About bank
First Nations Bank of Canada (FNBC) is a Canadian chartered bank headquartered in Saskatoon, Saskatchewan. The bank is on a mission to provide financial services to the Indigenous marketplace in Canada. Founded in 1996, the First Nations Bank of Canada has grown into an over 80% Indigenous-owned financial institution with nearly $1 billion in total assets.
Features
First Nations Bank of Canada offers its products and services through branches, Community Banking Centers, and digital banking channels. The bank’s personal and business products and services are available to indigenous and non-Indigenous people, corporations, and governments.
First Nations Bank of Canada has membership with such organizations as Interac, VISA International, Canada Mortgage and Housing Corporation, Canada Deposit Insurance Corporation, Payments Canada, and THE EXCHANGE Network.
Pros and cons
First Nations Bank of Canada has both advantages and disadvantages. Here are the pros:
FNBC provides financial solutions tailored specifically to the needs of indigenous people
Along with branches and community banking centers, FNBC offers digital banking channels to access its products and services
The eligible deposits with FNBC feature guaranteed insurance coverage by the Canada Deposit Insurance Corporation
FNBC’s membership with THE EXCHANGE Network enables clients to use thousands of ATMs across Canada surcharge-free
The bank supports worthy causes in the communities where it has operations
Here are the cons of working with FNBC:
FNBC has branches and community banking centers in only five provinces and three territories
Products
First Nations Bank of Canada offers the following products for individuals:
Chequing accounts to conduct your daily banking operations with small to unlimited transactions included
Savings accounts to earn interest on your deposits at a 0.05-0.15% rate
US Dollar accounts to conduct transactions and earn interest income in U.S. dollars
Personal loans for any of your borrowing needs with competitive rates and flexible payment terms
RRSP loans of up to the maximum annual RRSP contribution limit to help you optimize your RRSP contributions
Lines of credit providing revolving access to financing whenever you need it
Mortgages with either closed or open terms and either fixed or variable rates
First Nation Market Housing Fund Program (FNMHF) providing discounts on the FNBC’s current posted mortgage rates
Credit cards with interest rates of 12.99%-19.99%, cashback rewards, and insurance options included
Overdraft protection to cover you up to your approved limit when you run short of funds
Term deposits to earn a guaranteed return and ensure a 100% guarantee to your initial investment
Registered Retirement Savings Plans to save for your retirement and grow your money tax-free
Tax-Free Savings Plans to save for any of your goals and grow your funds tax-free
Access to the Qrade Direct platform to trade investment securities with low fees
For businesses, there are the following products at the First Nations Bank of Canada:
Chequing accounts to perform daily business banking operations, with the number of monthly transactions ranging from 5 to 250
Saving accounts to earn interest on extra cash your business has
US Dollar accounts to conduct business transactions and earn interest income in U.S. dollars
Small business credit products including overdraft coverage, operating lines of credit, and term loans
Commercial credit products including operating lines of credit, term loans, mortgages, and letters of credit
Credit cards for business with a 19.98% interest rate, cash back rewards, and a zero annual fee
Term deposits for business to ensure the security of your principal amount and earn a guaranteed return
Services
The additional banking services from the First Nations Bank of Canada include:
Safety deposit boxes to hold your valuable belongings or important documents
Wire transfers to send money anywhere in the world
Foreign exchange services to trade one currency for another at a competitive rate
Drafts issued to guarantee payment and avoid lump-sum cash withdrawals
Business owners can reach out to the First Nations Bank of Canada for the following services:
Customer alternative deposit service to transfer funds from your TD Canada Trust account to your FNBC account
PaymentStream AFT software to enhance the payment processing of your business
Wire payment services to send money quickly and easily
Foreign exchange services to exchange one currency for another at a competitive rate
Indigenous trust services including trust development and structuring, trust training and education, and trust administration
