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Coast Capital Savings Credit Union Review

Coast Capital Savings Credit Union Review

Coast Capital Savings is a BC-based credit union with a long history dating back to the 1940s. As a federally chartered credit union, it has expanded its services to members across Canada, offering a wide range of personal banking products and services.

If you’re unfamiliar with Coast Capital, you may wonder how it compares to other credit unions or online banks. In this Coast Capital Savings review, we’ll take a closer look at their products and services to help you decide if Coast Capital is right for you.

About Coast Capital Savings Federal Credit Union

Coast Capital Savings is one of the largest credit unions in Canada. The federally-regulated credit union has over 50 branches, 500,000 members, and $25 billion in assets under management.

Coast Capital Products

Coast Capital Savings offers a broad range of banking products and services, including chequing and savings accounts, credit cards, personal loans, mortgages, and investments. For the purpose of this review, we’ll focus on their personal deposit products.

Coast Capital Chequing Accounts

Coast Capital has four chequing accounts, including a USD account. The Free Chequing, Free Debit, and More account stands out for having no monthly maintenance fees and unlimited transactions. You can also access free withdrawals at over 4,000 ATMs across Canada. Unfortunately, there is a $1.50 for sending e-transfers, which will be a turn-off for some.

Members who are 59 years of age and over can bank for free with the Coast Chequing Classic Account. The account has a $11 monthly fee, but the fee is waived for seniors. You also get free cheques, bank drafts, and a safety deposit box discount of $10 off the annual fee. The account does have a limit of 40 transactions per month.

There is no monthly fee for the Coast Capital US Chequing Account. You get one free monthly withdrawal, but the withdrawal fees are waived if you maintain a balance over $1,000 USD.

Coast Capital High-Interest Savings Account

Coast Capital offers a high-interest savings account with a competitive APY and no monthly fees. At the time of writing, the account pays interest of 1.60%. You can find better rates from some online banks, but it’s much better than what the big banks pay on savings. Note that the account offers two free monthly withdrawals, with a $5 charge for each additional transaction.

Coast Capital Credit Cards

Coast Capital Savings has five Mastercard credit cards for members to choose from. They include a no-annual-fee credit card – the Cash Back Mastercard – and a premium rewards credit card – the Cash Back World Elite Mastercard. Here’s a closer look at the features of these two cards.

Coast Capital Cash Back Mastercard

  • No annual fee
  • 20.99% purchase interest rate
  • 2 points for every dollar spent on gas
  • 1 point for every dollar spent on entertainment
  • 0.5 points per dollar spent on all other purchases
  • Purchase Protection
  • Extended Warranty Insurance
  • Mobile Device Insurance

Coast Capital Cash Back World Elite Mastercard

  • $120 annual fee
  • 20.99% purchase interest rate
  • 4 points for every dollar spent on groceries and sustainable transit
  • 2 points for every dollar spent on eligible recurring bills, digital streaming, and dining
  • 1 point for every dollar spent on all other purchases
  • Purchase Protection
  • Extended Warranty Insurance
  • Auto Rental Collision/Loss Damage Insurance
  • Mobile Device Insurance
  • Emergency Health Care, Travel Assistance & Baggage Coverage

You can redeem your Coast Capital Rewards in various ways, including a deposit to your chequing or savings account, gift cards, merchandise, statement credits, travel rewards, and charitable donations.

Coast Capital GICs

Coast Capital offers several investment products, including GICs, mutual funds, and wealth management options, like financial planning services. You can purchase non-registered and registered investments, including RRSPs, TFSAs, RESPs, RRIFs, RDSPs, and FHSAs.

Regarding GICs, Coast Capital offers competitive rates on several terms. At the time of writing, their 1-year non-redeemable GIC pays 5.25%. Their 3-year non-redeemable GIC is slightly higher, at 5.35%.

How to Open an Account with Coast Capital

There are several ways to get started with Coast Capital Savings. You can open an account online in as little as 5 minutes, over the phone, or in person at a Coast Capital branch.

Note that because Coast Capital is a credit union, you must purchase a $5 membership at the time of account opening. As a member, you can vote on various credit union business matters.

Coast Capital Pros and Cons

If you live in BC’s Lower Mainland and prefer dealing with credit unions over traditional banks, then you may be interested in what Coast Capital offers. At the same time, there are some drawbacks. Here’s my list of Coast Capital’s pros and cons.


  • Free chequing account with unlimited transactions
  • Free account with benefits for seniors (free cheques, bank drafts, safety deposit box discount)
  • Free withdrawals at more than 4,000 ATMs
  • Wide range of products and services
  • As a federal credit union, deposits are protected through CDIC


  • $1.50 fee to send e-transfers
  • Branches limited to BC’s Lower Mainland, Vancouver Island
  • High-interest savings account APY lags behind other credit unions, online banks
  • Credit card benefits are far from class-leading

The Bottom Line on Coast Capital Savings

Coast Capital Savings is one of the largest credit unions in Canada, but should you become a member? I like their no-fee chequing account, though I wish there were an option for free e-transfers. Their high-interest savings account pays a decent APY of 1.60%, but it lags behind leading credit unions and online banks. (Meridian Credit Union currently pays 2.50% on its high-interest savings account, and Manitoba-based Steinbach Credit Union’s high-interest savings account starts at 3.80%.)

Coast Capital is a solid choice if you live in the Greater Vancouver area and are looking for a credit union with a strong branch network, though you may want to look at Vancity Credit Union before making a final decision. If you don’t need to visit a branch, you’ll get more from an online bank, like EQ Bank or Tangerine.


How does Coast Capital Savings compare to banks?

Coast Capital Savings is the largest federally regulated credit union in Canada. Unlike banks, credit unions like Coast Capital are owned by their members. This is why you must buy a membership share when opening an account with a credit union.

Is Coast Capital Savings Safe?

As a federally regulated credit union, Coast Capital Savings adheres to strict guidelines and regulations set by the Canadian government. This ensures the safety and security of your funds and personal information. Additionally, your deposits are protected by the Canada Deposit Insurance Corporation (CDIC) up to certain limits, giving you peace of mind knowing that your money is secure.

How do I contact Coast Capital Savings?

There are several ways to get in touch with Coast Capital. For general inquiries or help with your account, you can contact their customer support team by phone at 1-888-517-7000. Alternatively, you can visit their website and use the online chat feature for a quick response. If you prefer face-to-face assistance, you can find a local branch by using the branch locator on their website.

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