About company
Meridian Credit Union is the largest credit union in Ontario and the second largest in Canada, which provides a whole choice of financial services. It was formed in 2005 and has opened 89 branches in Ontario, Canada.
Since 2019 Meridian has been operating all over the country through a subsidiary — digital motusbank, which provides great rates and fast online services.
With Meridian Credit Union, more than 365,000 members could use their savings and chequing accounts, mortgages, loans, GICs, credit cards, and other personal and business banking products.
Features
Meridian is a big credit union, providing financial and banking services like traditional banks, staying an alternative to Big 5 banks. It has over 90 branches in Ontario and 3,600 of ABMs in Canada with THE EXCHANGE Network and thousands of ATMs in the US. So Meridian is the best choice if you are in Ontario and want to be a part of the financial institution as its member and owner.
As the largest credit union in Ontario, Meridian Credit Union is focused on Ontario’s customers and operates mostly there. However, residents of other provinces, except Quebec, may use motusbank, an online-only bank launched in 2019. Those living in Ontario may also combine to use in-person, telephone, mobile, and online banking.
No-fee chequing and savings accounts can offer great options with no monthly and transaction fees, no minimum balance needed, and attractive interest rates. You could link your chequing and savings accounts by Auto-Save or open one Sweep account, which links chequing and high-interest savings accounts together to make your savings automatically.
Pros and cons
To find out more, let's look up Meridian's perks and drawbacks review.
Pros
Full-service financial institution
Large branches network in Ontario
Nationwide online bank
Members’ decisions may affect the credit union's work
Wide range of options
No fee accounts
Competitive interest rates
Full-service mobile app
Lock mortgage for 120 days
Special mortgage options for self-employed, young professionals and new Canadians, home construction, big families, and more
Access to THE EXCHANGE Network and Allpoint network ATMs
Cons
Branches only in Ontario
No long-term investment products
No stocks trading platform
Bad customer reviews
Not all products available online
Limited insurance options offered by third-party companies
Products
Pay As You Go chequing account allows you to waive transaction fees with a $2,000 balance or pay for each transaction — your expenses depend on how often you use your card, with no monthly fee.
High-interest savings account (HISA) without fees and minimum balance, available to open in your TFSA, RRSP, or RRIF plans with a high interest earning for every dollar.
Meridian Visa Infinite Travel Rewards Card allows you to quickly earn rewards and redeem them on various travel options or merchandise, providing premium benefits and insurance.
5-Year Fixed Rate Mortgage is one of the most popular mortgage options, with a 5.29% special rate for a closed and a 4.84% special rate for a high ratio closed mortgage.
A hybrid Mortgage is a mix product of a loan and a conventional mortgage designed for those who expect an income increase in 5-10 years but want to live in a dream home now.
Small Business Online Banking and Business Online Banking platforms with full banking service allow business owners to make quick transactions, manage funds from one account and customize access.
3-year Raise the Rate GIC offers an opportunity to change the interest rate according to the current before the end of the GIC term.
Meridian Mobile Banking App provides all functions essential for quick, comfortable, and efficient everyday banking. View transactions and balances, open new products, make transfers, pay bills, send, receive and request Interac e-Transfers, and many more.
Services
The Auto-Save feature is designed for automatic savings and can be set up through online and mobile banking.
Sweep lets you transfer money from a chequing account to a HISA according to your limit with no transaction fees.
Meridian Rewards program lets you use your credit card to earn travel, cash, or US dollar rewards points for any card purchases or specific categories and redeem them for merchandise, travel, account credit, etc.
Price Drop feature is designed to look for a better price on your purchase, claim money back or get a refund automatically.
eZCard is an online tool assisting in managing your credit card account: balances, rewards, and payments. In addition, you may log in through Meridian online banking.
Lending cash back, 120-day rate lock, 20/20 pre-payments.
Business banking cash management tools and resources.
