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Read MoreThe 12 Best Credit Unions in Toronto [2022]
Home » Best Of Toronto » The 12 Best Credit Unions in Toronto
Credit unions are a great alternative to banks, and there are plenty of great options to choose from in Toronto. Whether you’re looking for low interest rates, great customer service, or a credit union that offers a wide range of products and services, we’ve got you covered.
We’ve compiled a list of the 12 best credit unions in the city, so you can find one that fits your needs. If you’re not sure where to start, check out our list and find the perfect credit union for you!
Summary
- How We Selected The Best Credit Unions In Toronto
- The Best Credit Unions In Toronto
- 1) Member Savings Credit Union
- 2) Meridian Credit Union
- 3) Moya Financial Credit Union
- 4) Alterna Savings
- 5) Parama Credit Union
- 6) BCU Financial
- 7) Fort York Community Credit Union Limited
- 8) Comtech Fire Credit Union
- 9) DUCA Financial Services Credit Union Ltd
- 10) Tandia Financial Credit Union
- 11) The Police Credit Union
- 12) Central 1 Credit Union
- FAQs About Credit Unions
- Conclusion
How We Selected The Best Credit Unions In Toronto
To create this list, we looked at a number of different factors. These include:
- Interest rates: Credit unions typically offer lower interest rates on loans and higher interest rates on savings accounts than banks. This can help you save money on your borrowing costs and grow your savings faster.
- Customer service: Credit unions are known for their great customer service. This is because they’re typically smaller than banks and have a more personal touch. If you’re looking for a financial institution that will treat you like a person and not a number, a credit union is a great choice.
- Range of products and services: Credit unions offer a wide range of products and services, from chequing and savings accounts to loans and investment products. This gives you the flexibility to find a credit union that offers everything you need in one place.
- Locations: Credit unions typically have branches located across the city, so you can find one that’s convenient for you.
The Best Credit Unions In Toronto
1. Member Savings Credit Union

At Member Savings Credit Union, they appreciate the services that they provide to their clients. They take the time to get to know them and provide them with personalized solutions. As a credit union member, you have access to many free services for the first three months of your membership.
During this time, all fees are waived so you can build your business with them and also provide them with time to understand your banking needs. The benefits package increases with business income. So, the more you do with Member Savings Credit Union, the more you’ll save!
Business Information:
membersavings.ca
betterbanking@membersavings.ca
+14168601072
2 Bloor St E, Toronto, ON M4W 1A8
Customer Review Highlights:
Pros & Cons
Pros | Cons |
Offer student membership no monthly fees and no minimum balance requirements | Closed on the weekends |
No membership fee |
2. Meridian Credit Union

At Meridian Credit Union, they offer many of the same products and services that a major bank provides, along with a more individual and customer-friendly approach. They’re deeply committed to their members and to the communities they serve, and they’re always keeping up to date with new trends in an effort to help Members – like innovative services, community programs, incredible service, and low rates.
They offer you various chequing accounts, each with unique offerings to best suit your needs. In addition, they offer seniors (over the age of 60) and members (aged 18 to 29) free unlimited transactions. Your variety of chequing accounts definitely offer a range of free transactions without any monthly expenses. The money you earn on your account will be completely risk-free.
Business Information:
meridiancu.ca
+14169639839
429 Roncesvalles Ave, Toronto, ON M6R 2N3
Customer Review Highlights:
Pros & Cons
Pros | Cons |
Unlimited use of our Price Drop feature | Closed on Sundays |
Flexible mortgage payment options | |
Skip a payment option available |
3. Moya Financial Credit Union

At Moya Financial Credit Union, your initial membership deposit qualifies you as a member-owner. You have a voice in how you operate financially in your personal lives as well as that of the credit union’s community. As a member-owner, you even have the right to vote for on the Board of Directors.
These members facilitate the decision-making process on behalf of the credit union. They provide higher interest on their members’ savings accounts and lower interest rates on loans and credit cards, with their primary focus being to benefit their members.
If a member has money deposited in any combination of accounts, it is covered by federal deposit insurance up to $250,000.
Business Information:
moyafinancial.ca
main@moyafinancial.ca
+14162551742
747 Brown’s Line, Etobicoke, ON M8W 3V7
Customer Review Highlights:
Pros & Cons
Pros | Cons |
No-fee chequing account | Short operating hours |
Flexible payments options | |
Unlimited coverage |
4. Alterna Savings

Alterna Savings is Ontario’s third-largest credit union and one of the best ten credit unions in the country has competitive rates and transparent and friendly advice. A dedicated team of commercial service and community business banking pros at the facility can help you reach your business goals.
Its online brokerage and investment management services provide industry-leading brokerage and investment advisory services. Alterna was the first credit union to participate in the federal Community Microfinance Program, which facilitates microloans to small business owners.
Additionally, the credit union provides support services to entrepreneurs through one-on-one counseling, financial education, tools, and workshops.
Business Information:
alterna.ca
800 Bay St., Toronto, ON M5S 3A9
Customer Review Highlights:
Pros & Cons
Pros | Cons |
Surcharge-free access | Closed on weekends |
3 types of savings accounts | |
3 GICs with high rates |
5. Parama Credit Union

PARAMA Credit Union is the perfect alternative to traditional banks. With assets of approximately $500 million, we offer a wide range of services including mortgages (residential & co-op apartments), safety deposit boxes, chequing and savings account, GICs, and investments.
Their modern, full-service financial institution is committed to providing members with the best possible service and financial products. Whether you’re looking for a new place to park your money or you’re in the market for a mortgage, PARAMA Credit Union is a great choice.
Business Information:
parama.ca
info@parama.ca
416-207-9239
2975 Bloor Street West, Toronto, ON. M8X 1C1
Customer Review Highlights:
Pros & Cons
Pros | Cons |
Pay no account or regular transaction fees on chequing | Closed on weekends |
Surcharge-free ATMs | |
Free and unlimited: deposits, withdrawals and cheque transactions. |
6. BCU Financial

BCU Financial Credit Union is a federally chartered credit union serving the people of Toronto. With many members, BCU Financial Credit Union is one of the largest credit unions in Canada. The credit union offers a wide range of financial products and services, including checking and savings accounts, loans, mortgages, insurance, and investments.
BCU Financial Credit Union is also home to one of the most comprehensive lending libraries in the province. These are some of their advantages; competitive mortgage and loan rates, convenient mobile and internet banking and many more.
Business Information:
bcufinancial.com
+14167636883
2280 Bloor St W, Toronto, ON M6S 1N9
Customer Review Highlights:
Pros & Cons
Pros | Cons |
no fee chequing and savings accounts | Closed on Sundays |
small business solutions | |
profit sharing with their member |
7. Fort York Community Credit Union Limited

At the Fort York Community Credit Union, you’re more than just a customer. The FYCCU exists to serve you and would not exist without you. The money you deposit at the Credit Union is loaned to other members who need loan funds.
Those who borrow understand that the money belongs to the members of the Credit Union and others in their community. Their profits are invested into developing new services for their members. Some of the services they offer is; Collabria Credit Card, Full Pay Deposit, Chequing & Savings Accounts, RRSP’s, Credit & Mortgage Protection Insurance and more.
Business Information:
fortyork.com
fyinfo@fortyork.com
+14165306474
207-30 The Queensway Toronto, Ontario M6R 1B5
Customer Review Highlights:
Pros & Cons
Pros | Cons |
Unlimited insurance and regular savings of $250,000 per member. | Short operating hours |
Free net banking | |
Monthly flat fee package plan available |
8. Comtech Fire Credit Union

Comtech Fire Credit Union is a full service financial institution that offers top-notch advantages to their members and their kin. Having more than $530 million in total assets and locations in more than 20 cities in Ontario, their business has prospered over the course of more than five decades.
The Credit Union is devoted to offering its customers with affordable financial advice and personalized service in the environment of a relationship-driven relationship. Some of the services they provide include chequing and savings accounts, loans, mortgages, investments, and even insurance!
They have a wide network of ATMs and online/mobile banking options for the customer’s convenience. Regardless of what your needs are, Comtech Fire Credit Union will be able to help you out.
Business Information:
comtechfirecu.com
member_services@comtechfirecu.com
220 Yonge St #102, Toronto, ON M5B 2H1
Customer Review Highlights:
Pros & Cons
Pros | Cons |
Offers pay as you go options | Closed on weekends |
Variety of banking packages |
9. DUCA Financial Services Credit Union Ltd

DUCA Financial Services thrives through charitable acts that’s endemic to community initiatives they entail in everything they do, including every transaction, product, and interest rate. They share a profit from their Bonus Shares program with members.
They offer highly competitive rates that rank among the best in the industry. Their Members enjoy the highest level of service. They services include short-term loans, interest savings and minimal service fees on loans, asset protection on homes and small businesses, short-term and long-term lending options, and tax shelter for income.
Business Information:
duca.com
+14165938402
17 John St, Toronto, ON M5V 3G6
Customer Review Highlights:
Pros & Cons
Pros | Cons |
3 Year Fixed High Ratio Mortgage | Closed on weekends |
No-Fee accounts | |
Multiple Mortgage options |
10. Tandia Financial Credit Union

Tandia Financial Credit Union is a not-for-profit financial cooperative in Toronto and surrounding areas. The MemberOne Branch offers a full range of banking products and services, including loans, deposit products, mortgages and insurance. The Branch also offers a wide variety of financial education and support programs.
At Tandia, you are not just another client, you are a member of their family and an owner. That means that you can be confident that you will receive services that are just right for you. Recognizing that every individual is unique, they devote their work to better ensure that each person gets what they need.
Business Information:
tandia.com
+18005982891
200 Front St W Unit C021, Toronto, ON M5V 3K2
Customer Review Highlights:
Pros & Cons
Pros | Cons |
No fees using Deposit Anywhere | Membership Fee |
11. The Police Credit Union

The Police Credit Union is a one-stop shop for personal financial services that is committed to helping members reach and maintain financial stability. With competitive rates and their attractive reward programs, Police Credit Union members know they are part of a large family.
Their staff of experienced and caring financial experts is always available to support you throughout the loan application process. As a credit union, they dedicated to help make your finances as easy as possible.
Business Information:
tpcu.on.ca
memberhelp@tpcu.on.ca
+14169612107
40 College St, Toronto, ON M5G 2J3
Customer Review Highlights:
Pros & Cons
Pros | Cons |
No fees for day-to-day banking | Closed on weekends |
Lowest possible borrowing rates |
12. Central 1 Credit Union

Central 1’s position as a leading financial institution has allowed it to support a strong credit union system for over 75 years. It is also well-positioned to lead the way towards a more sustainable financial future.
Their responsible investing approach that takes into consideration ESG factors, as well as the long-term financial health of the market. With growing support from investors and financial institutions alike, it has two goals: maximizing positive environmental and social impact, and minimizing negative impact.
Central 1 is committed to responsible investing, and is working to integrate ESG factors into its investment decision-making process. This commitment will help create a more sustainable future for their clients, their customers, and society as a whole.
Business Information:
central1.com
+19052389400
120 Adelaide St W Floor 9, Toronto, ON M5H 1T1
Pros & Cons
Pros | Cons |
Comprehensive support and tailored solutions | Hours of operation is not avaliable |
Digital banking platform avaliable |
FAQs About Credit Unions
Conclusion
If you are looking for a credit union in Toronto, the 12 institutions listed above should give you plenty of good options. Each one offers its own unique set of products and services, so it is important to do your research before deciding which is the best fit for your needs.
For more information on each individual credit union, be sure to click through to their website or contact them directly. We hope this list helps you find the right financial institution for your needs.
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