Meridian Credit Union is Ontario’s largest credit union with more than 340,000 members and $21.3 billion in assets under management. In April 2019, Meridian Credit Union launched Canada’s newest digital bank, motusbank.
Meridian provides a wide range of innovative and low-cost banking services to individuals, small and large businesses. This Meridian Credit Union review covers some of their main service offerings and the many benefits available to members.
Who Is Meridian Credit Union?
Meridian Credit Union is the third largest credit union in Canada and the largest in Ontario. They have been around for more than 75 years and currently provide services to more than 340,000 members.
Meridian offers a full suite of financial services to its members through a network of 91 branches across Ontario and they are a member of the Deposit Insurance Corporation of Ontario (DICO).
Members of Meridian have access to 3,700 free ATMs across Canada and 500,000 in the United States through THE EXCHANGE Network. Banking transactions can be conducted online, via their mobile app, or by phone at 1-866-592-2226.
With the recent launch of motusbank, Meridian’s digital national bank, non-Ontarians can easily access competitive high-interest savings, mortgage and personal loan rates online in all provinces except Quebec.
Meridian Credit Union: Personal Banking
Meridian offers a variety of accounts to individuals including savings, chequing, mortgages, investing, credit cards, personal loans, insurance, and more.
Meridian’s high-interest savings account (Good To Grow) comes with:
- No monthly fees and no minimum balance
- 1.30% interest rate
- Unlimited free transactions including transfers and withdrawals
- Automatic savings plans
- Free access to more than 3,700 ATMs
- Deposit insurance by DICO
You can open a general non-registered high-interest savings account or use it for your TFSA, RRSP, or RRIF. Other savings account options available to members are the U.S. Dollar Account, Advantage Savings Account, and Youth Savings Account.
Meridian Credit Union Mortgage Rates
Meridian offers competitive fixed and variable mortgages with the following benefits and privileges:
- Preapproval with a 90-day rate guarantee.
- 20% lump sum prepayment which means you can pay down your principal balance up to 20% per year without penalty.
- 20% regular payment increase which allows you to increase your monthly payments by up to 20% without penalty.
- Skip-a-payment that allows you to skip one month’s mortgage payment per year.
- 3% cash back program – this is available on some of their fixed and variable rate mortgage loans.
You can complete your Meridian mortgage loan application online without leaving the comfort of your home. If you prefer, mortgage specialists are also available to speak with you via phone or in-person.
Some of their current offers are:
- 5-year fixed rate mortgage: 2.94%
- 5-year variable rate mortgage: 2.90%
Check out Meridian’s competitive mortgage rates here.
Depending on your needs, Meridian offers 7 different chequing accounts including Pay As You Go, limitless, Convenience, Electronic, Convenience Plus, Senior, and U.S. Dollar chequing.
Meridian provides personal loans of up to $35,000 with rates as low as 5.15%. Visit their website for more on their credit cards, investments, and insurance packages.
Meridian Credit Union: Business Banking
Small business owners can use Meridian to manage their business savings, chequing, investing, business planning and financing.
Business Advantage Plus Savings Account
Their high-interest business savings account comes with:
- No monthly fee and no minimum balance
- Unlimited free transactions
- Interest paid on every dollar
- 24/7 access
Meridian is currently offering a promotional rate of up to 2.65% on its Business Advantage Plus Savings Account as follows:
- $0 to $99,999: 2.45% promo rate (1.40% after)
- $100,000 to $999,999: 2.55% promo rate (1.50% after)
- $1-2 million: 2.65% promo rate (1.60% after)
Members also have access to a Business Advantage and AgriInvest savings accounts.
Guaranteed Investments for Small Businesses
Meridian offers a variety of Guaranteed Investment Certificates (GICs) that are designed for businesses that want to maximize their returns without taking on the potential risk of losing their capital.
Some of the GIC rates available are:
- 18-month GIC (non-redeemable): 2.70%
- 3-year GIC (cashable): 2.90%
The minimum investment for GICs is $500. Check out Meridian’s GIC Rates for small businesses here.
For more information on business loans, lines of credit, mortgages, equipment leasing and financing, visit Meridian Credit Union.
Is Meridian Credit Union Safe?
Meridian Credit Union is a member of the Deposit Corporation of Ontario (DICO). DICO protects your insurable non-registered deposits (such as savings account, chequing account, and term deposits) up to $250,000 per person. They also insure all (100%) deposits in registered accounts such as TFSA, RRSP, and RESP.
As per their website, your account is protected using “world-class” encryption and backed up with a 100% guarantee against unauthorized transactions. For questions about your privacy, you can call them at 1-866-592-2226 or email: [email protected]
Meridian Credit union vs. motusbank
Anyone who lives or works in Canada can join Meridian. However, note that their lending products are only available to residents of Ontario. They offer a variety of banking services and packages to individuals and businesses that are worth checking out. As a member of Meridian, you can vote for your wishes and benefit from the profits earned by the credit union.
motusbank, a subsidiary of Meridian, is an online-only bank which means they have no brick-and-mortar locations. With the absence of physical locations also comes lower overheads and costs. As such, motusbank is able to offer great rates on savings accounts, mortgages, and even pay interest on your chequing account balance!
Read my complete motusbank review here.