How to Compare Banks & Credit Unions in Canada
You may feel overwhelmed by all the banks and credit unions in Canada. Which bank or credit union would suit you depends on the kind of financial product you are after because each financial institution has different rates and fees for different products. The choice also depends on which province or territory you live in because a credit union usually operates only in one area. To make this task easier, limit your search to the larger banks and credit unions.
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Instructions
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Decide on the financial product(s) you want. Each financial institution offers a variety of products such as checking accounts, saving accounts, credit cards, student accounts, mutual funds, term deposits and mortgages. Choosing one or two products before looking at different banks and credit unions simplifies your search.
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Go to the websites of Canadian banks to get an idea of the standard rates and fees for the financial product you want in Canadian financial institutions.
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Find which credit unions operate in your province or territory and check their rates and fees. The website of Credit Union Central of Canada has a credit union search feature that you can use (see Resources).
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Find out whether there are any credit unions that exclusively cater to your job or community through the Credit Union Central of Canada or your employer. These credit unions often offer better terms compared with other credit unions.
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Narrow down your search to two or three institutions and visit a branch for more information or to start banking with it.
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References
Resources
- Photo Credit piggy bank image by William Burnett from Fotolia.com
