Detailed information
About company
Sudbury Credit Union is a community-minded financial cooperative headquartered in Copper Cliff, Ontario, in 1951. Initially established as Copper Cliff Community Credit Union, the financial institution has been contributing to the well-being of the community for over 70 years already. Today, Sudbury Credit Union has more than 16,500 members and provides products and services for all their banking needs.
Features
Sudbury Credit Union is a financial institution providing a full range of banking products and services. Along with banking solutions, credit union members benefit from owning it and participating in decision-making. Each year, members can vote for the Board of Directors.
As a community-minded financial institution, Sudbury Credit Union reinvests 5% of its pre-tax profits back into the Sudbury community through sponsorships and donations.
Sudbury Credit Union is 100% local, meaning that funds deposited by its members are reinvested in the form of loans to other members. The credit union supports local businesses and makes all decisions from a Sudbury perspective.
Pros and cons
Here are the benefits of joining Sudbury Credit Union:
Both personal and business banking solutions available
Fee-free chequing accounts for students, youth, and seniors
Fee-free savings accounts
Insurance coverage of eligible deposits guaranteed by the Financial Services Regulatory Authority (FSRA)
Online, mobile, and telephone banking capabilities
Access to hundreds of surcharge-free ATMs
The drawbacks of Sudbury Credit Union are:
Low-interest rates for savings accounts
The availability of credit union solutions to Ontario residents primarily
Products
Here are the personal banking products offered by Sudbury Credit Union:
Day-to-day banking accounts with chequing and savings capabilities available in both Canadian dollars and U.S. dollars
Fixed and variable-rate mortgage solutions with closed and open terms and rates starting from 5.39%
Loans and lines of credit for different borrowing scenarios, including low-rate options for students
Credit cards with various benefits designed to address the needs of different clients and interest rates ranging from 11.99% to 20.99%
Redeemable and non-redeemable term deposits with up to 4.70% interest rates
Mutual funds pooling money from different investors to purchase stocks, bonds, and other securities
Registered accounts (RRSPs, RRIFs, TFSAs, and RESPs) enabling you to grow your money tax-sheltered
For business members, the credit union offers the following products:
Business accounts for performing daily banking transactions or growing the excess funds your business has
Business mortgages allowing you to borrow up to 75% of a property’s value at either a fixed or variable rate
Business lines of credit providing ongoing access to financing for the operating needs of your business, with interest applied to the borrowed amount only
Business loans providing financing for different business needs at fixed and variable rates and with flexible repayment terms
Business credit cards with zero to $99 annual fees and interest rates of 12.99% to 20.99%
Term deposits enabling you to invest the surplus funds of your business securely and earn a competitive return
Mutual funds providing access to professionally managed portfolios of investment vehicles
Services
Services for personal members include:
Access to Qtrade Direct InvestingTM enabling you to trade investment securities online with low fees
Access to Qtrade Guided Portfolios® providing personalized recommendations on the optimal investment portfolio
Advisory services from experts to help you achieve your financial goals
Business owners can order the following services:
Merchant services providing your customers with easy and convenient ways to pay you
CRA online payments and CRA direct deposit enabling you to pay federal business taxes and receive government payments
Access to the Qtrade Direct InvestingTM platform for self-directed investing
Business advisory services providing guidance on how to grow your business
