Detailed information
About company
Cornerstone Credit Union is a financial institution known since 1941 which provides a full range of financial services and advice for its members. The headquarters is in Yorkton, Saskatchewan, Canada.
The credit union supports over 35,000 members and has more than $1.2 billion in assets under administration. Cornerstone offers financial products, personal, farm and business, and community banking services.
Features
The credit union members own, vote, and be elected to govern it. In addition, cornerstone provides assistance and support for communities and members through donations, sponsorships, and funding of up to $50,000 for projects and scholarships to graduating members.
Cornerstone Credit Union provides services through 16 branches in Arcola, Emerald Park, Grenfell, Indian Head, Ituna, Kelliher, Kipling, Melville, Montmartre, Rose Valley, Tisdale, Vibank, Wolseley, Wynyard, Yorkton. Also, the credit union provides mobile, telephone, and online banking 24/7. You need to be a credit union member to get access to services.
Cornerstone offers a wide range of accounts, including personal and community, farm&businees chequing, and savings accounts which could be opened via online banking.
Pros and cons
Pros
A large credit union in Saskatchewan
Full-service financial institution
Members are owners
Great choice of banking accounts
Wide range of agriculture and business options
Assistance and funding for members
Chequing accounts with fee rebates
Mortgage rate 120-day guarantee
Mobile app with a full range of services
Online, mobile, and telephone banking
Access to the surcharge-free ATMs
Cards working with Apple Pay, Google Pay, and Samsung Pay
Cons
Branches only in Saskatchewan
No unlimited free transactions (except for Members under 22 years old)
High service fees
Only savings and chequing accounts could be opened via online banking
Can't make or receive a wire transfer online
Should the credit union member apply for its products
Products
A Low Fee account lets you get 12 transactions, free Interac e-Transfers, and deposits for a fee of $4 per month.
An unlimited account offers all transactions with no fee for members aged 22 and under, a $5 fee rebate for seniors over 60, and a $15 monthly fee for other members.
A savings account lets you earn interest with a competitive rate of 1.5% on any daily balance. No monthly fees apply.
World Mastercard gives a significant rate of reward earning, full-included insurance, and Mastercard benefits.
Flexible Mortgage is a mixed account combining all your transactions and lending products which lets you reduce your payments.
Small Business Banking is a digital banking for agriculture, association, business, and community service members to manage and administer accounts: consolidate them, pay taxes, set up dual signers, etc.
Services
Chequing accounts with monthly fee rebates, no fee account for youth, free Interac e-Transfers, different numbers of transactions, or unlimited options. Savings account with no monthly fee and great rates, but other high fees may be charged. There are also customized commercial accounts.
Credit cards with cash back, travel rewards, US Dollar, and Mastercard benefits, including insurance. Credit cards are provided in partnership with Collabria, which provides account info online through MyCardInfo and processes your payments.
Lending: personal loans, lines of credit, student loans, dealer financing, and home equity lines of credit, flexible business and agriculture mortgages with a 120-day rate guarantee, flexible terms and repayments, and no prepayment penalties.
The mortgage Switch program allows you to switch your mortgage to Cornerstone, and it will cover up to $1,250 in associated fees.
Investments: mutual funds provided by Credential Asset Management Inc., RRSP, RRIF, RESP, TFSA, and term deposits.
Qtrade Investor provides an online brokerage platform that assists members in managing their investments.
Business and agriculture banking services: great choice of chequing and savings accounts, credit cards, mortgages, loans, lines of credit, dealer financing, leasing, merchant programs, and small business online banking.
Digital and mobile banking allow members to transfer funds, set up favorite transactions and recurring bill payments, open new accounts, access e-statements, etc. All are made for secure, easy, and convenient banking.
