Detailed information
About company
Carpathia Credit Union is a member-owned financial cooperative founded in 1940 in Winnipeg, Manitoba. The credit union is a full-service financial institution serving more than 11,000 members and having over $600 million in assets.
Features
Carpathia Credit Union provides a full range of banking products and services for both individuals and businesses.
The credit union is a 100% member-owned financial cooperative. All member-owners have equal voting rights at meetings of the members and an opportunity to become a director of the credit union.
Being committed to community development, Carpathia Credit Union regularly finances sponsorships, scholarships, and charitable donations. The credit union’s annual investments in local communities exceed $75,000.
Carpathia Credit Union provides support, scholarships, and donations to promote Ukrainian culture.
One of its goals is to support the local Ukrainian community.
Pros and cons
Here are the advantages of joining Carpathia Credit Union:
A full range of personal and business banking solutions
Fee-free accounts for seniors and youth
Fee-free savings accounts for everyone
Attractive rates for select savings accounts and term deposits
Insurance coverage of eligible deposits guaranteed by Deposit Guarantee Corporation of Manitoba
Online and mobile banking features
The major disadvantage of Carpathia Credit Union is the availability of its products and services to Manitoba residents primarily.
Products
Let’s look through the personal banking products from Carpathia Credit Union:
Chequing accounts for daily banking with different transaction volumes
Savings accounts with no monthly fees and interest rates of up to 3.05%
Closed and open mortgages with fixed and variable rates of 4.80% to 5.95% depending on the chosen option
Personal loans providing financing for various borrowing needs at competitive rates
Lines of credit providing revolving access to an approved financing amount, with interest charged only on the amount borrowed
Credit cards with a range of benefits to choose from — no annual fees, low rates, cash back, rewards, and no foreign currency transaction fees
Registered plans like RRSPs, RRIFs, and TFSAs enabling you to grow your savings and investment income tax-free
Term deposits or GICs with terms of one to five years providing safety of your initial investment and a competitive return at rates ranging from 4.50% to 5.00%
Insurance products, including mortgage, loan, travel, home, and property insurance
Products for business members include:
Business accounts for everyday banking with different transaction volumes, including U.S. dollar accounts
Lines of credit secured by business assets, including accounts receivables providing access to the approved financing amount at a variable interest rate based on Prime rate
Commercial term loans with fixed and variable rates secured by business assets, including equipment or real estate
Commercial real estate loans providing financing for real estate projects of your business at fixed and variable rates for terms of six months to five years
Business credit cards with no fees, low rates, cash back, and reward-earning opportunities
Services
Individuals can reach out to Carpathia Credit Union for the following services:
Access to the Qtrade Direct Investing™ platform for self-directed investing to trade investment securities with low fees
Access to the VirtualWealth platform providing you with a professionally managed portfolio tailored to your financial goals and risk-tolerance level
In addition, both personal and business members can apply for the following services with Carpathia Credit Union:
Access to the safety deposit box allowing you to store your valuable belongings securely
Sending and receiving money through Interac e‑Transfer
Writing Canadian and US Official Cheques accepted nationally and internationally
Sending funds internationally through wire transfers
