Banking with a credit union like Servus Credit Union assures you of transacting with one of Canada’s best financial service providers. While the size or assets base of a bank doesn’t necessarily guarantee satisfactory service delivery, Servus Credit Union has grown in membership over the years. This financial institution has been delivering exceptional services to its members. 

This could be attributed to quality service and financial products enjoyed by its members. The Edmonton-based credit union is a community-oriented financial institution and the fourth largest credit union in Canada.

Here’s a review of its banking products and services that has endeared many Albertans, as well as individuals and businesses across Canada, to its services.

About Servus Credit Union

Servus Credit Union was established in Alberta in 1938 as a cooperative member-owned financial institution. Since its establishment about 83 years ago, it has remained relevant and a key financial player in Alberta and the Canadian economy, especially in ensuring the financial wellbeing of its members.

Servus Credit Union is Alberta’s largest credit union and Canada’s fourth-largest, with over 100 branches and more than 380 thousand member-owners. By providing adequate financial support to Albertans, Servus has not only increased in membership but also assets.

As of 2021, Servus Credit Union has about CAD 17.2 billion in assets under management and annually shares profits with its members in cash and common shares. Membership of the credit union has many benefits, including access to surcharge-free 1800 ATMs across Canada, savings and chequing accounts, loans, low transaction fees, ownership, and community support.

Servus Credit Union Products and Services

Servus Credit Union offers a full range of innovative banking products and services to its members. As a community-based cooperative organization, it also caters to the financial needs of its communities across Alberta.

Servus Credit Union offers two main categories of banking – personal banking and business banking.

Servus Credit Union Personal Banking 

Like other major Canadian financial institutions, Servus Credit Union offers a wide range of personal banking products, including deposit accounts, mortgage loans, credit cards, insurance, and many more.

Servus Personal Accounts

You can choose from a wide range of chequing and savings accounts for your day-to-day banking transactions. Each account comes with its unique features, including:

1.      Personal Unlimited

The Personal Unlimited account is the most popular chequing account, which provides flexible banking features, such as:

• Monthly fee: $14.95 (waived on a $4,000 minimum monthly account balance)
• Unlimited transactions
• Unlimited Interac eTransfers
• Unlimited in-branch or electronic bill payments and ATM withdrawals in Canada.
• Additional withdrawal attracts $1.50 per transaction
• Free transfer of funds between Servus accounts

2.      Personal ePlan 60

This account is ideal for online or electronic banking transactions. The account comes with access to surcharge-free ATMs, overdraft protection, and deposit protection. Account-holders also enjoy the following features:

• Monthly fee: $11.95 (waived on a $2000 minimum monthly account balance)
• 60 electronic transactions per month (additional transactions attract a $1.10 fee for bill payments, POS purchases, etc.)
• One free non-credit union ATM withdrawal within Canada
• Non-credit union ATM withdrawals attract a $1.50 transaction fee.
• Unlimited Interac eTransfers

3.      Personal Plan 30

For individuals with regular banking transactions, the Personal Plan 30 is a suitable account choice. It comes with unlimited Interac eTransfers and a low monthly fee. Holders of the account also enjoy free ATM access and other member benefits.

• Monthly fee: $10.95
• The monthly fee can be waived on an account with a $3000 minimum monthly balance
• It comes with up to 30 electronic or in-branch transactions per month
• Additional transactions attract $1.25 for POS and online bill payments or fund transfer
• Non-credit union withdrawal in Canada attracts a $1.50 fee

4.      Personal Plan 60

This account is suitable for frequent in-branch banking transactions. It also comes with unlimited Interac eTransfers and up to 60 electronic or in-branch transactions per month. The account has an $11.95 monthly fee which can be waived on an account balance of up to $3500.

5.      Pay-As-You-Go

The Pay-As-You-Go account is a no-fee account suitable for few monthly transactions. Apart from the member benefits like free deposits and free ATM access, the account come transaction fees, including:

• Interac eTransfer fee: $1.50
• Non-credit union ATM withdrawal: $1.50
• Each transaction attracts a $1.25 fee

6.      17 – 25 Be Free Account

As the name implies, the account is designed for members aged between 17 and 25 years. It comes with zero monthly fees and accessible banking and cash benefits.

• Zero monthly fee
• Unlimited Interac eTransfers
• Unlimited transactions – in-branch or electronic
• Free ATM transactions at credit unions across Canada
• Non-credit union ATM withdrawals attract $1.50 each

7.      Senior Unlimited

The Senior Unlimited account is designed for members aged 6o years and older. This no-fee chequing account comes with an annual 100 free cheques, unlimited Interac eTransfers, and unlimited in-branch or electronic transactions. The account also comes with five free overdrafts and a $10 discount on safety deposits boxes.

8.      The U.S. Dollar Accounts

This account is ideal for US-bound and U.S. dollar transactions. It saves you from the volatility and inconsistency of the exchange rate by giving you the ability to write cheques or build your savings in U.S. funds. The account comes in three packages:

• The U.S. Pay-As-You-Go
• The U.S. Personal Savings
• The U.S. High Yield Savings

9.      Personal Premium Unlimited Plan

This account is ideal for frequent transactions and a sizeable monthly account balance. As obtained in other banking plans, it also comes with unlimited Interac eTransfers and unlimited in-branch or electronic transactions, including bill payments and ATM withdrawals at credit unions in Canada.

• Monthly fee: $25
• The monthly fee can be waived on an account balance of $5000
• The account comes with free ten non-credit union ATM withdrawals

10.    Youth Plan 60

The no-fee Youth Plan 60 is designed for anyone under the age of 17. While youth aged 12 – 17 can open this account without parental consent, those under age 12 must get their parents’ consent in getting a debit card. The account comes with 60 transactions (electronic and in-branch) and non-credit union ATM withdrawals.

11.    High Yield Savings

The High Yield Savings account earns you daily interest and other Servus membership benefits. It comes with no monthly fee and one free transaction. Additional transactions attract a $5.00 fee. The high yield savings account comes in registered plans, including:

• TFSA (tax-free savings account)
• RRSP High Field Savings Account
• RRIF High Field Savings Account

12.    Personal Savings

The Personal Savings account is a no-fee account with limited features. It comes with one free transaction and unlimited funds transfer between Servus accounts. All additional transactions attract a $1.50 fee each.

Servus Credit Union Personal Mortgages

Whether you’re buying your first home, downsizing or upgrading, or switching your mortgage, Servus Credit Union offers some of the best mortgage solutions available among Canada’s credit unions. The company has a team of mortgage professionals that provide expert advice and mortgage-related services.

Servus Credit Union Personal Loans

Personal loans of various types are available at Servus Credit Union. With as low as a 3.99% rate on a five-year loan term, you can access personal loans for your urgent financial needs, including home renovations, debt consolidation, or a big purchase.

Personal Loan Types

• Renovation loan – Home renovations or improvement
• Student loans – Education financing solutions
• Vehicle or auto loan – for the purchase of a car, motorcycle, etc.
• Consolidation loan – for personal debt consolidation
• Investment loan – borrowing solutions for RRSP and other investment products
• Small loans – $200 to $2500 fast loans
• Home Equity Lines of Credit (HELOC) – mortgage loans

Servus Credit Union Personal Investing

Another membership benefit at Servus is the availability of several investment and wealth management products and strategies. Servus Credit Union provides financial planning options such as tax planning, estate planning, investment planning, and wealth management. 

As part of the provision for its members to invest their funds, Servus Credit Union partners with a full-service brokerage, Credential Securities and a DIY trading platform, Qtrade.

Personal Investment Products

1. Guaranteed Investment Certificates (GICs) – Redeemable and Non-Redeemable GICS

2. Registered Retirement Savings Plan (RRSP)

3. Tax-Free Savings Account (TFSA)

4. Mutual Funds

5. Stocks

6. Registered Education Savings Plan (RESP)

7. Bonds

8. Life Annuities

9. Segregated Funds

Servus Credit Union Personal Credit Cards

Servus Credit Union offers four MasterCard-licensed credit cards to its members. Each credit card comes with unique perks, Circle Rewards, and MasterCard benefits. 

1.      Servus World Elite MasterCard

• Annual fee: $150
• Earn unlimited circle rewards
• New cardholders enjoy 5000 bonus Servus Circle Rewards points, worth $50
• Earn 2 Circle Rewards points for every $1 spent on eligible purchases
• Redeem circle rewards points for GIC, cashback, travel, gift cards, or merchandise
• Enjoy world elite MasterCard VIP benefits, including concierge services, insurance, etc.
• The annual interest rate on purchases: 19.99%
• Card eligibility: a government-issued I.D., employment information or proof of enrolment (for students)

2.      Servus Gold MasterCard

• Annual fee: $75
• It comes with a high credit limit
• Earn one point for every $1 spent on eligible purchases
• Gold MasterCard comes with travel protection and medical insurance
• Unlimited circle rewards
• Redeem circle rewards points for GIC, cashback, travel, gift cards, or merchandise
• The annual interest rate on purchases: 19.99%
• Card eligibility: a government-issued I.D., employment information or proof of enrolment (for students)

3.      Servus Low Rate MasterCard

• Annual fee: $30
• It comes with travel insurance
• The annual interest rate on purchases: 11.99%
• Card application requires a government-issued I.D. and employment information

4.      Servus No Fee MasterCard 

• No annual fee
• Unlimited circle rewards earning
• It comes with baggage delay and travel insurance
• Earn one point for every $2 spent on eligible purchases
• Redeem circle rewards points for GIC, cashback, travel, gift cards, or merchandise
• The annual interest rate on purchases: 19.99%
• Card eligibility: a government-issued I.D., employment information or proof of enrolment (for students)

Servus Insurance Services

Servus Credit Union provides financial products to its members and ensures that their possessions are adequately protected against hazards. Through its affiliate insurance providers and subsidiaries, Servus offers the following coverage services:

• Home Insurance
• Travel Insurance
• Auto Insurance
• Life Insurance
• Illness and Disability Insurance
• Life Annuities

Servus Credit Union Business Banking

Business banking products and services available at Servus Credit Union are designed to cater to the needs of over 40,000 Alberta businesses. Servus business banking includes daily banking accounts, business credit cards, business loans, investments, wealth management, and more.

Servus Business Banking Accounts

Servus offers a wide range of business accounts, including Operating accounts, Savings accounts, and U.S. Dollar accounts.

Business Operating Accounts

1.      Business Pay As You Go

• Monthly fee: $6.00
• Pay as you go comes with profit share benefits
• Transaction fee: $1.25

2.      Business Plan 15

• Monthly fee: $10.00
• The account comes with 15 transactions

3.      Business Plan 30

• Monthly fee: $20.00
• The account comes with 30 transactions.

4.      Business Plan 60

• Monthly fee: $39.00
• This plan comes with 60 transactions

5.      Business Plan 100

• Monthly fee: $65.00
• The plan comes with 100 transactions

6.      Business Plan 150

• Monthly fee: $85
• It comes with 150 transactions

7.      Business ePlan 60

• Monthly fee: $29.00
• The plan comes with 60 electronic transactions

Business Savings Accounts

1.      Business High Yield Savings

• Zero monthly fee
• Free eStatements
• Free transfers between accounts
• Daily interests

2.      AgriInvest Account

• No monthly fee
• The account comes with one free banking transaction
• Competitive interest rates

3.      Business Savings Account

• No monthly fee
• Low transaction fees
• Free eStatements

Business U.S. Dollar Accounts

1.      U.S. Pay As You Go

• No monthly fee
• Unlimited funds transfer between Servus accounts
• In-Branch withdrawals attract a $1.25 fee

2.      U.S. Personal Savings

• No monthly fee
• Tiered monthly interests
• Deposit protection

3.      U.S. High Yield Savings

• Zero monthly fee
• One free monthly transaction
• Free quarterly eStatements

Servus Credit Union Small Business Solutions

Servus small business solutions are designed to help Alberta businesses to thrive. It offers a full suite of financial and banking services, including business insurance, merchant and payment solutions, authorized overdrafts, and more.

Servus Business Borrowing Solutions

• Business Loans and Mortgages for business construction, acquisition, and expansion.
• Business Leasing for business and equipment leasing
• Authorized Overdraft for financing receivables, inventory, and other cash-flow requirements.

Servus Credit Union Card Solution

Servus Credit Union offers business Credit cards and Debit cards.

Business Credit Cards

1.      Servus Business Rewards MasterCard

• Annual fee: $75
• Earn 1 point per $1 spent on eligible purchases
• The annual interest rate on purchases: 16.99%
• Eligibility: corporate documents, a notice of assessment, business financial statements, and personal net worth statement.

2.      Servus Business Low Rate MasterCard

• Annual fee: $75
• The variable interest rate on purchases
• Travel insurance and purchase protection

3.      Servus Business No Fee MasterCard

• Zero annual fee
• Annual purchases interest rate: 16.99%

Servus Credit Union MemberCard (Debit Card)

• Servus MasterCard is a debit MasterCard
• Access your funds anywhere Cirrus or Interac is accepted
• Use it anywhere MasterCard is accepted worldwide
• Suitable for online and in-store shopping in Canada
• You can use it on any ATM

How to Open a Servus Credit Union Account

Opening an account with Servus Credit Union provides you with comprehensive membership benefits, including the annual profit-sharing program. You can open a Servus account online or in person.

However, to open an account at Servus, you must:

• Be a resident of Alberta
• Be of the age of majority (at least 18 years old)
• Have a Social Insurance Number (SIN)
• Purchase a Servus membership to share in its annual profit

Ways of Banking

Banking with Servus Credit Union comes with many benefits and multiple access to various banking services. Members of the credit union can access their accounts and other services via the following channels:

In-Person or In-Branch (over 100 branches in more than 6o Alberta communities, and over 1800 ding-free ATMs)

Digital or Mobile Banking – Available in a Mobile app for Android and iPhone

Telephone Banking – 24/7 Phone services

Regulations

The Alberta Credit Union Deposit Guarantee Corporation (CUDGC) insures all deposits and investments with Servus Credit Union.

Servus Credit Union Contacts

For feedback and account inquiries, you can interact with the customer service via:

Phone: 1-877-378-8728

Email: contact_us@servus.ca

In-Branch: Over 100 Branch locations in Alberta

Contact Us Form: On-screen

FAQs

How can I log in to Servus online banking?

You can log in to your Servus online banking platform via this link

How can I get the Servus Credit Union branch near me?

You can get a full list of Servus Credit Union branches or ATMs here.

Are Servus Credit Union services limited to Alberta?

While Servus Credit Union is based in Alberta, it also provides banking services to Canadians via its online platform.