Detailed information
About company
Kawartha Credit Union is a financial cooperative established in 1952 in Peterborough, Ontario. Today, the credit union has more than 50,000 members served through 23 branches across Ontario as well as online, mobile, and telephone channels.
Features
Kawartha Credit Union offers a wide range of banking products and services for individuals and business members.
Credit union members have access to over 2,500 surcharge-free ATMs across Canada and the U.S.
To reward its members, Kawartha Credit Union has the Affinity Share Program in place. Under this program, you can get Affinity Shares for doing business with Kawartha Credit Union.
The credit union is notable for its active community involvement. The organization regularly donates funds to community-related causes and encourages volunteer activities among its employees.
Pros and cons
Here are the definite advantages of joining Kawartha Credit Union:
A variety of personal and business banking products
Favorable conditions for chequing accounts for seniors and youth
The Affinity Share Program rewarding loyal credit union members
Insurance coverage of eligible deposits by the Financial Services Regulatory Authority (FSRA)
A wide network of surcharge-free ATMs
The disadvantages are:
Low interest rates for savings accounts compared to other financial institutions
Availability of credit unions products and services to Ontario residents primarily
Products
Kawartha Credit Union offers the following personal banking products:
Chequing accounts with either unlimited self-serve transactions on pay-as-you-go plans
Savings accounts allowing you to earn up to 0.80% interest on the funds you have deposited
Mortgages with open and closed terms available at fixed and variable rates ranging from 5.54% to 7.49%
Loans providing financing for any of your borrowing needs at fixed and variable rates for terms of one to five years
Secured and unsecured lines of credit providing ongoing access to financing of up to an approved credit limit
Credit cards offered in partnership with Collabria providing benefits like zero fees, low rates, cash back, and rewards
GICs protecting your principal investment and providing a competitive return at rates ranging from 0.50% to 4.80% depending on the chosen option
Mutual funds providing access to professionally-managed portfolios of investment securities
Registered savings plans like RESPs, RRIFs, RRSPs, and TFSAs allowing you to grow your savings and investment income tax-free
Travel insurance program providing up to $10 million in out-of-province coverage for medical expenses
Business products include:
Business chequing accounts for the daily operations of your business with different options to fit your monthly transactions needs
Business savings accounts allowing you to earn up to 0.15% interest on the excess funds of your business
Loans and lines of credit at competitive rates and with flexible repayment terms providing the working capital for your business
Term deposits or GICs with terms ranging from 30 days to up to five years ensuring the safety of your investment and providing a competitive return
Group RRSPs designed to help your employees save for retirement and benefit from tax deductions
Collabria business credit cards with benefits like zero fees, low rates, cash back, and rewards
Services
Individuals can reach out to Kawartha Credit Union for the following services:
Working with investment professionals to come up with the right strategy to achieve your retirement, education, and recreation goals
Access to the VirtualWealth platform providing you with a professionally managed portfolio tailored to your financial goals and risk-tolerance level
The services for business members include:
Cash management solutions designed to improve the cash flow of your business through electronic payment processing
Automated Funds Transfer (AFT) Services allowing you to set up recurring payments instead of cheques
Remote Deposit solution allowing you to deposit a cheque using your mobile device
Merchant services designed to help you receive payments from your customers faster
Wealth planning services including financial planning, wealth management, and insurance solutions
HR solutions provided in partnership with Ceridian including payroll and benefits services, payroll tax filing, time and attendance management solutions, and more.
