Coast capital savings Canada is one of the top financial institutions in Canada, having over 570 thousand member-owners, making it Canada’s largest credit union by membership. Coast Capital Savings provides financial services to Canadians from its over 52 branches and its alternative platforms.
Regarding capital base among credit unions, Coast Capital Savings is Canada’s second-largest credit union by assets and the second federally regulated in Canada. It provides banking products and services to individuals and businesses.
Here’s a review of its services and innovative banking products, including member benefits.
About Coast Capital Savings
Coast Capital Savings Credit Union is Canada’s largest credit union by membership and the second-largest credit union by assets and asset under management (AUM) in Canada.
In the British Columbia province, Coast Capital Savings also stands as the second credit union by asset, behind Vancity Credit Union. As a financial cooperative that serves customers in BC and across Canada, Coast Capital Savings offers its services through its over 52 branches and online channels.
Established in 1940, Coast Capital Savings boasts of years of experience providing outstanding financial and banking services to its over 570 thousand members in Metro Vancouver, Okanagan, Fraser Valley, and Vancouver Island.
Historically, Coast Capital Savings emerged from an amalgamation of three leading cooperative organizations in BC – Pacific Coast Savings, Richmond Savings Credit Union, and Surrey Metro Savings.
Sequel to this merger, between 2000 and 2002, the membership and assets base of Coast Capital grew, hence, the need for expansion. As a result, it became a federally regulated credit union in 2018, the second in Canada. With its federal status, the members adopted a new name – Coast Capital Savings Federal Credit Union (Coopérative dé crédit fédérate Coast Capital Savings).
Membership benefits in Coast Capital Savings include access to exclusive financial products and services, including mortgages, personal loans, chequing and savings accounts, term deposits, ATM access and online banking, consulting services, etc.
Coast Capital Savings Products and Services
Coast Capital Savings Federal Credit Union provides innovative financial products and services to its members (personal banking) and businesses, including everyday banking, investments, and community support.
Coast Capital Savings Personal Banking
Coast Capital Savings offers a full suite of personal banking products and services. These include savings account, chequing accounts, mortgages, investments, and loans.
Coast Capital Savings Personal Chequing Accounts
Members of Coast Capital Savings can choose from four chequing accounts to enjoy affordable and straightforward daily banking services. These are:
1. Free Chequing, Free Debit, and More Account
This chequing account comes with free offers, including zero monthly fees and no minimum balance requirement.
- Free and unlimited transactions
- No monthly fees
- No minimum balance required
- Free ATM withdrawals and deposits
- Free eStatements
2. Coast Capital US Chequing Account
The US chequing account is ideal for those who write cheques in US dollars. It comes with no monthly fees and earns you zero interest on your balance. It is suitable for cross-border transactions.
- Free eStatements
- There is no monthly account fee
- The account comes with one free monthly transaction.
- Account-holders with a $1000 minimum monthly balance enjoy free transaction fees.
3. Coast Chequing Prestige Account
Members on the prestige chequing account enjoy unlimited transactions for a low monthly fee, free paper statements and eStatements.
- Free and unlimited daily banking transactions
- Monthly fee: $21 ($10.50 for members aged 59+)
- Account-holders with a minimum monthly balance of up to $5000 get a monthly fee waiver.
- Up to 8 free non-coast capital savings
- ATM withdrawals in Canada and abroad
- Free US drafts, foreign drafts and Canadian bank drafts
- Earn 0.000% on all account tiers ($0 – $10,000+)
4. Coast Chequing Classic Account
The classic account comes with free transactions, free cheques, and other exciting perks.
- Monthly fee: $11 (free for members aged 59+)
- Free personalized cheques
- The account comes with 40 free monthly transactions.
- Additional transactions attract $1.00 each
- Free Canadian and US bank drafts
- Free eStatements and paper statements
- $10 discount on safety deposit box rental fee
Coast Capital Savings Personal Savings Account
Coast Capital High-Interest Savings Account (HISA)
With the high-interest savings account (HISA), your money works for you by earning a competitive interest at no monthly cost.
- No monthly fee
- Earn 0.10% interest rate
- The account comes with two free monthly transactions. Additional transactions attract a $5.00 fee.
Coast Capital Savings Mortgages
Coast Capital Savings offers diverse mortgage types at competitive rates and flexible repayment structures for first-time home buyers and mortgage renewals. The mortgage products are available at fixed and variable rates.
1. Members Get It Mortgages
Coast Capital Savings offers a $1500 cash bonus for new members that switch to this mortgage package. Also, this mortgage offers a competitive rate for intending homeowners.
2. Construction Mortgage
The construction mortgage is suitable for those who want to build their own house. Coast Capital Savings provides financing services throughout the construction process, including upfront advances, interest-only payments up to 18 months, and flexible mortgage terms.
3. Reverse Mortgage
With Coast Capital’s reverse mortgage, you can access payment and tax-free equity on your home and use the additional cash for debt consolidation, home renovations, and more. The Reverse Mortgage offer is only available to homeowners aged 55 years and above with a home value of at least $250,000.
Featured Mortgage Rates
| Mortgages | Rates |
| Members Get It Mortgage 5-years variable | 1.400% |
| Members Get It Mortgage 5-Year Fixed | 2.190% |
| 5-Year Variable Special Insured | 1.350% |
| 5-Year Fixed Special Insured | 2.140% |
Prime Rate
| Variables | Rate |
| Coast Capital Savings Prime Rate | 2.450% |
Fixed Rate Mortgages (Members Only)
| Mortgage Terms | Up to 25 Year Amortisation (%) | Over 25 Year Amortisation (%) |
| 1-Year Fixed Rate – Open | 3.790 | 3.890 |
| 1-Year Fixed Rate – Closed | 2.290 | 2.390 |
| 2-Year fixed Rate – Closed | 1.990 | 2.090 |
| 3-Year fixed Rate – Closed | 1.990 | 2.090 |
| 4-Year fixed Rate – Closed | 2.040 | 2.140 |
| 5-Year fixed Insured Rate – Closed | 2.190 | 2.290 |
| 5-Year fixed Rate – Closed | 2.140 | NA |
| 6-Year fixed Rate – Closed | 2.640 | 2.740 |
| 7-Year fixed Rate – Closed | 2.690 | 2.790 |
| 8-Year fixed Rate – Closed | 4.140 | 4.240 |
| 9-Year fixed Rate – Closed | 4.190 | 4.290 |
| 10-Year fixed Rate – Closed | 2.940 | 3.040 |
Variable Rate Mortgages
| Mortgages | Rate (%) |
| 1-Year Variable Rate – Open | 3.150 |
| 5-Year Variable Rate – Closed (Up to 25 Years Amortisation) | 1.400 |
| 5-Year Variable Rate – Closed (More than 25 Years Amortisation) | 1.500 |
| 5-Year Variable Insured Rate – Closed | 1.350 |
| 5-Year Variable Special Insured Rate – Closed | 1.350 |
Note: These rates are subject to change at the discretion of the issuer. Consult Coast Capital savings for current rates.
Coast Capital Savings Personal Loan and Lines Of Credit
Coast Capital Savings credit union offers personal loans, lines of credit, auto loans, and RRSP loans to its member-owners.
Personal Loans
Coast Capital Savings offers two types of personal loans which are accessible to handle your personal needs.
1. Personal Loans
With Coast Capital Savings’ loans, you can access funds for education, debt consolidation or a major purchase. Personal loans are available at fixed and variable rates for a term of one to ten years. Borrowers also enjoy a flexible repayment structure of weekly, bi-weekly, semi-monthly, or monthly payments.
2. RRSP Loan
Are you having trouble paying your RRSP annual contribution? Coast Capital Savings provides an RRSP loan to finance your RRSP investment account. Borrowers have up to 30 days before making their first repayment.
Lines of Credit
Lines of credit are preapproved loans that can be accessed whenever you need them within your chequing account. Unlike personal loans, you’ll pay interest only on the amount you use. Coast Capital Savings offers two types of lines of credit to its members:
1. Personal Lines of Credit
This provides you with access to funds, which are reusable as many times as you want. While interest is charged on the amount withdrawn, you can access the funds in your chequing account, debit card, or in-branch.
2. Home Equity Lines of Credit (HELOC)
HELOC is designed for homeowners with equity. You can use your home equity to access up to 65% of your home’s value and use the funds for whatever you want, including vacations, home renovations, debt consolidation, and more.
Auto Finance
Coast Capital Savings flexible and low-interest auto loan provides access to financing solutions for your next car purchase. It offers competitive rates and convenient payment options to finance or lease new or used vehicles. Coast Capital auto finance covers a wide range of vehicles, including:
- Hybrid and electric vehicles
- Luxury and classic cars
- Consumer automobiles
- Delivery vehicles
- Light and medium-duty trucks
How to Apply For a Loan
To apply for any of Coast Capital Savings’ loans, you need to create a Coast Capital Digital Lending platform profile. Through this platform, the usual minimum loan application is $5,000.
Some of the requirements include:
- You must be the age of majority in your province of residence – 18 or 19 years and above
- Application is open to BC residents and residents of some provinces, except Québec
- Employment history for the past three years.
- Name and contact address
- Income sources, assets, and expenses
Coast Capital Savings Personal Investments
Members of Coast Capital Savings enjoy personalized investment products and services, including wealth management strategies, investment planning, retirement, and education savings.
Investment Products
1. One Year Better Than Cash GIC
With this redeemable guaranteed investment certificate, you’ll enjoy a 0.65 percent interest rate on your investment. It is redeemable after six months and available in non-registered and registered accounts, such as RRSP, RESP, TFSA, RRIF, etc.
2. Coast Capital Mutual Funds
Mutual funds from Coast Capital Savings Credit Union come in many investment options and lower management fees. You can begin your investment journey with at least $1000 or $50 monthly contribution. It’s also available in non-registered and registered accounts, including TFSA, RRSP, RESP, etc.
3. Market-linked GIC
The market-linked GIC earns you guaranteed returns on your investment, depending on the stock market’s performance. With a $500 principal investment, you can enjoy a commission-free guaranteed investment certificate (GIC). It is available in 1, 3, or 5-year terms and can be incorporated with non-registered and registered accounts.
4. Rising Rate GIC
Start with a minimum of $500 to earn compound or annual interest on your investments.
5. Additional Mutual Funds
Coast Capital Savings offers professionally managed mutual funds that you can sell or buy at any time.
6. Online Investing
In partnership with Qtrade Investor, Coast Capital Savings offers low commissions mobile trading platforms for DIY investors. You can trade over 100 exchange-traded funds (ETFs) without paying any commission or administrative fees.
Registered Accounts
Registered accounts are registered and backed by the government. Coast Capital Savings Federal Credit Union offers investment and registered accounts to its customers. These include:
- Registered Retirement Savings Plan (RRSP)
- Tax-Free Savings Account (TFSA)
- Registered Education Savings Plan (RESP)
- Registered Retirement Investment Fund (RRIF)
- Registered Disability Savings Plan (RDSP)
Long Term Deposits
| 1 – Year GIC | 0.700% |
| 15 – Month GIC | 0.700% |
| 18 – Month GIC | 0.750% |
| 2 – Year GIC | 0.800% |
| 3 – Year GIC | 1.000% |
| 4 – Year GIC | 1.250% |
| 5 – Year GIC | 1.500% |
Redeemable GIC
| 1-Year Redeemable GIC | 0.350% |
| 1-Year Better Than Cash GIC | 0.650% |
Coast Capital Savings Personal Credit Cards
Coast Capital Savings credit union offers five personal credit cards, powered by Visa, with exclusive rewards and perks.
Coast Visa Elegance GOLD Card (No Fee credit card)
- No annual fee
- The annual interest rate is 19.9%
- Purchase protection and extended warranty
- 3-Day complimentary travel insurance
- 0.50% discount on Bonus Dollars
Coast Visa Modulo GOLD Card (Low Rate Credit Card)
- Annual fee: $50
- 10.90% annual interest
- 3-Day complimentary travel insurance
- Earn 1.00% purchases discount in Bonus Dollars
Coast Visa Odyssey GOLD Visa (Travel Credit Card)
- Suitable for regular travellers
- Annual fee: $110
- 60 days extended warranty travel insurance
- The annual interest rate of 19.90% applies
Coast Visa Student Credit Card (No Fee Credit Card)
- No annual fee
- The annual interest rate is 19.90%
- Complimentary travel insurance
Coast Visa Platinum Card (Exclusive Rewards)
- Available on invitation only
- Annual fee: $169
- Earn 1% cashback on $20,000 purchases annually
- Earn 1% discount on purchases in Bonus Dollars
Coast Capital Savings Business Banking
Coast Capital Savings federal credit union offers a wide range of business banking services and exclusive products including chequing accounts, savings account, loans, credit card, and payment solutions.
Coast Capital Savings Business Chequing Accounts
Coast Capital Savings offers five business chequing accounts for business management and daily transactions, including deposits, transfers, withdrawals, and more. They include:
1. The Deposit for Free Business Account
- Unlimited transfers on Coast mobile banking, phone banking, and online services.
- Unlimited deposits via ATM or in-branch
- Monthly fee: $6
- $1 per transaction
2. The One Small Fee, the Rest Is Free Business Account
- Monthly fee: $38
- Unlimited in-branch deposits, withdrawals, and transfers.
- Unlimited cheques clearing
- Unlimited deposits and withdrawals at The EXCHANGE Network ATMs.
- Unlimited debit card transactions within Canada
- Free eStatements and paper statements
3. Community Chequing
- Suitable for non-profit organizations, societies, or associations.
- Zero monthly fee
- Unlimited transactions
- Unlimited access to The EXCHANGE Network ATM for deposits and withdrawals
4. US Business Chequing
- The account is ideal for US-bound businesses
- Funds management and cheques in US dollars
- No monthly fee
- One free monthly transaction
- Additional transaction attracts $0.95 each
5. Business Chequing Trust
- The account is designed for Lawyers, Notaries, and Realtors/Property Managers.
- No monthly fee
- Unlimited transactions
Coast Capital Savings Business Savings Account
Business savings accounts from Coast Capital Savings are ideal for short-term savings, unlimited deposits, and easy access to your funds at any time while also earning daily interest on the account. They include:
1. High-Interest Business Savings Account (HISA)
- No monthly fee
- No minimum balance requirement
- There are two free monthly transactions
- Free eStatements
- Unlimited deposits
- Earn interest of 0.1% to 0.5% on six escalating tiers
2. Coast Business Savings
- Unlimited deposits for daily transactions
- No monthly fee
- No transaction fees on a minimum balance of $1000
- Earn interest of 0.05% to 0.15% on three tiers
3. Business Savings Trust
- Unlimited free transactions
- Earn interest on your account
- No monthly fee
- Free eStatements
Coast Capital Savings Business credit Cards
Business members of Coast Capital Savings have access to exclusive offers of a Visa card with a flexible billing structure.
Coast Visa Business Card
- Earn 1% cashback on your card usage
- 24/7 access to corporate legal assistance
- Annual interest of 10.95% applies on the card
- Annual fee: $60 per card
- Liability insurance of up to $100,000 per card
Coast Capital Savings Business Payment Services
- Remote deposit service for cheques deposits
- Wire transfers
- Merchant solutions
- Automated funds transfers
- Foreign exchange (forex) services
- Coast online business banking
Coast Capital Savings Business/Commercial Lending and Financing
- Commercial real estate
- Auto financing
- Equipment finance – capital market, aircraft financing, etc.
- Loans and lines of credit – business loans, short-term loans, business lines of credit, letters of credit, Canada Small Business Financing Program (CSBFP), Builder finance, etc.
Coast Capital Savings Ways of Banking
Members of Coast Capital Savings Credit Union gain access to banking products and services via multiple channels provided by the bank, including online banking, in-branch banking, ATM, phone banking, digital banking or mobile banking app.
Coast Capital Savings Regulations and Membership
Coast Capital Savings Federal Credit Union is a federally regulated credit union and a Canada Deposit Insurance Corporation (CDIC) member. Besides, Coast Capital Savings is a certified B-Corp company.
Coast Capital Savings Contacts
For feedback, current rates, and account opening inquiries, you can reach the contact center of Coast Capital Savings Credit Union via the following channels:
Phone: 1-888-517-7000
Email: On-screen email form
In-Branch: 50+ Branch locations
Mail:
Coast Capital Savings Federal Credit Union
800 – 9900, King George Blvd
Surrey, British Columbia
V3T 0K7
Editor’s Review
Credit unions like Coast Capital Savings offer good alternatives to traditional banking institutions, especially in terms of rates. Often, they offer quality services at lower rates to their members.
While Coast Capital Savings is a BC credit union, as a federally regulated financial institution, it has expanded its services to residents of other provinces. Its membership strength and assets base is an added advantage, distinguishing it from other credit unions in Canada.
FAQs
Does Coast Capital Savings have a banking app for iOS users?
Coast Mobile Banking App is available for Android and iOS devices on Google Play Store and the App Store, respectively.
How many branches does Coast Capital Savings have in Canada?
Coast Capital Savings is Canada’s largest credit union by membership, having about 52 branches across BC.
Who owns Coast Capital Savings Credit Union?
Coast Capital Savings is owned by its members. It has over 572,000 member-owners.
