Detailed information
About company
Tignish Credit Union also known as Provincial Credit Union is a membership-owned financial cooperative founded in 1937 in Tignish, Prince Edward Island. Over the years of operation, it has merged with other credit unions, eventually becoming a financial institution with $110 million in assets. Today, Tignish Credit Union serves 9,900 members through its three offices located in Tignish and Alberton.
Features
Tignish Credit Union offers a full range of products and services for personal and business members.
Unlike banks that have shareholders, Tignish Credit Union is a 100% member-owned financial institution. Member-owners have equal voting rights in decision-making and electing the Board of Directors.
In addition, credit union members can get a return on their share investment.
Pros and cons
Here are the benefits of joining Tignish Credit Union:
Products and services for both individuals and businesses
Earning dividends on Member shares
Competitive interest rates for term deposits and select savings accounts
Insurance coverage of eligible deposits guaranteed by the Credit Union Deposit Insurance Corporation (CUDIC) and Credit Union Deposit Guarantee Corporation (CUDGC)
Access to over one million credit union ATMs worldwide
Still, there are certain drawbacks:
Higher mortgage rates compared to other financial institutions
Availability of products and services to Prince Edward Island residents primarily
Only three physical locations
Products
For personal members, there are the following products at Tignish Credit Union:
Chequing accounts for everyday banking with either 25 or unlimited monthly transactions included
Savings accounts with two monthly transactions included and interest rates of up to 1.50%
Credit cards with a range of benefits to meet different member needs — zero fees, low rates, cash back, and rewards
Personal loans providing financing for different borrowing needs at fixed and variable rates
Lines of credit providing revolving access to financing of up to an approved limit at competitive rates and with flexible repayment terms
Open and closed mortgages with fixed and variable rates ranging from 5.49% to 8.75% depending on the chosen option
Redeemable and non-redeemable term deposits providing the safety of your principal investments and a guaranteed return at rates ranging from 3.50% to 5.00%
Mutual funds providing access to professionally managed diversified investment portfolios
Registered funds like RRSPs, RRIFs, TFSAs, and RESPs allowing you to grow your savings and income from investment vehicles on a tax-sheltered basis
Products for business members include:
Operating accounts for everyday business banking with a low to unlimited number of monthly transactions included
Investment accounts with interest-bearing capabilities and four monthly transactions included
Business credit cards with benefits like zero fees, low rates, cash back, and rewards
Group Monthly Savings Plans designed to help your employees achieve their savings goals, with interest rates above the market average
Group RRSPs designed to help your employees save for retirement
Term deposits ensuring a guarantee of your principal investment and a competitive return at rates ranging from 3.50% to 5.00% depending on the term and deposited amount
Mutual funds allowing you to pool money with other investors and access professionally managed portfolios of diverse securities
AgriInvest accounts allowing farmers to make a deposit and receive a matching contribution from the government
The Canada Emergency Business Account (CEBA) providing financial support to eligible businesses and non-profits
Services
Personal banking services offered by Tignish Credit Union are:
Financial planning services to get personalized guidance on achieving your financial goals at different stages of life
Access to the Qtrade and VirtualWealth investment platforms allowing you to trade investment securities online with low fees
Business banking services include:
Pre-authorized payment processing services allowing you to withdraw payments directly from your customer’s accounts
Financial planning services to get advice on the right products and investments to help your business grow
Access to the Qtrade investment platform for self-directed investing, with low trading fees
Night depository services available at each credit union location
