Detailed information
About company
Casera Credit Union is a financial cooperative headquartered in Winnipeg, Manitoba in 1951. Today, Casera Credit Union is a financial institution with over $501 million in assets. The credit union serves about 12,000 members through its three branches in Transcona and St Vital.
In November 2022, Casera Credit Union members approved a merger with Access Credit Union.
Features
Following the democratic governance principles, Casera Credit Union encourages its members to influence the credit union policy and elect the Board of Directors.
As owners, Casera Credit Union members should invest in their common share accounts regularly. A minimum monthly deposit constitutes $2.50. Purchasing more shares is available at any time. Based on their shares’ value, members can earn a percentage of Casera's profits.
Being a member-focused financial cooperative, Casera Credit Union aims to provide fairly priced products, deliver exceptional service, and provide trustworthy advice to its clients.
Community initiatives supported by Casera Credit Union include financing educational programs and working with community-based organizations that create learning opportunities for youth.
Pros and cons
Here are the pros of joining Casera Credit Union:
Access to a wide range of products and services
Participating in profit sharing
Competitive GIC rates
Insurance coverage of deposits guaranteed by the Deposit Guarantee Corporation of Manitoba
Online and mobile banking capabilities
The cons of Casera Credit Union are:
Only three physical locations
Availability of banking solutions to Manitobans primarily
Products
Individuals can apply for the following products with Casera Credit Union:
Chequing accounts for everyday banking designed to meet different transaction needs
Interest-bearing savings accounts with different transaction volumes
Trust accounts allowing you to administer deposited funds on behalf of a beneficiary
Personal loans with fixed and variable rates, flexible repayment schedules, and penalty-free early repayment
RRSP loans providing financing to optimize your RRSP contributions
Equity lines of credit providing access to an approved credit limit, with interest applied only to the borrowed funds
Higher education lines of credit with interest-only payments during your studies
Overdraft protection with up to a $5,000 credit limit allowing to avoid insufficient funds fees
Mortgage solutions with open and closed terms and fixed or variable rates ranging from 4.00% to 5.95%
Credit cards with a range of different options to fit your lifestyle — zero fees, low rates, cash back, travel rewards, or zero foreign transaction fees
Insurance products offered in partnership with CUMIS — home, travel, loan, and mortgage protection insurance
Mutual funds enabling you to invest in diversified portfolios of securities like bonds, equities, cash, and derivatives
100% secure term deposits or GICs providing up to a 5% return, with redeemable and non-redeemable options
Preference shares issued by Casera Credit Union and available to its members exclusively
Business banking products include:
Business chequing accounts with different transaction volumes to suit the everyday banking needs of your business
Low-fee savings account to earn interest on the excess funds of your business
Business loans for different borrowing needs, with fixed and variable rates, flexible repayment terms, and penalty-free early payout
$60,000 loans offered through the Canada Emergency Business Account (CEBA)
Low-cost lines of credit providing access to pre-approved financing amount
Letters of credit providing the assurance of your payment for business transactions to third parties
Leasing solution allowing you to acquire equipment without the cost of ownership
Credit cards for business owners with 12.99-29.99% interest rates and benefits like cash back and rewards
Insurance products ensuring coverage of your company’s financial obligations in case unwanted events happen to a key business person
Redeemable and non-redeemable GICs with up to 5% return rates
Mutual funds allowing you to invest in professionally managed portfolios of diverse investment securities
Preference shares enabling you to earn attractive dividends
Services
Casera Credit Union offers the following services for personal members:
Access to Qtrade Guided Portfolios — a platform providing AI-powered recommendations on the right investment options for you
Access to Qtrade Direct Investing — a platform for self-directed online investing with low trading fees
Business members can order financial planning services and get guidance on the right products and investments to achieve their objectives.
