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Meridian Credit Union Review 2023

Meridian Credit Union is Ontario’s largest credit union with more than 375,000 Members and $28.8 billion in assets under management.

It offers a wide range of innovative and low-cost banking services to individuals, and small and large businesses.

And, in 2019, Meridian Credit Union launched one of Canada’s newest digital banks, motusbank.

This Meridian Credit Union review covers some of its main service offerings and the benefits available to Members.

Who Is Meridian Credit Union?

Meridian Credit Union is the second-largest credit union in Canada and the largest in Ontario. It has 75 years of banking history and currently provides services to more than 375,000 Members.

Meridian offers a full suite of financial services to its Members through a network of 89 branches across Ontario and is a member of the Financial Services Regulatory Authority of Ontario (FSRA).

Meridian cardholders have access to over 43,000 surcharge-free ABMs in North America through The EXCHANGE Network and the Allpoint Network in the US.

Banking transactions can be conducted online, via their mobile app, or by phone at 1-866-592-2226.

With the 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 Review

Meridian Credit Union: Personal Banking

Meridian offers a variety of accounts to Members including savings, chequing, mortgages, investing, credit cards, personal loans, insurance, and more.

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 and 20% regular payment increase which means you can pay down your principal balance up to 20% combined per year without penalty.
  • Skip-a-payment allows you to skip one month’s mortgage payment per year.
  • Flexible repayment schedules including weekly, bi-weekly, monthly, bi-monthly, or accelerated weekly and bi-weekly payment plans.
  • 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.

The current fixed mortgage rates (closed) as of September 1, 2022, are:

  • 1 year: 4.69%
  • 2 year: 5.09%
  • 3 year: 5.29%
  • 4 year: 5.59%
  • 5 year: 5.99% (5.19% discounted rate)

Get a mortgage with Meridian.

Savings Accounts

Meridian’s high-interest savings account comes with:

  • No monthly fees and no minimum balance
  • Unlimited free transactions, including transfers and withdrawals
  • Automatic savings plans
  • Free access to more than 3,600 ABMs 
  • 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 Advantage Savings Account and Youth Savings Account.

Take a look at the best savings account rates in Canada.

Chequing Accounts

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, line of credit, and home equity line of credit (HELOC) loans. Visit their website for more details about 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

Members also have access to a Business Advantage Savings account and an AgriInvest savings account.

Here is a list of some of the best business savings accounts in Canada.

Guaranteed Investments for Small Businesses

Meridian offers a variety of Guaranteed Investment Certificates (GICs) designed for businesses who want to maximize their returns without taking on the potential risk of losing their capital.

The minimum investment for GICs is as little as $100, and term lengths vary from 30 days to 5 years. 

For more information on business loans, lines of credit, mortgages, and business planning visit Meridian Credit Union.

Is Meridian Credit Union Safe?

Meridian Credit Union is a member of the Financial Services Regulatory Authority of Ontario (FSRA).

FSRA protects your insurable non-registered deposits (such as savings accounts, chequing accounts, and term deposits) up to $250,000 per person.

They also guarantee all (100%) deposits in registered accounts such as TFSA, RRSP, RRIF, and RESP.

For questions about your privacy, you can call them at 1-866-592-2226 or email: [email protected]

Related Reading:

Meridian Credit Union vs. motusbank

Meridian operates in Ontario only, and 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!

If you are looking for some of the best high-interest savings accounts available in Canada, read my EQ Bank vs. motusbank comparison.

Meridian Credit Union Review


Meridian Credit Union is Ontario’s largest credit union with more than 340,000 members. Check out this review for their great savings, mortgage, and GIC rates.



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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

5 thoughts on “Meridian Credit Union Review 2023”

  1. Gravatar for e

    I’m not very happy with Meridian. They gave me a cash bonus (fine) but steered me towards Credential Securities to hold my investments. the admin fees at Credential Securities ending be ALOT more than the cash bonus. Meridian didn’t tell me I had the option of using Qtrade instead.

  2. Gravatar for Gloria

    Meridian Credit Union are not competitive! Their wealth team cost me a lot of money as mainly steer you towards mutual funds, that cost more money to mange. A lot of their branches are so old fashioned, like walking back in time.

  3. Gravatar for Shar

    Horrible experience! Needed my mortgage discharge paper to sell the house but the bank didn’t provide it in time, resulting in an escrow. Unresponsive and unhelpful on the closing-in day, despite being advised weeks in advance. Unprofessional and unethical company!

  4. Gravatar for Shame

    Meridian mortgages are a joke. I spent 9 months trying to renegotiate the mortgage, first in branch, then through the call centre. In the end, they wanted to close down all my other lines of credit and were unwilling to provide any separate line of credit to me beyond the mortgage. And they wanted to take another few months to get the job done. In the end I took my business elsewhere and got it all handled in a few days. Meridian, you should be ashamed of how poor your mortgage business is, your model is completely broken.

  5. Gravatar for Paul Marks

    Great at taking your money, lousy at returning.
    Placed a 100K CD with Meridian for my mother who subsequently passed away.
    Went in with a probated will to request a bank draft to the estate in four days.
    They contacted me to tell me that their estate people were very busy and might not make my requested date.
    Then they called to say that they wouldn’t make the date and would get back to me “in due course”.
    A couple of days later they called to demand some kind of notarized documents to release the funds.
    Probated wills are already notarized.
    They would not give me a contact number or let me talk to anyone in the decision process and just “passed it on to estate”
    It took 10 days of increasingly aggressive calling to finally get the bank draft owed to me.
    I really resent being put into a situation where the only recourse is to be increasingly unpleasant to the front line staff but that was Meridien for you.
    Don’t count on getting pay your own money back in any kind of a timely fashion. Delay, delay, delay seems to be their modus operendi.

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