About company

Rapport Credit Union is a Toronto-based financial cooperative established in 2015 as a merger of two Canadian credit unions. With ten branches across Ontario, the credit union has 80 employees on staff and serves over 17,000 members. Rapport Credit Union is a full-service financial institution with about $313 million in assets under administration.

Features

Rapport Credit Union positions itself as a new kind of financial institution that cares about its members. Through surveys and conversations, the board of directors determines the priority directions for the organization’s development. 

Rapport Credit Union invests in technology and develops partnerships to deliver relevant products and services. For example, it introduced Progress Rapport — an online financial wellness tool allowing you to self-assess your financial capability and health. Other useful services include direct email, text alerts, and Interac Online. 

Being notable for its community involvement, Rapport Credit Union regularly finances scholarships, financial literacy programs, and other community-focused activities. It also favors diversity in the workplace. 

Pros and cons

Here are the benefits of a Rapport Credit Union membership:

• A variety of products and services for individuals and businesses

• Fee-free savings accounts for students

• Attractive GIC rates

• Insurance coverage of eligible deposits through the Financial Services Regulatory Authority (FSRA)

• Online, mobile, and telephone banking available

The drawbacks are:

• Monthly fees for most chequing accounts

• Low rates for savings accounts

• Availability of banking solutions to Ontario residents primarily

Products

Individuals can apply for the following banking products:

• Chequing accounts that differ in the number of free monthly transactions included

• Savings accounts with interest rates of 0.05% to 1.00% depending on the chosen option and account balance

• Closed and open fixed and variable-rate mortgages with interest rates of 5.20% to 6.80% depending on the chosen solution

• Loans and lines of credit with flexible repayment terms and rates determined individually based on your borrower profile

• Credit cards with interest rates of 11.99% to 20.99% and a range of additional benefits to choose from

• GICs with guaranteed returns and competitive rates of up to 5.50%

• Mutual funds allowing you to invest in customized portfolios, with a minimum of $500 to get started

• Registered plans enabling you to grow your savings and investments tax-sheltered

• Insurance products including loan, travel, deposit, home, and auto insurance

For businesses, Rapport Credit Union offers the following products:

• Business and agricultural accounts with different transaction volumes and monthly fees based on that volumes

• Business term loans with fixed and variable rates, flexible repayment schedules, and up to 5-year terms

• Business lines of credit secured by inventory, accounts receivable, and other business assets, and repayable on demand

• Commercial mortgages providing financing to purchase land and buildings or make major renovations, with fixed and variable rates and flexible repayment terms

Services

Here are the services for personal members at Rapport Credit Union:

• Wealth management services from RapportWEALTH who will guide you on the right products for achieving your life goals

• Access to Qtrade Direct Investing™ — an online platform for self–directed investing, with low trading fees

Business services include:

• Merchant services designed to simplify receiving and processing of payments from your customers

• Planning and investing services from Rapport Credit Union advisors and get expert advice on preserving and growing their wealth.