Some people find it difficult to choose a credit union over the big banks, but with Vancity, you can be confident that you will get the same services you can get with a bank.
This is because their goal is to help you become more financially stable. Vancity Credit Union is currently one of the biggest Canadian credit unions.
Since it was founded, Vancity Credit Union has been an active player in the financial industry.
If you’re looking for a place that offers quality financial services at competitive rates, Vancity Credit Union is a great choice.
Similar to banks, Vancity offers a wide range of financial products and services like investments, credit cards and loans to make you financially stable.
In this Vancity Credit Union review, we are going to look at who the credit union is and the products offered by the financial institution. We will also show you how you can easily open an account with the credit union.
Continue reading to find out!
Table of Contents
Who is Vancity Credit Union?
Vancity Credit Union is a well-respected financial institution that has been serving its members since 1946.
It is one of the biggest credit unions in Canada, and it is well known for its progressive products and services.
Vancity is committed to delivering excellent products and services to its members, and it continually strives to innovate and improve its offerings.
The credit union’s products and services are designed to meet the unique needs of its members, and the credit union is always looking for ways to better serve its community.
Vancity is controlled by a board of directors who are voted in by the members and who approve the credit union’s strategic preference of its business each year.
This commitment to excellence has resulted in Vancity’s reputation as a leading provider of financial services in Canada.
Whether you’re looking for a savings account, loan, or investment product, Vancity has something to meet your needs.
In addition to delivering financial, economical, and progressive products, Vancity is also committed to being a responsible corporate citizen.
Vancity invests in communities through initiatives like employee programs, community investment funds, and environmental sustainability projects.
As a result of its commitment to its members and communities, Vancity Credit Union is a leading force in building strong local economies.
If you are looking for a financial institution that puts its members first, Vancity Credit Union could be a great choice.
Products Offered by Vancity Credit Union
As mentioned earlier, Vancity members have access to an array of products and services at their fingertips.
With Vancity, you can get any financial service you need. Let’s look at the financial products you can get from Vancity Credit Union:
1. Savings accounts
Vancity Credit Union has several savings accounts with unique features to help you reach your savings needs.
The following are the types of savings accounts you can open with Vancity Credit Union:
Jumpstart High-Interest Savings Account
The Vancity Jumpstart High-Interest Savings account is a great account for Canadians looking for a high-interest savings account.
The account offers one of the highest promotional interest rates. With the account, you can get an interest rate of up to 4.50% on your savings.
This 4.50% interest rate is a promotional interest rate and it ends on February 28th, 2023.
Therefore, if you want to benefit from this high-interest rate, you have to open the Jumpstart High-Interest Savings account before the offer ends.
You should also note that you can only get a high-interest rate on the account when you make new deposits.
This means that if you already have the account, the funds you have in the account will not earn a high-interest rate until you make new deposits.
The Vancity Jumpstart High-Interest Savings account has several unique features that make it a great savings account.
The following are key features of the Vancity Jumpstart High-Interest Savings account:
- There are no monthly fees
- No minimum balance requirement
- A limited high-interest rate of up to 4.50%
- You can make daily mobile and online transactions at no cost with an exception of Interac e-Transfers
- Online bill payments at no cost
- You can open the account as an RESP, TFSA, RRIF or RRSP
Plan 24 Savings
The Plan 24 Savings account is another great savings account that is offered by Vancity Credit Union.
This account can be a great option for you if you are someone that makes few daily transactions.
The Vancity Plan 24 Savings has the following unique features:
- There are no monthly fees
- No minimum balance requirement
- You can make free mobile and online transactions at no cost. This transaction excludes Interac e-Transfers
- You can make 10 free debit transactions every month. These debit transactions can be either in-person or daily debit card transactions
- If you are a Vancity member that is less than 25 years or above 55 years, you can make everyday transactions at no cost
2. Chequing accounts
Vancity Credit Union also offers its members different chequing accounts with several unique features.
Let’s look at the several chequing accounts offered by Vancity Credit Union below:
Pay As You Go Chequing
This Vancity chequing account is a great account for people who are looking for an affordable chequing account in Canada.
With a Pay As You Go Chequing account, you are only charged for the features you need or use.
Let’s look at the unique features that come with this account:
- The account has no monthly fees
- You can make mobile and online transactions at no cost
- Debit transactions cost 50¢ per transaction
- Preauthorized and cheque payments cost 50¢ per payment
- If you maintain a minimum balance of $1,000, you won’t be charged any fee for any in-person debit, preauthorized and cheque payments
- Also, if you make payments, transfers or withdrawals over the phone or in person using any Vancity account, you will be charged 70¢ per transaction
E-Package Chequing Account
Vanity E-Package Chequing account is a great account for people who are looking for a chequing account to make unlimited debit transactions including Interac e-Transfers at an affordable fee.
This account comes with several perks that make it a unique chequing account for your banking needs.
Here are several great features you can enjoy with the Vanity E-Package Chequing account:
- You can make unlimited free daily transactions (including Interac e-Transfers)
- The account has a monthly fee of $7.75. However, if you maintain a daily closing balance of $1,000 for the month, you won’t pay any monthly fees
- You can deposit your cheque online using the Vancity mobile app
- Make withdrawals at over 4,000 ding-free ATMs without paying any fees
- You can easily make all your transactions online using the Vancity Apple Pay
- Make one free monthly daily in-person transaction. After that, pay 70¢ per transaction
Chequing Plus for Youth
The Vancity Chequing Plus for Youth account as the name implies is a chequing account that is tailored to Canadian youths.
The account offers great perks to help youth that are under the age of 25 meet their financial saving goals.
If you are a Canadian youth who is under 25 and are looking for a cost-effective chequing account, the Vancity Chequing Plus for Youth is worth looking at.
This great chequing account comes with the following unique features:
- The account has no monthly fees
- You can make unlimited daily transactions at no cost
- There is an option for a free mobile deposit. This includes depositing your cheque online using the Vancity mobile app
- You can make free withdrawals within Canada at over 4,000+ ding-free ATMs
- When you open the account, you will get a free cheque book with 50 customized cheques
- The Vancity Apple Pay on the credit union’s mobile app makes banking very easy
Chequing Plus for Seniors
The Vancity Chequing Plus for Seniors is a great chequing account designed specifically for Canadian seniors who are 55 years and above.
As a senior, you can get the following perks with the account:
- There are no monthly fees
- You can make unlimited daily transactions without paying any fees
- When you open the account and get a safety deposit box, your fee will be deducted by $5
- The account comes with a cheque book with 50 free cheques
- US dollar drafts are also included at no cost
- You can make free ATM withdrawals at over 4,000+ ding-free ATMs in Canada
Access Chequing
Are you a Canadian with a disability? Don’t worry there is a special account designed specifically for you.
The Vancity Access Chequing account is a great chequing account for disabled Vancity members.
This unique Vancity chequing account offers several great features to suit your financial needs as a disabled Vancity member.
Below are the features of the Vancity Access Chequing account:
- The account has no monthly fees
- You can make Interac e-Transfers at no cost
- Make 40 daily monthly transactions
- You can withdraw at over 4,000+ ding-free ATMs without paying any charges
- Get $5 off the purchase of a safety deposit box
- You can deposit your cheque online at no cost
- You can get a bank draft at no cost
USD Chequing
The Vancity USD Chequing account is a type of chequing account that offers you the opportunity to save and transact in USD.
If you are a Canadian looking to make transactions in USD, the Vancity USD Chequing account could be the best option for you.
The account comes with the following unique features:
- There are no monthly fees on the account
- The account protects you against currency fluctuations
- Using the Vancity mobile app or online banking portal, you can make transactions between different accounts
- You can make one free daily transaction every month
USD Chequing Plus for Seniors
Vanity Credit Union also offers a great UDS chequing account for senior citizens known as the UDS Chequing Plus for Seniors account.
The account is specifically designed for Canadian seniors above 55 who are looking for a USD account.
This UDS Chequing Plus for Seniors has the following features:
- The account has no monthly fees
- Make daily transactions at no cost
- You can use the account to easily transfer money to and from other accounts
- The account protects you against currency fluctuations
- You can use the account to easily convert CAD to USD and vice versa
3. Vancity Credit Cards
Vancity Credit Union also offers you different types of credit cards. Each of the cards offers several unique perks that can be of great value to you.
Let’s look at the types of credit cards you can get with Vancity:
Enviro Visa Infinite Card
The Vancity Enviro Visa Infinite Card is a Visa card that offers you rewards points on your spending.
This Visa credit card has the following features:
- 19.50% interest rate
- $120 annual fee
- For each $1 you spend with the card, you will get 1.25-10 points
- You can get up to $500,000 coverage on travel accidents on certain losses
- There is flight delay insurance
- You will get premium Visa infinite benefits
Vancity Enviro Visa Gold Card
The Vancity enviro Visa Gold card is another great Visa card offered by Vancity Credit Union.
The card offers several redeemable rewards points on your spending. Here are the features of this card:
- $145 annual fee
- 11.25% interest rate
- For every $1 you spend with the card, you will get 1 point
- You will get bonus points of up to 2,500 on your first purchase with the card. When you redeem these points, you can get up to $25
- If you use your card for a year, you will get anniversary bonus points of up to 3,500. These points can amount to $35 when you redeem them
- You will get insurance coverage of up to $500,000 on common carrier
Vancity Enviro Visa Classic Card
The Vancity enviro Visa Classic card is a great credit card for people with a high balance.
If you currently carry a high credit card balance, you can switch to the Vancity enviro Visa Classic card to enjoy low-interest rates.
The account comes with the following features:
- $25 annual fee
- 11.25% interest rate
- You will get accident insurance coverage of up to $200,000 on common carrier travel
- You can add up to 4 extra cards at no cost
Vancity Enviro Visa Infinite Privilege Card
This Vancity credit card comes with a high-interest rate but it also comes with unique perks that you can’t get on the other cards.
The following are the features of the Vancity Enviro Visa Infinite Privilege card:
- If you are a Vancity member, you will pay an annual fee of $245. But if you are not a Vancity member, you will pay a monthly fee of $395
- The account has a 19.50% interest rate
- For you to qualify for the card, you must have a personal annual income of up to $150,000, an annual household income of up to $200,000 or investible funds of up to $400,000
- There is flight delay insurance
- For every 1 dollar you spend on eligible local businesses, you will get 10 points
- Also, for each $1 you spend on transit and ferries, you will earn 5 points
- You will earn 3 points for every dollar you spend on groceries
- For every dollar you spend on all other purchases, you will earn 1.5 points
- You will get 2x the points if you book a travel using Vancity rewards
- Travel medical emergency insurance of up to $5,000,000
- You will get insurance coverage on car collisions or loss and travel cancellation or interruption
- You can add one supplementary card for free. If you want to add more than one, you will be charged $50 per card. You can add up to 4 extra cards
Vancity Enviro Visa Classic Card
If you are looking for a credit card that has no monthly fees, the Vancity Enviro Visa Classic card can be a great option for you.
This Vancity credit card offers you rewards points on your purchases without charging you an annual fee.
Here are the key features of the Vancity Enviro Visa Classic card:
- There are no annual fees
- The account has an interest rate of 19.50%
- For every $2 you spend with the card, you will earn 1 point
- If you book travel through Vancity Rewards, you will earn 2x the points
- You will enjoy up to $200,000 in travel accident insurance
- There are no fees for adding extra cards. You can add up to 4 extra cards
RELATED: Best Points Credit Cards in Canada
4. Loans
Vanity offers you different types of loans to make life easier. These loans offered by Vancity come with flexible repayment terms and competitive rates.
The following are the types of loans you can get with Vancity Credit Union:
- Line of credit
- Personal loan
- Ready to rent loan
- RRSP loan
- Vancity fair and fast loan
- Personal computer loan
- Vancity planet-wise transportation loan
- Peer loan
- Vancity planet-wise renovation solutions
Apart from offering you the above types of loans, Vancity also provides you with a loan calculator to help you know exactly how much you will pay back.
5. Investments
If an investment account is what you are looking for, Vancity has also got you covered.
With the credit union, you can have access to several investment accounts that help you achieve your goals faster.
You can open the following investment accounts with Vancity Credit Union:
- Tax-Free Savings Accounts (TFSAs)
- Registered Retirement Savings Plans (RRSPs)
- Jumpstart High-Interest Savings Account
- Registered Disability Savings Plan (RDSP)
- Registered Retirement Income Funds (RRIFs)
- Socially responsible investments
- Mutual funds, Stocks and bonds
- Registered Education Savings Plans (RESPs)
- Term deposits
6. Mortgages
If you are looking for a mortgage to finance a new home or renovate an existing home, Vancity offers several mortgage options.
Vancity mortgage products are designed to help you achieve your goals, regardless of whether you are a first-time home buyer or a seasoned investor.
The following are the types of mortgages you can get with Vancity:
- Fixed-term mortgage
- Open-term mortgage
- Closed Term Fixed Rate mortgage
- Homeprime mortgage
- Creditline mortgage
- Laneway mortgage
- Home renovation options
- Environmental options
- Construction mortgage
- Mixer mortgage
Apart from offering you several mortgages with flexible repayment plans, Vancity also offers you cash back on eligible mortgages.
If you take a fixed mortgage of 10, 7, 5,4 or 3 years, Vancity will give you a cash back of 5% on the total amount you borrowed.
If you transfer a laneway mortgage from a different financial institution to Vancity, you will get a cash back of 2% on the principal amount.
For you to get this cash back, you must fund your mortgage. This is because the cash back is only paid on the date a mortgage is funded.
You should also note that if you decide to break your mortgage before the maturity, you will have to return part of the cash back that you received.
RELATED: CIBC Mortgage Cash Back
Vancity Fixed Mortgage Rates
There following are Vancity fixed mortgage terms with their various rates:
| Mortgage Term | MortgageRates |
| 6 Month Fixed Term Residential | 6.34% |
| 1 Year Fixed Term Residential | 5.49% |
| 2 Year Fixed Term Residential | 5.49% |
| 3 Year Fixed Term Residential | 5.54% |
| 4 Year Fixed Term Residential | 5.54% |
| 5 Year Fixed Term Residential | 5.54% |
| 5 Year Fixed Term Insured Residential | 5.34% |
| 7 Year Fixed Term Residential | 5.94% |
| 10 Year Fixed Term Residential | 6.80% |
How to Open a Vancity Account
Before you will be allowed to open an account with Vancity, you must, first of all, become a Vancity member.
However, there are certain eligibility requirements you need to meet before you can become a member of the Vancity Credit Union.
The following are the Vancity membership requirements:
- To become a Vancity member you must reside in British Columbia (BC)
- You have to make a deposit of $5 when you are opening a membership account for shares.
- Also, you must present a Social Insurance Number (SIN)
Once you meet the above requirements, you can easily become a Vancity member by choosing your membership type.
After making your choice of the membership type, you can either visit any of the Vancity branches to open an account.
Alternatively, you can easily open a Vancity account over the phone by dialling this number 604.877.7000.
When you become a Vancity member and open an account with the credit union, you will enjoy a welcome offer of $300.
To get this welcome bonus from Vancity, you must set a continuous direct deposit on your Vancity account for at least 3 consecutive months.
You should note however that this welcome bonus expires on December 31, 2022.
This means you won’t enjoy this welcome bonus if you open a Vancity account after the date.
Is Vancity credit union safe?
Vancity Credit Union has been in business for over 65 years and is dedicated to protecting the security and privacy of its members.
The credit union uses modern technology to safeguard all members’ information. The company also offers a variety of security features on its website, such as password fraud monitoring.
As a result, you can rest assured that if you become a Vancity member, your information will be safe with the financial institution.
In addition, Vancity is insured by the Canadian Credit Union Deposit Insurance Corporation (CUDIC).
This means that your deposits are insured 100% against loss in the unlikely event that the credit union fails.
Plus, as a member-owned financial institution, Vancity returns its profits to members and the communities it serves. So you can feel good about doing your banking with Vancity.
Final Thoughts on Vancity Credit Union Review
Vancity is a great credit union for people who want to be more financially responsible and have the option to invest in social and environmental causes.
The credit union offers great rates and unique products available at big banks, making them a fantastic option for Canadians looking to make the most of their money.
Vancity’s membership fee is also very reasonable, especially when compared to other banks’ fees, and there are no minimum balance requirements for opening a savings account with the company.
We hope this Vancity Credit Union review has given you some insight into whether the financial institution is right for you and your financial goals.
If it has, please share it with anyone who may also be interested in learning more about Vancity Credit Union.
Have you had any experience with Vancity? Share your thoughts in the comments below.
