A credit union is very similar to a bank. They have many of the same things as banks, such as opening chequing/savings accounts, RRSPs, getting credit cards, and getting loans. They usually give you more interest on your savings account and have better customer service, though they have fewer services.
They are different from banks though, in some important ways.
- Credit unions are non-profit organization (so they're not trying to make profits) and so they give cheaper funds, services, and expenses.
- They are not owned by a single owner, but by all the members who use it (so if you use a credit union you are technically a small owner of it)
- They are usually locally owned and managed. So, you may have to live in a certain province in order to create an account with a specific credit union.
- You can use any ATM from ANY credit union if you have an account. They all have an agreement about this.
- Banks have more options for different credit cards, loans, RSPs, etc.
You can use a credit union for all your banking needs! Anyone can open a credit union account, so long as they live in the same area.
If you want more detailed information of the differences between a credit union and a bank then click here.
Credit unions in Winnipeg:
Credit Unions outside of Winnipeg:
Virtual (online-only) credit unions: