About company
Coastal Community Credit Union is a 100% member-owned financial cooperative headquartered in Vancouver Island, BC. Founded in 1945, the credit union has grown into the largest financial institution on Vancouver Island and the Gulf Islands. It is also the 23rd largest credit union in Canada by assets.
Coastal Community Credit Union has more than 30 island locations.
Features
Coastal Community Credit Union members are owners of the credit union and can participate in decision-making.
Being committed to community development, Coastal Community Credit Union regularly invests a portion of its earnings in local community organizations and educational programs.
Pros and cons
Here are the advantages of Coastal Community Credit Union:
A range of products and services for individuals and businesses
No fees for savings accounts
Competitive rates for term deposits
An online application available for most products
Online and mobile banking capabilities
A wide network of over 4,000 ding-free ATMs across Canada
Support for local communities
Still, there are certain disadvantages:
Monthly fees for most chequing accounts
Relatively low-interest rates for savings accounts compared to other financial institutions
Availability of products and services to Vancouver Island and the Gulf Islands residents primarily
Products
For personal members, there are the following products at
Chequing accounts for your everyday banking operations with different numbers of monthly transactions included
Savings accounts with no monthly fees and interest rates ranging from 0.10% to 1.00% depending on the chosen option and account balance
Credit cards offered in partnership with Collabria providing benefits like zero annual fees, low rates, cash back, and reward-earning opportunities
Mortgages with open and closed terms available at fixed and variable rates ranging from 5.39% to 8.25% depending on the chosen option
Personal loans providing financing for any of your borrowing needs, with fixed and variable rates, flexible repayment terms, and penalty-free early payoff
Lines of credit providing revolving access to financing up to your approved credit limit with flexible repayment options
Redeemable and non-redeemable term deposits or GICs ensuring the security of your initial investment and bringing return at a competitive rate
Tax-sheltered plans like TFSAs, RRSPs, RRIFs, RDSPs, and RESPs to grow your savings and investment income tax-free
Insurance products including home, vehicle, marine, travel, medical, dental, life, disability, and critical Illness insurance
Products for business members include:
Business and community chequing accounts for daily banking operations of your business with either pay-as-you-go plans or a low to unlimited number of monthly transactions included
Business and community savings accounts with no monthly fees to earn up to 1.00% interest on the extra cash of your business
Business credit cards with benefits like zero annual fees, low rates, cash back, and reward-earning opportunities
Construction and real estate financing options to implement the real estate projects of your business
Business term deposits or GICs providing the security of your initial investment and a guaranteed return
Group RRSP plans designed to help your employees save for retirement and benefit from tax deductions
Business insurance products including commercial general liability, property, professional liability, and childcare insurance
Services
Individuals can apply for the following services from Coastal Community Credit Union:
Access to the Qtrade Guided Portfolios platform providing automated recommendations on the right investments for you
Working with an advisor to develop investment strategies tailored to your financial goals
Access to Qtrade Direct Investing™ platform for self-directed investing to trade investment securities with low fees
For business members, there are certain payment solutions at Coastal Community Credit Union:
Merchant solutions to receive payments from your customers in a variety of ways including credit, debit, gift, and loyalty card payments, online, and mobile payments
Automated Fund Transfer (AFT) services to send and receive recurring payments.
