Why should you choose a Alberta credit union for your financial needs?
Credit unions are community-based co-operative organizations that offer the same variety of products and services as other financial institutions, plus a network of surcharge-free ATMs and innovative online banking platforms and mobile apps. We are committed to supporting you with specialized products and services tailored to life in Alberta.
There are plenty of reasons to try adding a credit union to your life – here are just a few:
Credit unions are member-owned and operated
Credit unions are owned and operated by our members. That means when you join a credit union, you have a say in how we operate and how your money is invested back into the community. The cooperative structure of credit unions ensures that decisions prioritize the best interests of members and the communities the credit union operates in. This means as your money grows, it supports local initiatives, events, and businesses in your community.
Credit unions are focused on serving the communities they operate in. Our profits are invested back into the community in a variety of ways, including by offering products and services to your friends, neighbours and local and businesses, supporting local community groups and organizations, and by donating to charities and causes that matter where you live. By joining a credit union, you are directly contributing to the growth of Alberta.
Competitive rates and low fees
Alberta credit unions offer competitive interest rates on all products, from accounts to mortgages to loans to credit cards and more. Our fees are often lower than other financial institutions for our products and services. And since credit unions are governed by members, they have more flexibility to provide lower rates or better terms than other financial institutions.
Members come first at a credit union, which means we offer a more personalized customer service experience. Staff take the time to understand your financial needs, provide custom solutions and deliver great service. In fact, credit unions have been ranked top in customer service by the Ipsos Financial Services Excellence Awards for the past 18 years!
Modern, innovative and convenient
Credit unions offer a wide range of innovative banking services, modern branches, the latest apps and online banking experiences, and access to a large, no-fee ATM network. Banking with an Alberta credit is easy and convenient. Credit unions are always working to provide you with the tools and technology you need to achieve your financial dreams.
Profits are shared
As a member, when the credit union makes a profit, so do you as a shareholder. Most Alberta credit unions offer profit-sharing options, meaning profits are shared back with members in the form of dividends and annual returns. In 2022, more than $108 million went back to Alberta credit union members in the form of profit-shares, dividends and annual returns.
Values-based banking and focus on DEI
Credit unions care about what matters to members. We prioritize values-based banking and are aligned on the issues that matter to members. We are known for supporting local causes and socially responsible and sustainable initiatives. For some examples, review our Credit Union Impact Report here and read about the many ways credit unions impact the community.
We are also focused on building diverse, equitable and inclusive (DEI) focused workplaces all across Alberta, with DEI initiatives and programs mandated at the board level for many credit unions. This ensures an inclusive and equitable organization that truly reflect its diverse membership base.
Quick and easy to join
Alberta has 13 credit unions across the province, serving more than 622,000 members from communities large and small.
Signing up as a member is quick and easy – with many credit unions offering online account opening – and typically only costs $1.00 for your first common share. Learn more on how to become a member here.
Listing of Alberta credit unions
Below is an alphabetical summary of credit unions across Alberta, highlighting where they are located and what they offer. The first ten are the open bond credit unions, which mean they accept anyone who lives in Alberta as a member.
We are a full-service financial institution based out of Lethbridge, Alberta that offers personalized tools and solutions to aid our members in reaching financial security and prosperity. We serve the community, agricultural operations, and businesses in southern Alberta through our cooperative values, compassionate staff, and commitment to providing high-quality financial service.
With branches located in Lethbridge, Magrath, Taber and Cardston.
We have been providing user-friendly business and personal banking services to the Beaumont and Edmonton communities since 1938. From great rates to tailored advice, we’ve got something for everyone. Our services are locally focused, which means that all lending decisions are made and carried out from our local branch, rather than from a distant head office. We also believe in treating our member-owners as people, not numbers. Your individual needs are important to us, and so, we have created a complete range of personalized banking services to meet your ever-changing needs as a part of “Building Simply Better Banking.”
Branches in Beaumont and Edmonton.
We’re committed to providing exceptional banking, features, services, security, and advice so our members can get everything they want from their money and their lives. We offer a full suite of personal and commercial banking products and services, and a team to help our members be financially fit. At BVCU, our members are owners. That means that any profit we make goes right back into improving our products and services and innovating new ways to enhance our members’ lives. We’re deeply committed to our communities and members, so much so that our members are at the centre of everything we do. It is woven into our DNA to provide a responsive, friendly, and effective means to financial security and a focus on banking with purpose.
Branches in the Bow Valley region.
Be part of an organization that encourages good stewardship with service and advice from experts, modern banking technology and a comprehensive range of products. We are principled and benefit our members with low fees, great rates, and profit sharing. We support Christian organizations and provide resources to help you make a difference in the world.
Branches in Edmonton and Lethbridge.
Our history as a credit union began in 1939 when four neighbours came together to fund a loan for a neighbour’s washing machine. The first loan was done at their house in Bridgeland which is also where we opened our first branch. For more than 80 years, we’ve celebrated some great milestones in Albertans’ financial journeys – from supporting local business owners build their dreams to farmers feeding the nation and more. Today we have more than 40 branches across central and southern Alberta with a mission to make money make a difference and to do what’s right for every member.
Branches across Central and Southern Alberta.
Our staff are motivated to help you achieve your goals. Combining creative solutions and a wide range of products, Lakeland Credit Union prides itself on being your partner through all stages of life. And the best part of joining a credit union is you get a share in the profits. Our members have received over $45.6 million since 2005, just for having a personal account or a business account or a loan or an investment or a mortgage with us. Finance can be complicated, but banking doesn’t need to be. With a user-friendly online banking platform and app to transfer money, pay bills, open new accounts and a real person to answer the phone when you call with a question, Lakeland Credit Union has you covered.
Branches in Bonnyville and Cold Lake.
Established in 1944, Rocky Credit Union is the largest single-branch credit union in Canada. We proudly serve the people of Rocky Mountain House and surrounding area with all of their banking needs. Our members are our biggest priority, which is why we strive to foster financial literacy, support local initiatives, and create deep connections within our community.
Branch in Rocky Mountain House.
Servus Credit Union, Alberta’s largest credit union, is a member-owned, community-based financial institution with roots dating back to 1938. Servus is driven by our purpose to shape member financial fitness. It’s why we use all our humanity and technology to help our members’ feelings about money, be good ones.
Branches across Northern, Central and Southern Alberta.
Vermilion Credit Union was created in 1943 as Vermilion Savings and Credit Union and in 1996 changed its name to Vermilion Credit Union Ltd. We continued to grow, opening our Mannville Branch in September of 2003. Members are owners which makes it highly motivating for us to help them achieve financial success right here at home. Unlike traditional banks, our member-owners are rewarded by their belief in us, not by their account balance. As a credit union, we are a cooperative organization and run our business based on cooperative principles, guided by a vision and mission.
Branches in Vermilion and Mannville.
Vision Credit Union Ltd. is a community credit union with over 36,000 members across Alberta. Over the past 70 years, Vision has evolved from a single branch in Camrose with assets of $178, to become the province’s third largest credit union with 24 branches and assets over $2 billion. Vision is rooted in communities where agriculture is the bread-and-butter of the economy. Many of us are farmers and ranchers too. We pride ourselves on understanding the financial needs of our members and on sharing the profits.
Branches across Alberta’s rural communities.
Closed Bond credit unions
There are also three closed-bond credit unions in Alberta, which only serve people from a specific segment of the population (for example, those from a specific faith group, industry or employer). They are:
- Calgary Police Credit Union, serving members of the Calgary Police Service
- Khalsa Credit Union, serving the Sikh community in Alberta.
- TransCanada Credit Union, serving Alberta-based employees and contractors working for TC Energy and its subsidiaries.