Detailed information
About company
Connect First Credit Union Ltd is a financial cooperative headquartered in Calgary, Alberta. Since its establishment in 1987, connectFirst Credit Union has grown into one of the largest Canadian credit unions. As a full-service financial institution, connectFirst Credit Union serves over 128,000 members through its 40 branches across Alberta. The credit union has over $6 billion in assets.
Features
connectFirst Credit Union provides a full range of banking products and services for personal and business members including agri-business.
connectFirst Credit Union welcomes all its members to join its member panel and leave feedback about the products and services to improve the member experience.
The credit union supports the development of local communities and finances scholarships, grants, donations, and other community-related initiatives.
Pros and cons
Let’s look through the benefits of joining connectFirst Credit Union:
A full range of products and services for individuals and businesses
Favorable conditions for banking accounts for seniors and youth
Competitive interest rates for Save More accounts and term deposits
No monthly fees for business savings accounts
Online and mobile banking opportunities
Safety of eligible deposits guaranteed by the Credit Union Deposit Guarantee Corporation
Here are the drawbacks to be aware of:
No credit cards offered
Low interest rates for business savings accounts
Availability of products and services to Albertans primarily
Products
For individuals, there is a range of personal banking products at connectFirst Credit Union:
Chequing accounts for everyday banking operations with a low to an unlimited number of monthly transactions included
Mortgages with up to 5-year terms available at fixed or variable rates
Savings accounts to safely deposit funds and earn up to 1.50% interest
Home equity lines of credit providing financing of up to 80% of your home’s value
Secured and unsecured lines of credit providing ongoing access to an approved financing amount
Personal loans for any borrowing needs with flexible repayment terms and penalty-free early playoff
Auto financing options with flexible repayment terms and competitive rates available through dealerships
RRSP loans providing financing at competitive rates to optimize your RRSP contributions
Mutual funds enabling you to invest in a professionally managed pool of securities
Term deposits ensuring the safety of your principal investment and providing a competitive return at rates of up to 4.75%
Registered plans like RRSPs, TFSAs, RRIFs, RESPs, and RDSPs allowing you to grow your money on a tax-sheltered basis
Insurance products including life, credit, mortgage, travel, home, and auto insurance
Business and agri-business members can apply for the following products with connectFirst Credit Union:
Chequing accounts with different numbers of monthly transactions including options for community organizations, lawyers, and real estate trusts
Savings accounts with no monthly fees and up to 0.25% interest rates
Commercial mortgages at fixed and variable rates to finance real estate projects of your business
Operating lines of credit providing revolving access to financing up to an approved credit limit at competitive rates
Business term loans for different borrowing needs available at fixed and variable rates
AgriOne lending solution providing multiple credit facilities under one title registration
Auto financing solutions with flexible repayment terms and competitive rates available through dealerships
Mutual funds providing access to professionally managed portfolios of investment securities
Term deposits providing the security of your principal investment and competitive return at rates of up to 4.75%
Insurance products including life, credit, mortgage, travel, home, and auto insurance
Services
The services for personal members include:
Private wealth services to get a personalized financial planning strategy
Merchant services including online invoicing
Payroll management
Cheque Capture™ for depositing cheques from the comfort of your home
Access to Qtrade Direct Investing to trade investment securities through an online brokerage platform
Business owners can also apply for private wealth services to get a customized strategy on how to manage and grow their wealth.
