bank? This Vancity Credit Union review proves just that!
A credit union is a member-owned financial cooperative that provides its members with financial products and services. Instead of generating profits for shareholders, credit unions return profits to members in the form of lower rates on loans, higher savings rates and higher dividends on investments.
Credit unions offer similar financial services as banks but with a credit union, you are the part-owner or a shareholder and have a say in how the financial institution is operated.
Vancity Credit Union is one of the largest credit unions in Canada. Its mission is to improve its members’ financial well-being. To achieve this, they offer clients a wide range of products and services, such as savings accounts, mortgages, loans and many more.
This Vancity Credit Union review will help you understand what it has to offer and how you can benefit from trusting your money and banking needs to this popular financial institution.
Who is Vancity Credit Union?
Vancity Credit Union is a financial institution that specializes in delivering innovative and progressive financial products to its members since it was founded in 1946.
It is the largest credit union in BC and is committed to serving its members who live in Metro Vancouver. It currently has over 543,000 members and over $28 billion in assets.
Vancity Credit Union is committed to providing exceptional value to its members through offering a wide range of products and services, superior customer service and community involvement programs.
Vancity is guided by a board of directors who are elected by the members. Each year the board approves Vancity’s strategic priorities for all areas of its business.
These priorities support the credit union in achieving its vision: to redefine wealth in a way that benefits its members and their communities by putting money and human resources where they can have the most positive impact.
To become a Vancity member, you must first purchase up to 5 of its Membership Shares which costs $5.00.
In your capacity as a member, you have the right to:
- Participate in annual general meetings
- Vote for the board of directors
- Propose new products or services
- Run for election as a board of directors
Vancity Credit Union Products
Vancity offers a full range of products and services to meet your financial needs. Whatever the financial services you require, you can get them through Vancity.
Find out more about Vancity Credit Union’s products and services below:
1. Chequing accounts
Vancity Credit Union offers several types of chequing accounts. Each account has its set of unique features to offer you the best value for your money.
There are eight types of chequing accounts at Vancity:
E-Package Chequing Account
Vancity E-Package Chequing Account is perfect for anyone who wants an easy-to-use chequing account that delivers great features and added perks.
This account gives you the freedom of free unlimited daily transactions at a great price if you keep a minimum balance of $1,000 or more each month.
With the Vancity E-Package Chequing Account, you also get preauthorized payments, and everyday debit cards for a monthly fee of $7.75. Also, you can get a free daily physical transaction, and make free Interac e-Transfers with the account.
Pay As You Go Chequing
Want some more flexibility with your banking? The Pay As You Go Chequing Account gives you everything you need.
With this account, you won’t be charged a monthly fee and you pay only for the daily transactions you make. Also, if you keep a monthly minimum balance of at least $1,000, you will make limitless transactions for free.
With limitless free everyday transactions, you can keep doing your everyday banking without paying extra fees.
Chequing Plus for Seniors
The Vancity Chequing Plus for Seniors is perfect for seniors as there are no monthly fees, they get unlimited free transactions with no minimum balance requirement and other perks.
Seniors who are over 55 years can get a lot of benefits with the Vancity Chequing Plus for Seniors. The benefits include:
- Safety deposit box fees are slashed by $5
- 50 free customized cheques
- Drafts of the US dollar are offered at no charge
- Official cheques are provided for free
- Free cheques for travellers
Chequing Plus for Youth
The Vancity Chequing Plus for Youth account is designed to help young people make better choices when it comes to money.
Vancity members who are youths can enjoy a youth-friendly chequing account that eliminates monthly fees. With unlimited daily transactions and no minimum balance requirement, you can use your Chequing Plus for Youth account to deposit cash and pay bills.
Also, with the Vancity Chequing Plus for Youth, members who are less than 25 get 50 free Vancity customized cheques.
Access Chequing
The Vancity Access Chequing Account is the perfect solution for Vancity members who are disabled.
It has all the features you’ll need, as a customer with disabilities. There are no charges on this account for withdrawals from other Vancity ATMs or other banks’ ATMs.
The Vancity Access Chequing Account also comes with 40 free daily transactions. Also, you can make Interac e-Transfer for free with the account.
USD Chequing
The Vancity USD Chequing account gives you the benefit of managing your money in US dollars. This account allows you to make 1 daily free transaction every month.
With no monthly fees, you can pay for goods and services in US dollars and manage the exchange rates. All of these benefits are at no additional cost to you.
This product is intended for members looking to maintain a stable dollar account with a Canadian financial institution.
USD Chequing Plus
The Vancity USD Chequing Plus is available to all members, with no transaction fees. The account lets you make unlimited daily transactions for free.
This chequing account is ideal for those who want access to a complete chequing account, with no hidden fees or surprises.
Business Account Chequing Packages
Vancity also offers business chequing accounts with packages that are tailored to meet your business needs.
Whether you have needs for a seasonal company or a limited-hours retail site, Vancity has packages to make your business life easier.
Vancity Business Chequing Accounts come with the following Packages:
- Self Serve Package
- Full Serve Package
- USD Chequing
- Independent Business Account
2. Savings accounts
Vancity also offers several types of savings accounts. Each account comes with a special set of features to help you save in a way that is suitable for you. Below are the savings accounts available to Vancity members:
Plan 24 Savings
If you are someone who doesn’t transact regularly, the Vancity Plan 24 Savings Account might be the best option for you. The savings account comes with the following key features:
- 10 free daily physical transactions or free daily debit card transactions every month
- It also comes with free unlimited daily online and mobile transactions
Plan 24 Savings Plus
The Vancity Plan 24 Savings Plus is similar to the Plan 24 Savings Account. However, this account offers extra benefits to its members that are over 55 or below 25.
The account has the following key features:
- Limitless daily transactions
- No monthly fee
Jumpstart High-Interest Savings Account
This type of account offers the highest interest rate you can ever get on any of Vancity’s savings accounts. It offers an interest rate of 1.60%. The Vancity Jumpstart High-Interest Savings Account comes with the following key features:
- No minimum balance
- Set your account up as a TFSA or RRSP
- Free unlimited everyday banking
As a Vancity member, you can use this account to view all the payouts from your shared success patronage.
The account comes with the following key features:
- All share success patronage is deposited into the account yearly
- It has no monthly fees
- Eligible members who are less than 25 or above 55 get free daily transactions.
3. Vancity Credit Cards
Vancity also offers several credit cards that offer cash back and valuable rewards which can be redeemed for gift cards or donations for causes you care about.
Some of the Vancity credit cards include:
enviro Classic Visa Card
The Vancity enviro Classic Visa Card is an entry level credit card that gives you rewards with no annual fees to worry about. The credit card has the following features:
- An interest rate of 19.50%
- No annual fees
- Warranty on purchases
- 1 point for each $2 you spend
- $1 reward for each 100 points you redeem
- If you book travel with the Vancity Common using your enviro Classic Visa Card, you will get up to $200,000 travel coverage
enviro Visa Infinite Card
If you want more rewards including better insurance coverage, the Vancity enviro Visa Infinite Card may be for you.
It has an annual fee of $120 with the following benefits:
- An annual fee of $120
- An interest rate of 19.50%
- Up to $500,000 travel coverage
- Flight delayed and baggage insurance
- 10 points for each $1 you spend
- An insurance for car loss or collision
- Security on purchases
- Extension on warranty
The card requires an individual income of $60,000 or $100,000 annual household income.
enviro Visa Infinite Business Card
The Vancity Enviro Visa Infinite Business Card comes with the following features:
- An annual fee of $120
- An interest rate of 19.50%
- Get 1.25 to 10 points for each $1 you spend
- You can add extra 10 cards to your account
- Insurance for flight delayed and lost baggage
- Extension on insurance warranty
- You get your first card for free and pay an annual fee of $50 for each extra card
- One business statement of account per month
- An interest free grace period for the 21 days
- Up to $500,000 insurance for travel accident
- Up to $1,000 coverage for travel cancellation
Enviro Gold Visa Card
The Vancity Enviro Gold Visa Card has the following features:
- An interest rate of 19.50%
- An annual fee of $99
- 1 point for each $1 you spend
- You will earn 2,500 points for your first purchase
- Coverage for travel accident
- Insurance for lost and delayed baggage
- Extension on warranty insurance
Vancity Enviro Visa Infinite Privilege Card
The Vancity Enviro Visa Infinite Privilege Card isn’t cheap with its annual fee of $245. However, it comes with more benefits than the other Vancity cards.
The card has the following benefits:
- An annual fee of $245
- An interest rate of 19.50%
- 1.5-10 rewards points per dollar spent on qualifying purchases
- 3 points for each $1 you spend on groceries
- Insurance for lost and delayed baggage
- 5 points for each $1 spent on ferries and transits
- For each $1 you spend at local businesses, you will earn 10 points
- 1.5 points for each $1 you spend on other things
- Up to $5,000,000 insurance for travel medical emergency
- Insurance for travel interruption and cancellation
- Car loss or collision damage insurance
- Access to selected Canadian airports’ security channels and free Priority Pass membership with six complimentary airport lounge tickets
Vancity offers several other credit cards that are not covered above like the enviro Secured Visa Card for those with no credit history or bankruptcy in the past 7 year.
4. Mortgages
Buying a home is one of the biggest decisions you’ll make in your life. As a result, having several options to choose from is essential. Vancity offers a range of mortgage options for financing your dream purchase.
Whether you’re a first-time homebuyer or an experienced investor, Vancity will provide you with the mortgage products and services that best suit your needs.
Let’s look at the type of mortgages that Vancity offer:
- Fixed-term mortgage
- Open-term mortgage
- Homeprime mortgage
- Closed Term Fixed Rate mortgage
- Creditline mortgage
- Home renovation options
- Laneway mortgage
- Mixer mortgage
- Construction mortgage
- Environmental options
Vancity will give you a cash back of up to 5% of the principal loan amount on a 3, 4, 5, 7 or 10-year fixed-term mortgage, or up to 2% of the principal on a laneway mortgage moved from another organization.
But note that you’ll have to pay back some of the cash back you got if you decide to cancel your mortgage before it’s due.
Vancity Mortgage Rates
| Mortgage Term | Rate (%) |
| 6 Month Fixed Term Residential | 6.64% |
| 1 Year Fixed Term Residential | 5.99% |
| 2 Year Fixed Term Residential | 5.84% |
| 3 Year Fixed Term Residential | 5.59% |
| 4 Year Fixed Term Residential | 5.64% |
| 5 Year Fixed Term Residential | 5.19% |
| 5 Year Fixed Term Insured Residential | 5.19% |
| 5 Year Homeprime Fixed Term | 6.50% |
| 5 Year Homeprime Open Term | 10.00% |
| 7 Year Fixed Term Residential | 5.94% |
| 10 Year Fixed Term Residential | 6.80% |
5. Loans
As a full-service credit union, Vancity loans are a smart choice for financing major purchases. With Vancity, you’ll get great rates and flexible terms on your loans.
Vancity provides a range of loan options. Below are the types of loan offers you can get at Vancity:
- Line of credit
- Personal loan
- Vancity fair and fast loan
- Personal computer loan
- Vancity planet-wise renovation solutions
- Ready to rent loan
- Vancity planet-wise transportation loan
- Peer loan
- RRSP loan
Vancity also provides loan calculators to assist you in determining how much you may borrow and what your payment schedule will be.
6. Investments
Vancity Investments gives you access to a wide range of diversified investment options to choose from that can help you save money on taxes and even give your portfolio a boost.
Whether you want to start saving with a Tax-Free Savings Account, make RRSP contributions, or invest for your kids’ future, Vancity has you covered. The following investment options are available for Vancity members:
- Tax-Free Savings Accounts (TFSAs)
- Registered Retirement Savings Plans (RRSPs)
- Registered Retirement Income Funds (RRIFs)
- Registered Disability Savings Plan (RDSP)
- Registered Education Savings Plans (RESPs)
- Jumpstart High Interest Savings Account
- Socially responsible investments
Stocks, bonds, mutual funds and term deposits are some of the available asset types at Vancity.
7. Insurance
If you become a member of Vancity, you have access to its insurance coverage that is offered by Vancity Life Insurance Services Ltd. You can purchase insurance policies to protect yourself, your family, your home and even plan for the future.
With Vancity’s insurance packages tailored to your needs, knowing you’re covered is an important part of taking control of your finances. Vancity offers the following insurance coverages:
- Personal insurance
- Retirement planning
- Business insurance
Pros and Cons of Vancity Credit Union
Vancity is a great credit union that offers easy and convenient banking, financing and investment services.
However, like all financial institutions, Vancity has several pros and cons that you need to be aware of. Here are the pros and cons to consider before choosing Vancity Credit Union:
Vancity Pros
- Great Selection of banking products: Vancity offers a number of financial products to its members. If you want all of your banking needs met with a single financial institution, Vancity is definitely a great choice.
- Profit-Sharing With Community: Vancity has a long history of supporting the local communities where it’s based. Vancity’s profit-sharing policy has been in place since 1994 and today, 30% of its net profits go back to its communities across Canada.
Cons
- Low-Interest Rate: Compared to other credit unions and online banks, Vancity’s interest rates is low.
- High Annual Fee on Credit Cards: Vancity annual fees on are on the high side
How to Open a Vancity Account
To be eligible to open a bank account with Vancity, you must be a member of the Vancity credit union. becoming a member is a simple and fast process.
You can quickly setup a phone appointment to go through the process or visit one of several Vancity branches in your area.
However, there are some eligibility requirements for opening a Vancity account. To open an account you must:
- Present a Social Insurance Number (SIN)
- Reside in BC
- Deposit a membership account opening amount of $5
Vancity Credit Union Promotions
As a member of Vancity, you are eligible for several promotions throughout the year. Here are some of the promotions that Vancity Credit Union offers to its members:
- You will get a welcome bonus of up to $790 when you open an account with Vancity. (The bonus offer will end by April 30, 2023)
- On qualified mortgages, you can earn a cash back of up to $4,000
- You can also get a bonus of $150 when you invest up to $1,000.
Is Vancity credit union safe?
Vancity Credit Union has high standards for security and members’ privacy. It has more than 70 years of experience as a credit union so your fund’s safety is guaranteed.
Vancity uses the latest technology to protect all clients, members and employees from identity theft, fraud and other criminal actions.
Also, Vancity is a member of the Canadian Credit Union Deposit Insurance Corporation (CUDIC) which means all your deposits with Vancity are guaranteed 100% against insolvency by CUDIC.
Additionally, if you lose your money as a result of unauthorized transactions on your account, Vancity will pay you back the money provided you meet all of your obligations under the Account and Services Guide.
FAQs on Vancity Credit Union Review
Yes. Vancity Credit Union is a non-profit organization. As a result, they are focused on maximizing value for their members and not just making money.
Yes. There are 3,200 ATMs in Canada and the United States where Vancity members can transfer money, deposit and withdraw without incurring a fee.
Vancity is the biggest community credit union in Canada, with total assets and assets under administration of $33.2 billion.
To avoid overdraft fees, Vancity decides whether or not to honor a member’s cheques if there is not enough money in the account to pay it.
Conclusion on Vancity Credit Union Review
Vancity is a member-owned financial institution whose mission is to empower its members to achieve financial well-being.
It strives to empower members to be financially healthy through different services and products, such as low banking fees, financial counselling, and high-interest savings accounts.
We sincerely hope that this Vancity Credit Union review helps you make better informed decisions about your savings and finances.
If you have any comments or questions, please feel free to leave them in the space below.
Vancity Credit Union Review
Summary
Vancity is a member-owned financial institution that specializes in delivering financial, economical, and progressive products.
