About company

Servus is a Canadian credit union founded in 1938 in Edmonton, Alberta. Today, Servus is the largest credit union in Alberta and the second largest credit union in Canada. Ranked #1 in Canada on the Forbes list of the World's Best Banks+, Servus has $17.2 billion in assets under its administration as of 2021. In 2022, Servus Credit Union has almost 380,000 members.

Features

1. Servus provides a full range of financial products for both individuals and business clients.
2. Every year, based on its financial performance, Servus distributes Profit Share Rewards cash among its members. Most of the Servus products can bring profit share to their holders, from loans to retirement investments.
3. Servus is a member of the Alberta Credit Union Deposit Guarantee Corporation (CUDGC).

Pros and cons

Here are the advantages of being a Servus member and holding banking products there:

• Security of deposits you keep at Servus is guaranteed by CUDGC;
• Earning profit share on the products you hold (provided you pay a one-time membership fee on opening an account);
• Access to surcharge-free ATMs across Canada;
• Safe and secure mobile and online banking services allowing to manage your accounts and see the transaction history at any time;
• Support from Servus Member Contact Center available 24 hours a day, 7 days a week;
• Easy recovery for lost or stolen membership cards;
• Easy recovery for lost or stolen credit cards;
• The availability of Servus products and services for both members and those who haven't signed up yet.

Still, there are certain disadvantages:

• The availability of Servus products and services to Alberta residents only;
• The lack of information about pricing for certain products and services.

Products

The company offers a range of personal banking products:

• Chequing accounts for everyday banking operations that differ in a number of monthly transactions included;
• Savings accounts allowing you to earn up to 1% interest on the deposited amounts;
• U.S. chequing and savings accounts allowing you to save on foreign currency conversion rates;
• Mortgages with both open and closed terms and interest rates ranging from 5.19% to 8.19% depending on the chosen term;
• Personal loans for a variety of borrowing needs, including renovation, vehicle, student, investment, and consolidation loans, home equityline of credit, and Fast Forward Small Loans;
• Investment products like bonds, GICs, life annuities, segregated funds, and mutual funds;
• Registered plans like RRSPs, RESPs, RRIFs, TFSAs, RDSPs, and pre-authorized contribution (PAC) plans to keep your investments there and grow your savings and earnings tax-free;
• Credit cards that differ in the range of benefits they offer — rewards, cash back, travel benefits, and low fees;
• Insurance products providing coverage for your expenses in case of unexpected situations happening to your home, vehicles, travel, financial obligations, life, and health;

For businesses, there are the following products at Servus:

• Daily banking accounts, including chequing and savings accounts both in Canadian and U.S. dollars;
• Borrowing solutions including loans and mortgages at fixed and floating rates, authorized overdrafts with floating rates, and lease financing for almost any type of business and equipment;
• Business credit cards with interest rates up to 16.99% and reward-earning opportunities;
• Digital banking solutions for making payments, including Interac e-Transfers, Electronic Funds Transfers, online bill payments, credit card payments, and Alberta Gaming and Liquor Commission (AGLC) online payment service;
• Digital banking solutions for receiving payments, including Interac e-Transfers, Electronic Funds Transfers, Chase Merchant Services allowing you to accept payments in-store, on-the-go, or online, Commercial Digital Cheque Deposit services allowing you to scan and deposit cheques directly into your account, Mobile photo cheque deposit, and Corporate Creditor Vendor Enrollment allowing your customers to pay through digital or telephone banking;
• Payroll and benefits solutions designed to simplify payroll management, reduce administration times, and improve employee satisfaction
• Customized investment products like term deposits and GIC investment features tailored to match your future cash flow requirements 

Services

Individuals can reach out to Servus for the following services:

• Wealth management services, including personalized guidance from Servus wealth advisors and the creation of a customized investment plan
• Access to Qtrade Direct Investing allowing for self-directed investing
• Trust and estate services, including the creation of a customized plan on how to safeguard your estate

Wealth management services from Servus advisors are also available to business owners. With personalized guidance from a Servus advisor, you can create a diversified investment portfolio, protect your income, plan your estate, and come up with an optimal succession plan.