Demystifying Credit Unions in Canada

1. Demystifying Credit Unions in Canada As bank interest rates keeps ups and down, Canadians are becoming more and more open to exploring less conventional banking options. Credit unions, for instance, share essential similarities with banks. But many people have yet to fully embrace them simply because they are no reason that you cannot get the process understanding. To come up with your financial acumen, you can get information of some fact that matters on top. When it comes To Money, Credit Unions Are Like Banks Like the other powerful banks, credit unions are full-service financial institutions that offer chequing and savings accounts, loans to businesses, mortgages, and investment advice and services. Lower Lending Rates and Higher Deposit Rates Because credit unions can’t offer the same level of customer service in terms of things like branches, hours, and branded ATMs, they usually offer higher interest rates for the professionals who don’t know about it to core. People Before Profits While banks are profit-driven enterprises that are answerable to their shareholders, credit unions are non-profit organizations answerable to their core members. The overarching mandate of a credit union gives you liability to manage the coverage of loans. However, credit unions are always considered a better option over banks and credit unions to ensure you have the best financial entity by your side. If you, as a user, are looking for more information on credit unions online, never hesitate to connect with RateShop.ca! Recognized by Canadian Mortgage Professional, they are one of the “Top Independent Brokerages in 2020” to seek information on trending mortgage rates!