Credit Union
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Valley

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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.

Valley Credit Union

FAQ

Who owns Valley Credit Union?

Valley Credit Union is a member-owned financial cooperative. All credit union members have equal voting rights in electing the Board of Directors at Annual General Meetings. In addition, members can participate in profit sharing.

Is Valley Credit Union legitimate?

Valley Credit Union Limited is a registered legal entity with the following LEI: 549300Z8BJY48E4U0Z38.

Through 28 years of operation, it has earned the trust of over 11,000 members.

The credit union’s head office is at 5682 Hwy 1, Waterville NS B0P 1V0.

How to become a Valley Credit Union member?

You can apply for a membership with Valley Credit Union online or schedule an appointment with an advisor and apply in person at your local branch.

To qualify for a membership, you must be a Canadian resident, provide valid identification, and have an email address.

Be ready to deposit at least $5 into your Share account.

Company documents

Direct Services Agreement — Personal Accounts

We are improving, not closing our small town branches. We offer competitive rates and strive to make products and offer services that are tailored to our members' by listening to what you want and need.

© Valley Credit Union
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