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Ratehub logo's Guide to Toronto Credit Unions

Credit unions might be the unsung heroes of the financial industry. They’ve provided a non-profit banking option to Canadians since the first credit union in Canada opened its doors in 1901. Yet, credit unions often go unrecognized as alternate banking, investing, and borrowing options that can benefit many Canadians. 

According to the Canadian Credit Union Association (CCUA), one out of every five Canadian citizens is a member of a credit union. In Ontario, 70 credit unions are operating, with 252 credit unions in Canada took the liberty of creating this guide to credit unions in Toronto, in hopes of serving Canada’s biggest city with the best financial options available to them.


Alterna Savings & Credit Union

Alterna Savings is one of the oldest credit unions in Canada, and the first established outside of Quebec. Since 1908, the Ottawa-based credit union has established a solid foundation as a leading credit union in Toronto, with several physical branches in different neighbourhoods across the city. 

Alterna Savings offers its customers the luxury of using ATMs on the EXCHANGE and ACCULINK networks. Alterna Savings members that find themselves banking outside of Canada can use ATMs in the Cirrus and Maestro Networks. In the United States, withdrawing money using ATMs on those networks costs $3. If you’re using ATMs on any other ATM network, the cost is $5. 

You can visit Alterna Savings locations in the following neighbourhoods:

  • Etobicoke (Lakeshore)
  • Etobicoke (Airport)
  • Greenwood-Coxwell
  • Bay Street Corridor
  • Scarborough Town Center
  • Woodbine Corridor
  • York University


Luminus Financial

Luminus Financial’s roots run deep in Toronto’s history. The credit union opened its doors in 1951 as Starnews Credit Union, a credit union founded by a handful of Toronto Star employees. In 2011, Starnews merged with a few other credit unions in Toronto, and Luminous Financial was born.

Luminus is among Canada’s lesser-known credit unions, though this is entirely due to their solid foundation in Toronto. The credit union offers competitive rates on HISAs, as well as other financial products such as TFSAs and RRSPs. They also provide members with additional financial products, such as credit cards, loans, and chequing accounts.

Luminus Financial is part of the EXCHANGE and ACCULINK ATM networks. Customers of the Toronto-based credit union aren’t limited to banking exclusively in Canada, however. ATM rates using the Cirrus and Plus ATM networks outside of Canada come with a flat fee of $5.

Torontonians can access Luminus Financial in the following neighbourhoods:

  • The Waterfront Communities-The Island
  • Weston


Meridian Credit Union

As one of Canada’s 100 Largest Credit Unions, Meridian has over 20 convenient branches in Toronto. Members of the credit union can use ATMs affiliated with the EXCHANGE network that are found anywhere across Canada. For Meridian Credit Union members travelling abroad, transactions cost $5 each or $3 in the United States when using ATMs in the Cirrus Network.

The credit union also owns the newly-launched online bank known as motusbank. The digital bank offers competitive rates on high-interest savings accounts (HISAs), tax-free savings accounts (TFSA), and Guaranteed Investment Certificates (GICs), among other banking and investing opportunities.

Meridian branches can be found in the following Toronto neighbourhoods:

  • Runnymede-Bloor West Village
  • Cabbagetown South
  • St. James Town
  • Palmerston-Little Italy
  • North Riverdale
  • Mount Pleasant West
  • Niagra
  • High-Park Swansea
  • Rosedale-Moore Park
  • The Beaches
  • Bay Street Corridor


DUCA Financial Services Credit Union Limited

DUCA Financial is a credit union operating in Toronto since 1954. Founded Dutch immigrants then new to the city, DUCA Financial is one of the leading credit unions in Ontario today.

DUCA Financial customers can open savings and chequing accounts, as well as invest their money. The credit union also offers additional financial products and options, such as mortgages, investments, and credit cards, to name a few.

Customers banking with DUCA Financial can access five physical branches across Toronto, or do electronic banking at any ATMs in the EXCHANGE or ACCULINK. Withdrawing cash outside of Canada costs $3.00 in the USA and $5 everywhere else when using Cirrus Network ATMs.

DUCA Financial Members Living in Toronto can visit the following branches:

  • Kipling Heights
  • Royal York Gardens
  • Davisville Village
  • Willowdale
  • Waterfront Communities-The Island
  • Mount Pleasant East


Tandia Financial Credit Union

Tandia Financial Credit Union is another Toronto-based credit union in Canada’s 100 Largest Credit Unions. Tandia members can withdrawal money using the EXCHANGE and ACCULINK ATM partnerships. Members of the credit union can bank anywhere outside of Canada, on any ATM network in the world for the flat rate of $3 per transaction.

Tandia Financial additionally offers a multitude of banking, borrowing, investing and financial advising options to its customers.

Tandia Financial Credit Union members banking in Toronto can bank visit branches in the following neighbourhoods:

  • Waterfront Communities-The Island
  • Mount Pleasant East


Comtech Fire Credit Union

Comtech Fire Credit Union currently operates from two branches in the city, both located in Toronto’s downtown core. As a member of Canada Largest 100 Credit Unions, Comtech Fire Credit Union currently serves 20,000 members, offering banking products such as chequing and savings accounts, and borrowing options such as lines of credit, mortgages, and credit cards. Comtech Fire Credit Union also offers several investing options such as TFSAs and RRSPs, to name a few.

Comtech Fire Credit Union members can use ATMs affiliated with the EXCHANGE network. Use of any international ATM charges $2 per transaction.

Physical branches for Comtech Fire Credit Union can be found in the following Toronto neighbourhoods:

  • North Riverdale
  • Waterfront Communities-The Island


IC Savings & Credit Union

With five branches in Toronto, IC Savings & Credit Union is among the Largest 100 Credit Unions in Canada, that offers a flat rate of $3 while using an ATM on the Cirrus network around the world. IC Savings customers can use ATMs in both of the EXCHANGE and ACCULINK networks.

IC Savings & Credit Union can be found in the following downtown Toronto neighbourhoods:

  • Corso Italia
  • Little Italy
  • Little Portugal
  • Islington City Center
  • Yorkdale-Glen Park


Rapport Credit Union

Rapport Credit Union has three locations in Toronto’s downtown core and Downsview but allows customers to make transactions using an ATM in the EXCHANGE and ACCULINK network. 

Rapport Credit Union customers can use any Cirrus Network ATM around the world for the low cost of $5 per transaction. In the United States, members of the credit union can withdraw money for $3. Rapport Credit union offers mortgages, loans, and lines of credits, as well as banking options (tax-free, chequing, and savings accounts), and investing options (TFSAs, RRSPs, and GICs).

You can find Rapport Credit Union locations in the following neighbourhoods:

  • Niagara
  • Bay Street Corridor
  • Downsview


Member Savings Credit Union

In 1949, several LCBO employees decided to start a credit union. The LCBO Employees’ Credit Union eventually merged with several other credit unions in Toronto to what is known today as Member Savings Credit Union.

Member Savings Credit Union currently has one location, but as most credit unions in Toronto, members can bank using EXCHANGE Network ATMS or ACCULINK ATMs. Fees for using ATMs on the PLUS or Cirrus network cost $3 in the United States and $4 anywhere else.

Member Savings Credit Union can be found in the following neighbourhood: 

  • Waterfront-The Island


The Best Credit Unions in Toronto

View’s infographic for Credit Unions in Toronto


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