The 12 Best Credit Unions in Toronto [2022]

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!


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

Now that you know what to look for in a credit union, it’s time to take a look at our list of the best credit unions in Toronto.

1. Member Savings Credit Union

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:
2 Bloor St E, Toronto, ON M4W 1A8

Customer Review Highlights:

“Very friendly staff that remember your name and are eager to help. Much better rates and service than the big banks. Member of The Exchange ATM network, the second largest ATM network in Canada. Most banking functions can be done by phone or through the internet, little need to attend the branch.”
“Excellent service and staff. Always there to help you with great rates and service. They truly are there for their clients, who they truly care about. Thanks again Veronica and staff,”

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:
429 Roncesvalles Ave, Toronto, ON M6R 2N3

Customer Review Highlights:

“Helpful staff, not profit-driven. Customer-oriented. I love credit unions and have had good experiences with Meridian. I just wish they were open on Saturdays.”
“Absolutely the best personal attention possible from branch manager Ricardo Smith. Professional, friendly, and goes out of his way to give customers a truly personal banking experience. Highly recommended!”

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:
747 Brown’s Line, Etobicoke, ON M8W 3V7

Customer Review Highlights:

“Best bank ever, great and knowledgeable staff. Geared to making your bank account grow, profits roll, and save as much as possible with little or lower fees then most other banks. I highly recommend Moya Financial even just for banking advice they rock.”
“This is the friendliest, most helpful bank in the city! I just may switch all my accounts over.”

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:
800 Bay St., Toronto, ON M5S 3A9

Customer Review Highlights:

“Excellent staff, down to earth, always very helpful, friendly. So unlike “ backs “ , that’s why I un-banked “ myself, 12 + yrs. ago & switched to Alterna Credit Union. Sharon Morris is a gem, very compassionate, always helpful, very bright & practical. Thanks Sharon, for all your help, to me, through the years. You’re help is invaluable.❤️”
“Super friendly and genuinely nice staff!”

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: 
2975 Bloor Street West, Toronto, ON. M8X 1C1

Customer Review Highlights:

“This Lithuanian Credit Union is very tight-knit and well put together. Many of the workers I've known through Lithuanian camps and, of course, basketball. They're very helpful and considerate folk, who are easy to trust and enjoy doing banking with.”
“Very friendly staff willing to accommodate your banking needs. Great rates on deposits and GICs as well as free chequing for personal and business accounts.”

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:
2280 Bloor St W, Toronto, ON M6S 1N9

Customer Review Highlights:

“Never had issues with the bank. Never waited more than 5 min in line. Reaching them per phone you can at different location as well, so no need to panic like Sandy Bodnar. Try getting the same service at other banks.”
“Thank you Buduchnist for a great service and community support!”

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:
207-30 The Queensway Toronto, Ontario M6R 1B5

Customer Review Highlights:

“Never been this satisfied. All the staff are amazing. They listen to your concerns. Excellent customer service.”
“Having banked with some of the main banks there is nothing to compare to the credit union. Very good customer care.”

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: 
220 Yonge St #102, Toronto, ON M5B 2H1

Customer Review Highlights:

“They offer excellent personalized service. you are much more than a name and number at this financial institution.”
“Friendly, accessible, and welcoming. Only ever banked with the big five, this was a more than welcome change.”

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:
17 John St, Toronto, ON M5V 3G6

Customer Review Highlights:

“Profit share at DUCA is great. It's a co-operative so I get dividends at the end of the year based on my book of business. I chose it over other Credit Unions in the area because it's a certified B-Corp (pays a living wage).”
“Wow really amazing staff everyone is so kind and knowledgeable, met Daniel one of the associates, it pleasant doing business here”

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:
200 Front St W Unit C021, Toronto, ON M5V 3K2

Customer Review Highlights:

“Irina is an angel. Have dealt with her for many years pre-Tandia and I've never dealt with someone at a financial institution as caring and compassionate as her. Over the years, Irina Has helped me (and others I've sent to her) get out of sticky situations with very creative solutions. The rest of the staff at this branch are great too” “Very nice staff, had a great first interaction.”

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: 
40 College St, Toronto, ON M5G 2J3

Customer Review Highlights:

“Very helpful staff . Sorted problem within minutes”
“Excellent credit union”

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:
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

The cost of joining a credit union can vary, but it is typically much lower than the cost of joining a bank. Many credit unions will require you to open a savings account with them, and some may also require you to maintain a minimum balance. However, the fees are often much lower than those associated with banks.
There are many benefits to using a credit union, including low-interest rates, great customer service, and a wide range of products and services. Credit unions also tend to be more community-focused than banks, and they often offer financial education and other resources to their members.
When you’re looking for a credit union, it’s important to find one that fits your needs. Consider what you’re looking for in a credit union and use our list as a starting point. Once you’ve narrowed down your options, visit the credit unions’ websites or give them a call to learn more about their products and services.
There are many great reasons to join a credit union, but it’s ultimately up to you to decide if it’s the right choice for you. If you’re looking for an alternative to a bank, or if you’re interested in supporting a community-focused financial institution, a credit union may be a great option for you.


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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