Servus Credit Union Review 2022

Servus Credit Union is based in Edmonton, Alberta, and is the fourth largest credit union in Canada based on assets under management.

Read this review of Servus Credit Union to learn about the financial products and services they offer to individual and business members.

Who is Servus Credit Union?

Servus Credit Union has been around for a while, going back to 1938 when it was founded in Alberta. As of this writing, the credit union has more than 385,000 members and over $16 billion in assets.

Servus Credit Union’s headquarters is in Edmonton. They have regional offices in Lloydminster and Red Deer and over 100 branches across Alberta.

Like other credit unions in Canada, Servus is member-owned and pays out dividends as part of its annual profit share program.

Members of Servus have access to 1,800+ no-fee (ding-free) ATMs in Canada.

Related: The Best Credit Cards in Canada

Servus Credit Union Review

Servus Credit Union Accounts: Personal Banking

They offer chequing and savings accounts, loans, mortgages, investing, insurance, trust, and estate services.

Servus Chequing Accounts

Pay-As-You-Go: No monthly fee, $1.25 per transaction and $1.50 per Interac e-Transfer.

Personal Plan 30: $10.95 monthly fee (waived with a $3,000 minimum monthly balance), 30 free electronic or in-branch transactions/month ($1.25 after), and unlimited Interac e-Transfers.

Personal Plan 60: $11.95 monthly fee (waived with a $3,500 minimum monthly balance), 60 free electronic or in-branch transactions, and $1.25/transaction after.

Personal e-Plan 60: $11.95 monthly fee (waived with $2,500 minimum monthly balance), 60 electronic transactions per month ($1.10-$1.50/transaction after), unlimited Interac e-Transfers, and 1 free non-credit union ATM withdrawal.

Personal Unlimited Plan: $14.95 monthly fee (waived with $4,000 minimum monthly balance), unlimited electronic or in-branch transactions, unlimited Interac e-Transfers, and 2 free non-credit union ATM withdrawals.

Personal Premium Unlimited Plan: $25 monthly fee (waived with $5,000 minimum monthly balance), unlimited e-Transfers, 10 free non-credit union ATM withdrawals.

Senior Unlimited: For members who are 60+. No monthly fee, 100 free cheques per year, unlimited electronic and in-branch transactions, $10 discount on safety deposit boxes, 5 free cover drafts, and $1.50 per Interac e-Transfer.

17-25 Be Free: For members aged 17-25. No monthly fee, unlimited electronic or in-branch transactions, unlimited Interac e-Transfers.

Youth Plan 60: For members aged 12-17 years. No monthly fee, 60 electronic or in-branch transactions, 2 free Interac e-Transfers, and 1 free non-credit union ATM withdrawal ($1.50 each after).

U.S. Pay-As-You-Go: No monthly fee, $1.25 for withdrawals, cheques, and automated fund transfers.

Related: Best Online Discount Brokerages in Canada

Servus Savings Accounts

Personal Savings: No monthly fee, 1 free transaction ($1.25 after), $1.50 per Interac e-Transfer, deposits are free (including photo cheque deposits and Interac e-Transfer).

High-Yield Savings: No monthly fee, tiered monthly interest, 1 free transaction, then $5 each.

U.S. Personal Savings: No monthly fee and tiered monthly interest rates.

U.S. High Yield Savings: No monthly fee, tiered monthly interest, 1 free transaction/month, unlimited transactions between Servus accounts.

Newcomer to Canada: Servus provides newcomers to Canada access to a Personal Plan 30 (free for the first 12 months) and 3 free domestic or international wires per year for the first 2 years of membership.

Related: Financial Checklist for Newcomers To Canada

Servus Credit Cards

Servus offers four personal Mastercard credit cards:

1. Servus No Fee Mastercard: $0 annual fee, earn 1 point for every $2 spent on eligible purchases (0.50% cash back), accidental death, and baggage delay insurance.

2. Servus Gold Mastercard: $75 annual fee, earn 1 point for 11 spent (1% each), purchase protection and extended warranty, comprehensive travel insurance; 19.99% purchase interest rate, and 5,000 bonus points (worth $50).

3. Servus Low-Rate Mastercard: $30 annual fee, a purchase interest rate of 11.99%, baggage delay, and accidental death insurance.

4. Servus World Elite Mastercard: $150 annual fee, earn 2 points per $1 spent (2% cash back), price protection, purchase protection and extended warranty, identity theft assistance service, comprehensive travel insurance, and 19.99% purchase interest rate.

Investing: Invest/save in an RRSP, TFSA, RESP, and more using stocks, bonds, mutual funds, GICs, and high-yield savings. Servus has a partnership with Credential Securities (full-service brokerage) and Qtrade (for online self-directed investing).

Loans: Personal, mortgage, consolidation, investment, student, and renovation loans.

Insurance: Including home, auto, travel, life, illness, and disability insurance.

Trust and Estate Planning: They offer estate planning, estate administration, professional trustee services, and investment administration services.

How To Open a Servus Credit Union Account

Members of Servus can choose to bank in person at a branch, by phone, or by using the Servus Credit Union app which is available on iPhone and Android.

Mobile banking: You can easily access your balance, manage your payment cards, and deposit a cheque.

Telephone banking: Call 1-877-378-8728. This service is available 24 hours a day and 7 days a week.

In-Branch banking: Servus has more than 100 branch locations in 60 communities across Alberta. For inquiries, you can also mail them at [email protected] or use the contact form on their website.

To open an account, you must:

  • Be at least 18 years of age
  • Live in Alberta or within 75 km of the nearest branch
  • Purchase one membership share for $1
  • Have a social insurance number

Online membership applications take 10 minutes or so. Members receive a share of the profit every December in both cash and common shares.

Related: Free Cash Back Apps To Save Money

Servus Credit Union Fees

In addition to the posted fees for various accounts, some other fees to be aware of are:

  • Non-credit union Canada ATM: $1.50 each
  • Cirrus ATM withdrawal in the U.S.: $3 each
  • Cirrus ATM withdrawal international: $5 each
  • Paper statements: $2/quarter unless included in an account package

Is Servus Credit Union Safe?

Servus Credit Union is a member of the Alberta Credit Union Deposit Guarantee Corporation (CUDGC). What this means is that your deposits (chequing, savings, and GICs) are 100% guaranteed against bankruptcy.

Note that non-deposit investments like common shares, investment shares, mutual funds, and self-administered RRSPs (shares and mutual funds) are not protected by CUDGC.

Conclusion

There are hundreds of credit unions that offer their members lower fees, customized banking options, ownership benefits, community development opportunities, and more.

This review of Servus Credit Union is a part of a series on the credit unions in Canada.

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Author

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Enoch Omololu

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 has a passion for helping others win with their personal 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, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

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.

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