Vancity Credit Union Canada Review



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The history of Canadian credit unions cannot be complete without a mention of Vancouver City Savings Credit Union. Vancity Credit Union has grown to become the largest credit union by asset size in Canada and British Columbia, serving more than half a million member-owners across BC.

From its headquarters in Vancouver, BC, Vancity Credit Union uses its $28.2 billion assets plus assets under management (AUM) to bolster the financial comfort of its members and their communities. With a history of innovative milestones among Canada’s banking and credit unions, Vancity Credit Union has some of the best banking products of a financial service provider.

About Vancity Credit Union

Vancouver City Savings Credit Union, known commonly as Vancity Credit Union, is a financial member-owned cooperative and credit union founded in 1946 in Vancouver, British Columbia.

With over 428 billion in assets (and AUM), Vancity is the largest community credit union by assets in Canada and British Columbia. The bank serves its members via online, telephone, mobile app and over 58 branches across the province.

As a provincially regulated and values-driven bank, Vancity is a registered member of the Credit Union Deposit Insurance Corporation of British Columbia (CUDICBC) and a member of the Global Alliance for Banking on Values.

The bank offers a wide range of innovative retail and commercial banking products and services for individuals, businesses, and non-profit organizations, including mortgages, loans, deposits, credit cards, and more.

Vancity Credit Union also has several wholly-owned subsidiaries, including Vancity Community Investment Bank and Vancity Life Insurance Services, to provide investment, forex, real estate, and insurance solutions to its members and customers.

Innovations in Banking

Vancity Credit Union has carved a niche for itself among Canada’s banking institutions through its contributions and notable innovations, including:

  • The first Canadian financial institution to offer open mortgages.
  • The first financial institution in British Columbia to provide mortgages to women without a male co-signer.
  • The first Canadian financial institution to offer a Registered Education Savings Plan (RESP).
  • The first Canadian financial service provider to provide a daily interest savings account.
  • The first Canadian financial institution to provide branchless banking.
  • The first North American-based financial institution to achieve carbon neutrality.

Vancity Credit Union Products and Services

With decades of innovative financial services, Vancity Credit Union provides financial products and services to its members across British Columbia. The bank offers personal banking and commercial/business banking products, including deposits, credit cards, loans, investments, mortgages, foreign exchange, and more.

Vancity Credit Union Personal Banking

Think of any banking product you could want in a bank; Vancity Credit Union has it. It offers chequing and savings accounts, mortgages, investments, insurance, credit cards, and personal financing solutions.

Vancity Personal Chequing Account

Vancity Credit Union offers six types of chequing account as part of its banking products.

They include:                             

1.      E-Package Chequing account

The E-Package chequing account comes with unlimited daily transactions and no monthly fee. The account has a minimum balance requirement of CAD 1000. Account-holders enjoy access to Everyday Card, Everyday Cheque and preauthorized payments, online and mobile transactions, and free Interac e-Transfers.

2.      Pay As You Go Chequing Account

With this account, you’ll enjoy unlimited Everyday Transactions if you can maintain a minimum monthly balance of $1000. The account comes with no monthly fee with free online and mobile transactions.

You’ll be charged $0.50 for Everyday Cheque and Preauthorised payment and debit card transactions. The Everyday in-person transactions, including withdrawals, bill payments, and transfers between Vancity accounts, attract a $0.70 per transaction. All these fees are waived on an account with a minimum monthly balance of CAD 1000.

3.      Chequing Plus (for seniors and youth)

Vancity Credit Union members under 25 years old or 55 years and above can enjoy the free features of the Chequing Plus Account. The account comes with the following features:

  • No monthly fees
  • Free debit card transactions
  • Free in-person transactions at Vancity branches
  • Free cheque and preauthorised payments
  • Free online and mobile transactions
  • Free account withdrawals, bill payments, and transfers.
  • Free first cheque orders of 50 Vancity personalized cheques, official cheques, etc.

4.      Access Chequing Account

The Access Chequing account was designed to cater to the needs of Vancity members with disabilities. It comes with:

  • No monthly fees
  • Free Interac e-Transfers, bill payments, and cheque deposits
  • Up to 40 free monthly transactions, including account withdrawals, bill payments, debit card transactions, and transfers within Vancity accounts
  • Account-holders are charged $0.70 per in-person transaction and $0.50 for debit card transactions after the 40 free transactions.
  • Free 50 Vancity personalized cheques
  • Free Traveller’s cheques, USD drafts, official cheques, ATM Network fees, and more

5.      USD Chequing Account

Vancity Credit Union members in need of access to US dollar would find the USD Chequing account ideal to manage the exchange rate at no monthly cost.

While online and mobile transfers from Vancity accounts are free, you’ll pay a USD0.70 fee for in-person USD transactions (including withdrawals and transfers) and a USD0.50 fee for US cheques and preauthorised payments.

6.      USD Chequing Plus Account

The USD Chequing Plus account is ideal for Vancity members aged 55 and above. Account-holders enjoy free in-person transactions, including account withdrawals and transfers, free online and mobile transfers from Vancity accounts, free 50 Vancity design cheques, and free cheque payments from Vancity accounts.

Vancity Personal Savings Accounts

Four different personal savings accounts are available at Vancity Credit Union at zero monthly fees.

1.      Plan 24 Savings Account

The Plan 24 savings account is ideal for people with limited daily transactions at no monthly cost. Account-holders enjoy a 0.01% interest rate on all balances and ten free transaction offers per month on in-person and debit card transactions.

After the ten free transactions, there’s a $0.70 transaction fee for in-person transactions on account withdrawals, bill payments, and transfers. Debit card transactions also attract a $0.50 fee. However, online and mobile transfers, cheque deposits, and bill payments are free.

2.      Plan 24 Savings Plus Account

Plan 24 Savings Plus account comes with added benefits for Vancity members under age 25 or 55 and above. There’s a flat rate of 0.01% on all balances, free Everyday transactions, and no monthly fees.

3.      Jumpstart High-Interest Savings Account (HISA)

Vancity’s Jumpstart HISA comes with a 0.05% interest rate with no minimum account balance requirement. Members of this account package enjoy unlimited free online and mobile transactions, including bill payments, cheque deposits and transfers.

The account also comes with no monthly fee and free ATM transfers between Vancity accounts. There’s a $5.00 transaction fee on in-person transactions, debit card purchases, ATM withdrawals, and preauthorised payments.

The jumpstart high-interest savings account is available in:

  • RRSP Jumpstart High-Interest Savings Account at 0.05%
  • TFSA Jumpstart High-Interest Savings Account at 0.05%
  • RRIF Jumpstart High-Interest Savings Account at 0.05%

4.      Shared Success Patronage Account

When you do business with Vancity, you’re entitled to a portion of its annual profit-sharing program. Therefore, Vancity Credit Union deposits your earned shares success patronage payout into this account. This dedicated non-interest-bearing account comes with no monthly or account-related fees. You can use the shared success patronage account to:

  • View your patronage payouts and account balance online and mobile.
  • Transfer funds to another account in-branch.
  • Withdraw your funds in-branch.
  • Access your shared success bonus and rebate.

Vancity Personal Mortgages

Whether you’re buying your first home or refinancing your mortgage, Vancity’s mortgage solutions are designed to help members achieve their residential needs at competitive interest rates. The mortgage solutions are available in different types, including:

  • Open-term mortgage (6 months to 5 years)
  • Closed term fixed-rate mortgage (5 years term only)
  • A fixed-term mortgage (6 months to 10 years)
  • Homeprime Variable rate mortgage ( 5 years only)
  • Creditline mortgage
  • Mixer mortgage
  • Construction mortgage
  • Home renovation options
  • Laneway mortgage
  • Environmental options
  • Springboard program

Closed Term Mortgage

5 YearsClosed Term Fixed Rate Residential Mortgage2.14%

Homeprime Mortgage

5 YearsHomeprime Fixed Term1.65%
5 YearsHomeprime Open Term3.80%

Prime Rate

Vancity Prime Rate: 2.45%

Note: Rates are subject to change at the discretion of the issuer. 

Vancity Personal Investments

Long-term financial planning and wealth management strategies are available to Vancity Credit Union members. Vancity has a team of wealth management professionals to guide its members through investment planning, online trading, retirement planning, and other financial planning processes.

Besides, there are different available investment products that members can choose from, including:

  • Tax-free savings account (TFSA)
  • Term deposits or guaranteed investment certificates (GICs) – redeemable and non-redeemable
  • Registered retirement savings plan (RRSP)
  • Mutual funds, stocks, and bonds
  • Registered education savings plan (RESP)
  • Registered retirement income funds (RRIF)
  • Socially responsible investments
  • Registered disability savings plan (RDSP)

Vancity Personal Loans

As a bank committed to improving its members’ financial well-being, Vancity Credit Union provides several personal loan options and lines of credit. Available loan types include:

  • Personal Loan with flexible repayment terms of fixed or variable rate for home renovation, debt consolidation, and more.
  • Line of Credit with secured and unsecured access to funds anytime.
  • Vancity Fair and Fast Loan for borrowing between $100 to $2,500 quick loan.
  • Vancity Planet-Wise renovation Solutions for energy-efficient home renovations of $3,500 to $50,000 and 15 years repayment structure.
  • Vancity Planet-Wise Transportation Loan for clean air/carbon-less vehicle purchase and up to 10 years repayment structure.
  • Ready to Rent Loan for new refugees at interest-free Loan of $3,500 to $50,000.
  • Personal Computer Loan of $1000 to $5000 for purchasing personal computer hardware and software.
  • RRSP Loan to pay your current RRSP contributions or previous years.
  • Peer Loan for Newcomers to Canada in need of building a credit history.

Vancity Personal Insurance

Personal insurance services are available at Vancity Life Insurance Services Inc., a subsidiary of Vancity Credit Union. The services and coverage include health insurance, investments, life insurance (Term Life and Permanent Life), business insurance, and retirement planning solutions.

Vancity Credit Union Business Banking

Business banking products and services from Vancity are designed to provide innovative and timely solutions tailored to meet the needs of members’ businesses or organizations. Vancity business solutions include business account packages, small business payment and financing solutions, credit card packages, etc.

Vancity Business Chequing Accounts

1.      Independent Business Account

The independent business account is ideal for small business owners. The account comes with a $6.50 monthly maintenance fee, waived on a minimum monthly balance of $1,500.

It also comes with free Interac e-Transfers and unhindered access to the account through mobile banking, ATMs, in-branch, and online banking platform. The deposits are protected by the Credit Union Deposits Insurance Corporation of British Columbia (CUDICBC).

2.      Business Full Serve Package

Vancity’s Business Full Serve Package is ideal for businesses in need of in-branch daily transactions. The account comes in five different package options of 20 to 125 transactions.

3.      Business Self-Serve Package

Businesses that conduct banking transactions online or by cheque could find the self-serve package suitable for their daily banking needs. It comes with free electronic transactions, chequing services, online and phone banking access, and CUDICBC protection.

4.      Business USD Chequing Account

The business USD chequing account is suitable for businesses and non-profit organizations that transact in US dollars. It comes with a monthly fee of $3.00, which can be waived on an account with a minimum balance of $1,500.

All transactions, including withdrawal of funds by cheque or drafts, are processed in US dollars. You can access the USD chequing account via online banking, phone banking, and in-branch banking.

Vancity Credit Union Business Savings Account

1.      Business Jumpstart Savings Account

The business jumpstart savings account comes at no monthly fees or deposit fees. The account has a 0.05% daily savings interest rate and no minimum balance requirement, which enables account holders to have access to more funds at any time to grow their businesses.

The business jumpstart savings account can be used on its own or incorporated with any Vancity business accounts. Account-holders also enjoy free unlimited bill payments and transfers via online and mobile banking services.

2.      Business USD Savings Account

The business USD savings account is ideal for frequent travellers or holders of assets in the United States. The account comes with no monthly fees and up to a 0.04% daily savings rate.

Holders of this account can withdraw funds in USD cash or drafts and access their accounts via online banking or mobile banking platforms.

Vancity Specialty Business Accounts

1.      Business Prime and Custom Accounts

The business prime account is designed for businesses and organizations with high volume transactions and accounts balances of up to CAN$1 million.

2.      Trust Accounts

Vancity’s high-interest Trust Accounts are ideal for lawyers, realtors, and notary publics. The account comes with no monthly fee and Prime minus 1.75% interest rate. Trust account holders can access their accounts via the online platform, phone banking, ATMs, in-branch and service centers.

3.      Community Service Package

This account is designed for non-profit organizations. It comes with no monthly fee and chequing services, including cheque clearing, deposit processing, withdrawals, and more.

4.      Business Investment Pool Accounts

This account is designed to cater to the needs of non-profit organizations and members of specific labour organizations. It comes with customized interest rates and service charges.

Vancity Credit Union Business Financing

As part of its mission to support businesses, self-employed, and non-profit organizations, Vancity Credit Union provides its members and customers with required financial solutions, including loans and mortgages.

Vancity Business Loans

1.      Canada Emergency Business Account (CEBA)

Vancity members whose businesses require emergency financial support can access up to $60,000 at a 0% interest rate.

2.      Business Credit Availability Program (BCAP)

This program is available to Vancity members whose businesses were affected by the Covid-19 pandemic. Members can access any of the three available BCAP packages:

  • The Highly Affected Sectors Credit Availability Program (HASCAP) – 10 years term loan of $25,000 to $1 million at 4% interest.
  • Export Development Canada (EDC BCAP Guarantee) – short-term Loan of up to $6.25 million.
  • Business Development Bank of Canada (BDC BCAP) – 10-year term loan of $312,500 to $6.25 million.

3.      Other available Vancity business loans

  • Business term loan
  • Operating loans
  • Small business and startup loans
  • Planet-wise business solutions
  • Eco-efficiency loans
  • Microloans for greenhouses
  • Commercial equipment leasing
  • Specialized sector solutions – real estate, cooperatives, labour unions, non-profit organizations, Aboriginal communities, etc.

Vancity Business Mortgage Solutions

Vancity’s mortgage financing solutions are tailored to meet businesses’ construction and property needs. The mortgage solutions are suitable for businesses, charity organizations, non-profit organizations, labour unions, First Nations, cooperatives, and social enterprises. They include:

  • Business Mortgages
  • Commercial or Real estate Investment Mortgages

Vancity Credit Union Business Investments

Vancity’s business investment products and services are designed to provide guaranteed returns for member businesses and non-profit organizations. They include:

  • Term Deposits or Guaranteed Investment Certificates (GICs) – redeemable and non-redeemable, flexible term deposits and index-linked term deposits.
  • Online trading and investment
  • Socially Responsible Investing
  • Mutual Funds, Stocks, and Bonds.

Vancity Business Payment Services

Business payment services are business solutions to help manage how you receive or send payments. These are:

  • Foreign exchange services – fund transfers, exchanges, Traveller’s cheque, drafts, and letters of credit.
  • Payroll services – Payworks, Rise, and Desjardins.
  • Electronic Transfers – Interac e-Transfers, Wire Transfers, and Automated Funds Transfers.
  • Online Vendor Accounts.
  • Debit and Credit Card
  • Merchant Credit and debit services.

Vancity Credit Cards

Vancity members can choose from an array of Visa credit cards to enjoy the rewards and competitive rates associated with each card. Vancity credit cards are of different categories, including low interest, premium, Vancity rewards, reloadable, no annual fee, etc.

They are:

1.      Enviro Visa Infinite Card

  • Annual fee: $120
  • Earn 1.25 to 10 points per $1 spent
  • Redeem rewards points for gift card, cash back, travel, and charity donations
  • Annual interest rate: 19.50%

2.      Enviro Gold Visa Card (Business card)

  • Annual fee: $19
  • Earn 1 point for every $1 spent
  • Redeem rewards points for gift card, cash back, travel, and charity donations
  • Annual interest rate: 19.50

3. Enviro Classic Visa Card       

  • Annual fee: $0
  • Earn rewards points for every $2 spent
  • Redeem rewards points for gift card, cash back, travel, and charity donations

4.      Enviro Visa Infinite Business Card (Business card)

  • Annual fee: $120
  • Earn between 1.25 to 1o points on every $1 spent
  • Redeem rewards points for gift card, cash back, travel, and charity donations

5.      Enviro Expense Gold Visa Card (Business card)

  • Annual fee: $99
  • Earn 1 point per $1 spent
  • Redeem rewards points for gift card, cash back, travel, and charity donations

6.      Enviro Visa Infinite Privilege Card

  • Annual fee: $245 (Vancity members) or $395 (Non-members)
  • Earn 1.5 to 10 points per $1 spent
  • Redeem rewards points for gift card, cash back, travel, and charity donations

7.      Enviro Classic Visa Card

  • Annual fee: $50
  • Annual interest rate: 11.25%
  • Earn 1 point for every $2 spent
  • Redeem rewards points for gift card, cash back, travel, and charity donations

8.      Enviro Gold Visa Card

  • Annual fee: $145
  • Annual interest rate: 11.25%
  • Earn 1 point per $1 spent

9.      Enviro Classic Visa Card

  • Annual fee: $25
  • Annual interest rate: 11.25%

10.    Enviro Gold Visa Card

  • Annual fee: $45
  • Annual interest rate: 11.25%

11.    Enviro Visa Gift Card

  • No annual fee
  • Purchases fee: $2
  • No interest charges, ATM access, or recurring payments
  • Load between $25 to $1000 per card

Vancity Credit Union Account Opening

You can open a Vancity account via telephone, online, or at any Vancity branch across British Columbia. To open an account with Vancity Credit Union, you must 

  • Be a resident of British Columbia.
  • Purchase membership shares to become a part-owner
  • Be at least 19 years old

Ways of Banking             

Vancity members and account holders can access their accounts and other banking services via the following channels:

  • In-branch banking at any of the 58 community branches and member centres across BC.
  • Online banking
  • Mobile banking – available in Vancity mobile app for iPhone, iPad, iPad Touch, and Android devices
  • Telephone Banking
  • ATMs

Vancity Customer Service

For feedback, account opening, and general inquiries, you can interact with Vancity Contact Centre via:

Phone: 1-888-826-2489

In-Person: 58 branches and 300 ATMs

Online Messaging/Feedback Form


Vancity Credit Union

P. O. Box 2120

Station Terminal

Vancouver, BC V6B 5R8

Editor’s Review

Vancity Credit Union, no doubt, is one of the best in Canada. Its sheer size, coverage, asset and innovations have put it in a privileged position among financial institutions. The bank can favourably compete with other Canadian banks in terms of products and services.

However, Vancity Credit Union, as a provincial regulated, member-owned cooperative credit union, is only available to BC residents. Residents of other provinces can transact with other banks and credit unions in their province.


Is Vancity only in Vancouver?

Vancity Credit Union is a member-owned financial cooperative serving its members and their communities in the Coast Salish and Kwakwaka’wakw territories and other parts of BC.

 Is Vancity safe?

All deposits and investments with Vancity Credit Union are insured by the Credit Union Deposit Insurance Corporation of British Columbia.

Is Vancity a bank or a Credit Union?

Vancity Credit Union is a member of Central 1 Credit Union, registered with CUDICBC. A credit union is a member-owned cooperative and financial institution, similar to commercial banks, with lower fees and improved interest rates.

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Kareena Maya

Personal Finance and Travel Rewards Expert Contributor



Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.