Credit Union
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.


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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.


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


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


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.



Who owns Prospera Credit Union?

Prospera Credit Union is a 100% member-owned financial cooperative. Prospera members can influence the future development of the credit union by electing the board of directors based on the one member, one vote principle.

Is Prospera Credit Union legitimate?

Prospera Credit Union has been operating in the financial market for 79 years already. It is a registered legal entity with the following LEI: 549300CPML48Z7RDEH54.

Prospera Credit Union’s corporate headquarters is at #1900 - 13450 102 Ave, Surrey, BC, V3T 5Y1.

How to contact Prospera Credit Union customer service?

You can reach out to the Prospera Credit Union Member Service Centre with any questions you might have at 1 888 440 4480 (toll-free). The Member Service Centre works Monday to Friday from 8 am to 8 pm and Saturdays from 9 am to 5 pm.

Company documents

Market Conduct Code

We put people — not dollars — first. As a cooperative, we measure our success by the prosperity of our members. Our vision is to enrich the lives of our customers, and our purpose is to be the financial partner of choice for busy families and growing small businesses in our communities, so they can achieve their most important goals.

© Prospera Credit Union
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