About company
Prospera Credit Union is a financial cooperative established in Surrey, British Columbia in 1943. Today, Prospera Credit Union is the sixth-largest credit union in Canada serving over 117,000 members through its 26 branches across British Columbia.
Features
Just like with other credit unions, Prospera’s members own it and have a say in the future direction of Prospera. When applying for a membership, you buy shares for $5. Being committed to community development, Prospera Credit Union regularly finances grants, sponsorships, and donations. The credit union contributes a percentage of its pre-tax profit to charities and non-profits annually.
Pros and cons
Let’s outline the benefits of joining Prospera Credit Union:
- A range of personal and business banking products and services
- Safety of eligible deposits guaranteed by the Credit Union Deposit Insurance Corporation (CUDIC) of British Columbia
- No monthly fees for chequing accounts for seniors and youth
- Attractive rates for GICs
- Online and mobile banking capabilities
- 4,000 ding free® EXCHANGE® Network ATMs
Here are the drawbacks to keep in mind:
- Relatively low-interest rates for savings accounts compared to other financial institutions
- The availability of Prospera’s products and services to British Columbia residents primarily
Products
Personal banking products from Prospera Credit Union include:
- Chequing accounts with different numbers of monthly transactions included to fit your daily banking needs
- Savings accounts with no monthly fees allowing you to earn up to 1.100% interest
- Credit cards with purchase interest rates ranging from 11.99% to 20.99% and benefits like zero annual fees, cash back, and reward-earning opportunities
- Mortgages with open and closed terms available at fixed and variable rates ranging from 5.040% to 6.740% depending on the chosen option
- Personal loans available at fixed and variable rates ranging from 3.850% to 9.430% depending on the chosen option
- Lines of credit with variable rates providing ongoing access to financing of up to an approved amount
- Redeemable and non-redeemable termdeposits of GICs ensuring the security of your initial investment and providing a competitive return at rates ranging from 1.250% to 4.700%
- Mutual funds pooling money from different investors and providing access to professionally managed portfolios of diverse investments
- Registered plans like RRSPs, TFSAs, RESPs, RDSPs, and RRIFs to allowing to grow your money tax-free
For business members, there are the following products at Prospera Credit Union:
- Business chequing accounts with different numbers of monthly transactions included to fit the daily banking needs of your organization
- Business savings accounts allowing you to earn up to 1.100% interest on the extra cash your business has
- Business credit cards with benefits like zero annual fees, low rates, cash back, and reward-earning opportunities
- Commercial mortgages providing financing for real estate projects of your business at fixed and variable rates for up to 5-year term
- Commercial loans providing financing of up to $5 million at fixed and variable rates for various borrowing needs of your business
- Commercial lines of credit providing revolving access to financing from $5,000 to $3 million at competitive variable rates
- Project financing providing capital for the development of industrial, commercial, and residential properties
- Vehicle and equipment leasing solutions providing access to the equipment your business needs at competitive rates
- Letters of credit providing assurance of repayment to your partners
Services
Prospera Credit Union members can get the advantage of the following services:
- Working with a wealth advisor to come up with a customized financial plan tailored to your long-term goals like saving for big purchases, preparing for retirement, or protecting your legacy and family
- Self-directed investing through the Qtrade and VirtualWealth investment platforms
Services for business members include:
- Receivables solutions like the merchant, invoicing, and Advanced Business Deposit services to receive payments from your clients and partners quickly and easily
- Payables solutions like payroll, wire transfer, and Automated Fund Transfer (AFT) services to speed up the process of paying your employees and suppliers
- Business advisory services and get guidance from experts on important business decisions.
