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On the surface, banking with a credit union may seem a lot like a traditional bank. But it’s not.
Credit unions are similar to commercial banks in that they offer chequing and savings accounts, mortgages, business loans, online banking and registered savings plans—all for lower or no fees than traditional lenders. But credit unions are co-operatives and therefore tend to be much smaller than the major banks.
Customers have to buy a one-time membership share to get started, said Wendy Brookhouse, certified financial planner and CEO of Black Star Wealth. “Walk in, say: ‘I’d like to become a member’ and pay for your membership share,” she said. “You’re now banking there.”
Photo Handout Wendy Brookhouse / The Canadian Press
Lower fees, higher community investment
As not-for-profits, credit unions are usually community-oriented, Brookhouse said. That makes them a good fit for socially conscious people who want their money to stay within their community…
Here’s a round-up of news for Canadian investors this week.
BMO
Scotiabank
RBC
National Bank
EQ Bank
TD
CIBC
Laurentian Bank
Featured RRSP Accounts
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EQ Bank
Build your retirement savings with 2.00% interest, tax-deferred contributions and zero fees.
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Registered GIC rate
Earn a guaranteed 3.30% in your RRSP when you lock in for 1 year.
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Best RRSP rates
See our ranking of the best RRSP accounts and rates available in Canada.
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