About company

Gulf & Fraser is a financial cooperative established in 1940 in Burnaby, British Columbia as North Arm Credit Union. Through years of operation, Gulf & Fraser has undergone a series of mergers and expansions to become the sixth-largest credit union in the province.

Features 

Gulf & Fraser members are equal in their right to vote on policies and elect a Board of Directors.

With the Member Rewards Program, Gulf & Fraser members can earn reward points for their daily banking activities deposited into their Member Equity Shares account.

Gulf & Fraser regularly provides high school and post-secondary funding and supports community initiatives.

Pros and cons

Here are the advantages of being a Gulf & Fraser member:

• A full range of banking products and services for personal and business members

• Fee-free savings accounts

• Competitive interest rates for high-interest savings accounts and term deposits

• Competitive mortgage rates

• Safety of eligible deposits guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC)

• A network of 43,000 surcharge-free ATMs across Canada and the US 

The major disadvantage of Gulf & Fraser is the availability of products and services to British Columbia residents primarily.

Products

Personal banking products offered by Gulf & Fraser are:

• Chequing accounts for everyday banking with a small to an unlimited number of monthly transactions included

• Savings accounts with zero monthly fees and interest rates of up to 1.40%

• Credit cards with a range of benefits to choose from including zero fees, low rates, cash back, and rewards

• Open and closed mortgages at fixed and variable rates ranging from 4.99% to 6.65% depending on the chosen option

• Personal loans for various borrowing needs with flexible repayment terms, competitive rates, and penalty-free early repayment

• RRSP loans providing financing at competitive fixed and variable rates to optimize your RRSP contributions 

• Personal lines of credit providing revolving access to financing at competitive rates, with interest charged only on the borrowed amount

• Home equity lines of credit providing financing of up to 65% of your home's value, with interest charged only on the borrowed amount

• New recruit loans for borrowers beginning their policing career available for over a four-year term at a competitive variable interest rate

• Insurance products including life, living benefits, annuities, vision, dental care, and home insurance

• Redeemable and non-redeemable term deposits with a guaranteed principal and either a guaranteed interest rate or market-based return

• Registered plans like TFSAs, RRSPs, RRIFs, RESPs, and RDSPs to hold your savings and investments and grow your money tax-free

• Mutual funds providing access to professionally managed diversified portfolios from different investment management companies

• Segregated funds providing coverage for most of your initial investment 

• Stocks providing a return in the form of dividends and capital gains

• Credential Securities OnPoint Fee-Based Accounts allowing you to trade different securities and get unlimited advice from investment experts

For businesses, there are the following products at Gulf & Fraser:

• Chequing accounts with different numbers of monthly transactions included to meet the operational needs of your business

• Savings accounts with no monthly fees providing up to 1.40% interest on the extra cash of your business

• Business credit cards with benefits like no fees, low rates, cash back, and rewards

• Development financing for construction projects of your business with flexible payment options 

• Commercial mortgages for real estate projects of your business with up to 25-year amortization terms, fixed and variable rates, and flexible repayment terms 

• Business lines of credit providing your company with revolving access to funds, with interest charged only on the borrowed amount

• Term loans for any borrowing needs of your business available for one to five-year terms at fixed and variable rates

• Business insurance products including key person insurance, business loan protection, buy or sell funding insurance, and coverage of the tax liability arising with the asset disposition 

Services

Individuals can get the advantage of the following services at Gulf & Fraser:

• Financial, investment, and estate planning advice from Gulf & Fraser to help you achieve your financial goals

• Access to Qtrade Guided Portfolios™ tool providing investment recommendations and Qtrade Direct Investing™ for self-directed investing

Business members can go for advisory services from Gulf & Fraser and get an actionable plan for growing their business.