About company
Kindred Credit Union is a financial cooperative headquartered in Kitchener, Ontario. Founded in 1964 under the name of Waterloo County Mennonite Credit Union, Kindred has grown into the 12th largest credit union in Ontario.
Kindred Credit Union serves over 24,000 members through its eight branches across the province.
Features
As a full-service financial institution, Kindred Credit Union offers both personal and business products and services.
Kindred Credit Union is a certified B Corporation which means it meets the high standards of running a business in terms of five impact areas — governance, workers, community, environment, and customers.
Being a socially responsible financial institution, the credit union has invested $1.2 million back into the community.
Pros and cons
Here are the benefits of joining Kindred Credit Union:
Participation in decision-making and profit sharing
Insurance coverage of eligible deposits guaranteed by the Financial Services Regulatory Authority (FSRA)
No fees for savings accounts
Competitive rates for savings accounts and term deposits
Online and mobile banking capabilities
Access to 4,000 surcharge-free ATMs
Still, there are certain drawbacks:
Availability of products and services to Ontario residents primarily
The lack of insurance products
Products
Kindred Credit Union offers the following personal banking products:
Chequing accounts for everyday banking with different plans to meet your transaction needs
Savings accounts with no monthly fees and up to 1.90% interest rates
Credit cards with a range of benefits to choose from — no annual fees, low rates, cash back, rewards, and no foreign transaction bees
Closed and open mortgages with fixed and variable rates ranging from 5.10% to 7.50%
Loans for different borrowing needs with fixed and variable rates ranging from 5.35% to 13.50%
Lines of credit including options for students and credit lines secured by the equity in your home providing ongoing access to financing of up to an approved limit
Non-redeemable GICs providing the guarantee of your principal investment and a competitive return at rates ranging from 1.75% to 5.00% depending on the term and deposit amount
Mutual funds providing access to professionally managed pools of diverse investment securities
Registered plans including TFSAs, RRSPs, RRIFs, and RESPs allowing you to grow your savings and benefit from tax deductions
Products for business members include:
Business chequing accounts for everyday banking including low-fee options for farmers, churches, charities, and non-profit organizations
Business savings accounts allowing you to deposit the excess funds of your business and earn competitive interest
Business credit cards with benefits like zero fees, low rates, cash back, and rewards
Letters of credit providing a written assurance of your creditworthiness to a third party
Low-cost farm record books designed to improve farm management
Group RRSPs designed to help your employees achieve their savings goals
Business loans providing financing for the operational needs of your business
Business lines of credit connected to your business chequing account and providing ongoing access to financing of up to an approved credit limit
Business mortgages providing financing for real estate projects of your company
Affordable Housing Loans designed to help organizations achieve their expansion goals
Creation Care Loans with fixed rates and a 0.5% environmental discount
Crisis Care loans providing financing at lower rates at times of financial hardship or distress
Crisis Care GICs enabling you to support Crisis Care Loans with a portion of the interest earned
Services
Individuals can reach out to Kindred Credit Union for planning services and expert advice on achieving your financial goals at different stages of life.
For business members, there are the following services at Kindred Credit Union:
Point-of-sale systems enabling you to receive payments from your customers with ease
Automated Funds Transfer (AFT) services allowing you to process receivables and direct payroll transactions electronically
Business and succession planning services providing a personalized plan for securing the legacy of your business
Wealth management
