Get North Winnipeg Credit Union

There are a limited number of traditional banks in Canada – including the big banks like TD, RBC, BMO, CIBC, National Bank, and Scotiabank. In contrast, however, there are hundreds of credit unions in Canada, serving smaller and more focused groups of people.

Banks and credit unions both offer a number of financial products, including savings accounts and certificates of deposit (CDs). The main difference between the two is that banks are typically for-profit institutions while credit unions are not-for-profit and distribute their profits among its members.

The Largest Credit Unions in Canada Vancity. Meridian Credit Union. Coast Capital Savings Credit Union. Servus Credit Union. First West Credit Union. Desjardins Ontario Credit Union. Steinbach Credit Union. Alterna Savings and Credit Union.

Canadian Commercial Banking and Wealth Management.

Steinbach Credit Union Steinbach Credit Union HQ in Steinbach, ManitobaNumber of locations3Key peopleGlenn Friesen, CEOProductsFinancial servicesTotal assetsCAD8 billion (2022)6 more rows

A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision of credit, and other financial services.

Banks and credit unions both offer a number of financial products, including savings accounts and certificates of deposit (CDs). The main difference between the two is that banks are typically for-profit institutions while credit unions are not-for-profit and distribute their profits among its members.

Credit unions offer many same services as banks, but usually with lower fees, better interest rates, and more lending flexibility. They typically operate as a non-profit and excess funds are paid out to members as rebates or dividends.