Detailed information
About company
Sydney Credit Union is a cooperative financial institution headquartered in Sydney, Nova Scotia. Founded in 1935, the credit union has grown into a full-service financial cooperative with over $175 million in assets. Sydney Credit Union has over 14,000 members.
Features
Sydney Credit Union is a 100% member-owned financial cooperative operating based on democratic ownership principles. Following the one member, one vote principle, all credit union members have equal voting rights.
The credit union offers a range of solutions for both personal and business members.
Pros and cons
Joining Sydney Credit Union has definite pros:
A range of solutions for individuals and businesses
Competitive rates for term deposits
Favorable conditions for students and youth
The safety of eligible deposits guaranteed by the Nova Scotia Credit Union Deposit Insurance Corporation
Here are the cons to be aware of:
Low interest rates for savings accounts compared to other financial institutions
Availability of products and services to Nova Scotia residents primarily
Products
For individuals, Sydney Credit Union offers the following products:
Chequing accounts for everyday banking with different numbers of monthly transactions included
Savings accounts with no monthly fees to deposit funds and earn up to 0.50% interest
Credit cards offered in partnership with Collabria with a range of benefits to choose from — no fees, low rates, cash back, rewards, and no foreign transaction fees
Home equity loans providing a credit limit of up to 80% of your home’s value
Mortgages available for terms of six months to five years at rates ranging from 5.60% to 8.25% depending on the chosen option
Personal loans for different borrowing needs with flexible repayment terms, competitive rates, and penalty-free early payoff
Lines of credit providing revolving access to financing of up to an approved amount
Vehicle loans with flexible repayment terms, competitive rates, and penalty-free early payoff
RRSP loans available for terms ranging from 12 months to 15 years allowing you to optimize your contributions
RRSP lines of credit providing financing of up to $30,000 and allowing you to purchase Sydney Credit Union RRSP products or mutual funds
Student scholarships designed to help students in local communities achieve their educational goals
Student Loan LOC of up to $80,000 with an interest rate of Prime +1% and interest-only payments during the studies
Term deposits providing a secure investment and guaranteed return at rates of up to 5.10% depending on the chosen option
Mutual funds allowing you to pool money with other investors and get access to professionally managed diversified portfolios
Registered plans like RRSPs, RRIFs, and RESPs to grow your savings and investment income tax-free
Businesses can apply for the following products at Sydney Credit Union:
Business accounts in both Canadian and U.S. dollars for the daily operations of your company
Commercial loans and mortgages to finance real estate and other projects of your business
Line of credit providing financing for operating expenses, purchasing assets, or overdraft protection
Business credit cards with benefits like no fees, low rates, cash back, and rewards
Letters of credit providing a guarantee of payment to third parties
Leasing solutions providing financing for almost any type of equipment
Small business loan insurance providing coverage of your financial obligations in case of unexpected life situations
Term deposits providing a guarantee of your principal investment and competitive interest
Mutual funds providing access to professionally managed portfolios of diverse investments
Services
Services for personal members include financial planning services to help you come up with the right products and investments for your lifestyle and life stage.
For business members, there are the following services at Sydney Credit Union:
Payment Stream™ Automated Fund Transfer to speed up processing and settlement of pre-authorized debits and direct deposits
Merchant services to help you accept payments from your customers with ease
Employee services including Monthly Savings Plans (MSPs) and RRSPs to help your employees achieve their savings goals
Financial planning services to get expert advice on the right products to achieve your financial goals.
