Detailed information
About company
Valley Credit Union is a financial cooperative founded in 1994 in Waterville, Nova Scotia. The credit union is a full-service financial institution serving over 11,000 members through its seven branches across the province. Valley Credit Union has $225 million in assets.
Features
Valley Credit Union is a financial cooperative governed by the Board of Directors that consists of members voted in by the membership.
The credit union reinvests its earnings back into local communities and provides financial and volunteer support to local organizations.
Becoming a member implies making a $5 deposit in your Share account. After you pay your share, you can take advantage of Valley CU’s exhaustive package of products and services.
Pros and cons
Here are the advantages of joining Valley Credit Union:
Products and services for both personal and business members
Participating in profit sharing
Fee-free chequing accounts for seniors and youth
Competitive interest rates for term deposits
Insurance coverage of eligible deposits guaranteed by the Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC)
Access to over 2,400 surcharge-free ATMs
Here are the disadvantages:
Higher mortgage rates and lower interest rates on savings accounts compared to other financial institutions
Availability of products and services to Nova Scotia residents primarily
Products
Personal members can apply for the following products from Valley Credit Union:
Chequing accounts for everyday banking with either a low to an unlimited number of monthly transactions included or pay-as-you-go transaction plans
Savings accounts with interest rates ranging from 0.05% to 0.65% depending on the chosen option
Credit cards with a range of benefits to choose from — zero annual fees, low rates, cash back, rewards, and zero foreign transaction fees
Vehicle loans for buying a new or used car with flexible repayment terms and competitive rates
Open and closed mortgages with fixed and variable rates ranging from 5.790% to 8.250%
Personal loans for different borrowing needs with fixed and variable rates and penalty-free early payoff
Lines of credit providing revolving access to an approved credit limit, with interest applied to a borrowed amount only
RRSP loans with up to ten-year terms enabling you to optimize your RRSP contributions
RRSP lines of credit allowing you to make annual contributions by borrowing
Home equity loans providing financing of up to 80% of your property’s value
Student loans and lines of credit providing financing to cover your education-related expenses
Term deposits with terms of one to five years providing the safety of your principal investment and a guaranteed return at rates ranging from 1.20% to 4.30%
Mutual funds providing access to professionally managed diversified investment portfolios
The Better Earth® Portfolio enabling you to invest in companies with a positive environmental record
Registered funds like RRSPs, RRIFs, TFSAs, and RESPs enabling you to grow your money tax-free
Insurance products including life, home, auto, and travel insurance as well as creditor protection options like the loan, line of credit, and mortgage insurance
For businesses, there are the following products:
Chequing accounts for everyday banking with different plans to meet the transaction needs of your business
Savings accounts with interest rates ranging from 0.05% to 0.20%
Credit cards with benefits like zero fees, low rates, cash back, and rewards
Lending solutions providing customized financing tailored to specific needs of your business
Group Monthly Savings Plans and Group RRSPs enabling your employees to achieve their savings goals
Term deposits providing the security of your principal investment and a guaranteed return at rates ranging from 1.20% to 4.30%
Mutual funds providing access to professionally managed portfolios of diverse investments
Small business loan insurance providing coverage of your financial obligations
Services
Valley Credit Union offers the following services for individuals:
Wealth management services to guide you on the right products to achieve your financial goals
Trust services to help you achieve your personal and estate planning goals
Services for business members include:
The merchant program offered in partnership with SONA designed to simplify payment acceptance
Payroll services enabling you to file government remittances and process direct deposits of employees' pay
Financial advisory services to guide you on the right products to help your business grow
Access to the Qtrade investment platform to trade investment securities online with low fees.
