Vancity Credit Union Review: How Does Canada’s Largest Credit Union Fare?

Canada has more than 230 credit unions. The largest credit union is Vancity Credit Union, with more than 540,000 members, $28 billion in assets, and 55 branches located throughout the lower mainland of British Columbia. I’ll let you know everything they have to offer both business and personal customers in this Vancity review. Ready? Let’s dive in!

Vancity Credit Union: Quick Facts

In case you’re unfamiliar with Vancity, here are some quick facts about the credit union that will bring you up to speed.

• They were founded in 1946.
• The company has more than 2600 employees.
• Vancity is a member-owned cooperative.
• Vancity has shared $375 million with its members since 1994
• Vancity is a full-service financial institution offering a full suite of banking products to individuals and small businesses.
• Vancity is a Living Wage employer, with a minimum hourly rate of $20.91 (2020).
• First Canadian financial institution to become carbon neutral.

Vancity Chequing Accounts

There are five different chequing account types at Vancity, including a US Dollar account, a seniors account, an account dedicated to youth, and persons with disabilities. Here’s a breakdown of the features of each account:

Pay As You Go Chequing: With Pay As You Go, Vancity doesn’t charge a monthly account fee. Instead, you pay for each Everyday Transaction that you make throughout the month. The bonus is that if you maintain a $1,000 minimum balance throughout the month, your Everyday Transactions are also free. Examples of Everyday transactions include in-person withdrawals and bill payments, debit card purchases, Vancity ATM deposits and withdrawals, cheque and pre-authorized payments, and most online and mobile transactions.

E Package Chequing: The regular fee for this account is $7.75/month for unlimited Everyday Transactions (all kinds). Better yet, Vancity waives the fee if you maintain a minimum balance of $1,000 or more throughout the month. Interac e-Transfers are also free and unlimited. This account is well-suited for members who transact daily and take advantage of online and mobile banking options.

Chequing Plus: Vancity designed its Chequing Plus for Youth under 25 and Seniors 55+. It offers unlimited transactions with no monthly fee. Youth get their first cheque order FREE of charge (50 cheques). There is a cost for subsequent cheque orders. Seniors receive the following additional benefits: a $5 discount on annual safety deposit box fee, free cheques, free traveler’s cheques, official cheques, and free USD bank drafts.

Access Chequing: Vancity offers a special chequing account for members with disabilities. Not only do they get 40 Everyday Transactions each month for no-fee (additional transactions are $.50-$.70), but Vancity waives the ATM network fees on the following networks: Exchange®? ATM, ACCULINK®?, Interac®?, ACCEL®?, and Cirrus®? ATM networks.

This is important because it means people with disabilities can access the most convenient ATM without worrying about being charged an additional fee. They also receive free e-Transfers and the same other benefits enjoyed by seniors with the Chequing Plus account.

US Chequing/Chequing Plus: Vancity members looking for basic US banking access can opt for the Vancity US Chequing account. It’s similar to a pay-as-you-go account in that there is no monthly fee. You get one free Everyday Transaction per month and pay between $.50 and $.70 for each subsequent transaction.

Vancity members over 55 can opt for the US Chequing Plus account, similar to the Canadian dollar Chequing Plus. You get free US dollar personal banking except for debit card transactions, which aren’t available in US dollars. You also get a free order of 50 Vancity cheques.

Vancity Savings Accounts

Vancity Credit Union offers four different savings accounts. The Plan 24 Savings comes with ten in-person and debit card transactions per month and unlimited online and mobile banking, with no monthly fee. It’s perfect for members with minimal transactions who want to avoid paying fees. There is a Plan 24 Savings Plus for members under 25 and over 55, which offers free, unlimited transactions and a flat interest rate on all balances. The interest rate isn’t anything to write home about, however. At the time of this writing, it’s 0.01%.

The Jumpstart High-Interest Savings Account is designed for members who want to earn a little bit more on their savings and don’t plan on regular transactions from their savings account. There is no monthly fee, but many regular transactions are $5, including in-person withdrawals, bill payments, and debit card purchases. Currently, the interest rate is a paltry 0.05%, but I suspect that will increase when overall interest rates rise.

Vancity Online Banking

Not surprisingly, Vancity offers secure online banking that looks and feels similar to any other credit union. You can bank online via your desktop computer or the Vancity mobile app.

Vancity enviro Credit Cards

Vancity Credit Union has four personal credit cards to choose from, and all of them let you earn Vancity rewards. If your credit history isn’t the greatest, you may qualify for a secured enviro Visa Card. Also, in case you’re wondering where the “enviro” comes from in the title of each card, Vancity donates a portion of all Visa credit card products to the Vancity enviroFund program every year. Below is a breakdown of each card and it’s features:

Vancity enviro Classic Visa Card

The Vancity enviro Classic Visa Card is an entry-level credit card with no annual fee, a standard 19.50% interest rate, and a Vancity Rewards earn rate of 1 point for every $2 spent with the card. The card comes with three types of insurance protection.

Card Features:

• No annual fee
• 19.50% interest rate
• 1 rewards point for every $2 spent
• Travel accident insurance
• Extended warranty protection
• Purchase security protection

Other approval criteria: Over 19 years of age, resident of British Columbia with a BC address

Vancity enviro Gold Visa Card

For an annual fee of $99, the Vancity enviro Gold Visa Card doubles the standard rewards earn rate and get three additional insurance coverages (total of six), compared to the Classic Visa.

Card Features:

• $99 annual fee
• 19.50% interest rate
• 1 reward point for every $1 spent
• Travel accident insurance
• Extended warranty protection
• Purchase security protection
• Auto rental collision/loss damage insurance
• Delayed and Lost baggage insurance
• Price protection service

Other approval criteria: Over 19 years of age, resident of British Columbia with a BC address

Vancity enviro Visa Infinite Card

The Vancity enviro Visa Infinite Card has more to offer in regards to rewards and insurance coverage. The annual fee is $120.

Card Features:

• $120 annual fee
• 19.50% interest rate
• Up to 10 rewards points for every dollar spent on eligible purchases;
• 2.5 points for every $1 spent on groceries;
• 5 points for every $1 spent on public transit and ferries;
• 10 points for every $1 spent at select local businesses
• 1.25 points for every $1 spent on all other purchases
• Travel accident insurance
• Extended warranty protection
• Purchase security protection
• Auto rental collision/loss damage insurance
• Delayed and Lost baggage insurance
• Price protection service
• Flight delay insurance
• Mobile device insurance
• Visa Infinite benefits (concierge service, dining, entertainment, etc.)
• Complimentary Priority Pass membership (airport lounge

Other approval criteria: Over 19 years of age, resident of British Columbia with a BC address, minimum annual income of $60,000 ($100,000 household), plus $250,000 or more in investable assets (chequings, savings, RRSP, TFSA, investment accounts).

Vancity enviro Visa Infinite Privilege Card

Vancity members who qualify, and are willing to pay the fee, can maximize their credit card benefits with the enviro Visa Infinite Privilege Card. The annual fee is $245 ($395 for non-members).

Card Features:

• $245 annual fee
• 19.50% interest rate
• 1.5 to 10 rewards points for every dollar spent on eligible purchases.
• 3 points for every $1 spent on groceries;
• 5 points for every $1 spent on public transit and ferries;
• 10 points for every $1 spent at local businesses;
• 1.5 points for every $1 spent on all other purchases.
• Travel accident insurance
• Extended warranty protection
• Purchase security protection
• Auto rental collision/loss damage insurance
• Delayed and Lost baggage insurance
• Price protection service
• Flight delay insurance
• Mobile device insurance
• Travel Medical Emergency insurance up to $5,000,000
• Travel cancellation and trip interruption insurance
• Visa Infinite benefits (concierge service, dining, entertainment, etc.)
• Complimentary Priority Pass membership with 6 complimentary airport lounge passes, and express security lane access at select Canadian airports.

Other approval criteria: Over 19 years of age, resident of British Columbia with a BC address, minimum annual income of $150,000 ($200,000 household), plus $400,000 or more in investable assets (chequing, savings, RRSP, TFSA, investment accounts.)

Vancity Rewards

Vancity Rewards is a credit card-based loyalty rewards program that lets credit union members earn rewards points when shopping with their credit cards. Depending upon which credit card they use and how they use it, they can earn up to 10 rewards points per dollar spent on eligible purchases. You can redeem rewards points in four ways: Cashback, travel booking, charitable donations, or gift cards.

Vancity Insurance

Vancity sells insurance products through Vancity Life Insurance Services. They offer insurance solutions to personal and business customers alike, including Term Life, Permanent Life, Extended Health, Dental, Disability, Critical Illness, and Long-term care insurance. Small businesses can benefit from Overhead, Key Person, and Group Insurance benefits.

Vancity Small Business Banking

Vancity Credit Union Business Banking offers a comprehensive list of products and services for small businesses, including day-to-day banking, credit cards, business financing, and investment products.

Small Business Chequing Accounts:

• Vancity Independent Business Account
• Vancity Full Service Package
• Vancity Self Serve Package
• Vancity USD Chequing

Small Business Credit Cards:

• Enviro Visa Infinite Business Card
• Enviro ExpenseGold Visa Card
•  

Small Business Loan Types:

• Business Mortgages
• Commercial Mortgages
• Business Term Loans
• Operating Loans
• Start-Up Loans

Final Thoughts on Vancity Credit Union

I’ve never had a Vancity account, as I’ve never been a BC resident. But a close look at Vancity Credit Union’s products and services, and it’s easy to see why they’re Canada’s largest credit union. I’m highly impressed by the low fees for their personal chequing and savings accounts. Even if you don’t qualify as a youth (under 25) or senior (over 55), it’s very easy to get free banking with Vancity. All you need to do is maintain a balance of $1,000 in your account throughout the month.

On the downside, one thing that struck me was the investable assets requirement for their premium rewards credit cards. Most bank credit cards have the same minimum annual income thresholds, but requiring $250,000 of investable assets for a Visa Infinite card would disqualify many younger customers, and seems a bit too exclusive. In other words, you have to be fairly wealthy to benefit from the Vancity Rewards program. But overall, when you consider everything Vancity has to offer, it’s a suitable alternative to any credit union, and most big banks as well. That is if you live in BC.