About Meridian Credit Union
Meridian Credit Union is Ontario's largest credit union and one of the province's most trusted financial institutions. As a member-owned cooperative, Meridian provides a full range of banking services to individuals, businesses, and communities across Ontario. Since its formation in 2005 through the merger of Niagara Credit Union and HEPCOE Credit Union, Meridian has grown substantially to serve over 375,000 members.
What sets Meridian apart is its commitment to putting members first, rather than shareholders. This approach allows them to offer more competitive rates, lower fees, and personalized service. Meridian has also gained recognition for its social responsibility initiatives and community investments throughout Ontario.
Key Features and Benefits
Chequing Accounts
Meridian offers several options to meet different banking needs:
- Pay-As-You-Go Account: For those who don't use their account often
- Everyday Account: Lower monthly fee with everyday banking features
- Convenience Account: Unlimited transactions with a reasonable monthly fee
- Advantage Account: Premium benefits including fee rebates and preferred rates
- US Dollar Account: Hold and manage US currency with ease
Savings and Investment Options
Meridian provides competitive savings products including:
- Performance Plus Savings: A no-fee savings account with competitive interest rates
- Good to Grow High Interest Savings: Higher interest with easy access to funds
- Youth Accounts: Special savings options for young members
- GICs and Term Deposits: Among the most competitive rates in Ontario
- Registered Plans: TFSAs, RRSPs, RRIFs, and more with favorable rates
Current Promotion: Meridian frequently offers special rates on their GICs and high-interest savings accounts, often exceeding those of major banks.
Mortgages
Meridian is known for its competitive mortgage options:
- Variable and Fixed Rate Mortgages: Variety of terms with competitive rates
- Special Offer Mortgages: Limited-time offers with exceptional rates
- Switch and Save: Special incentives for bringing your mortgage to Meridian
- First Home Savings Account (FHSA): Tax-advantaged way to save for your first home
- Home Equity Line of Credit: Flexible borrowing against your home's equity
Digital Banking Experience
Meridian offers a comprehensive online and mobile banking platform:
- Online Banking: Secure platform for managing accounts, making transfers, and paying bills
- Mobile Banking App: Highly-rated app for iOS and Android devices
- Mobile Deposit: Easily deposit cheques using your smartphone
- Interac e-Transfer: Send and receive money quickly and securely
- Digital Financial Management Tools: Budgeting and financial tracking features
Business Banking
Meridian offers comprehensive banking solutions for businesses of all sizes:
- Business Chequing: Various account options with different transaction volumes
- Business Savings: Maximize returns on surplus funds
- Business Credit Cards: Cards with rewards and expense management features
- Business Loans and Lines of Credit: Flexible financing solutions
- Commercial Mortgages: Financing for commercial real estate purchases
- Cash Management Services: Optimize your business's cash flow
- Business Advisory Services: Expert guidance for business owners
Membership Benefits
As a member-owned credit union, Meridian offers unique advantages:
- Profit Sharing: Members may receive dividends as Meridian distributes profits
- Member Voice: Every member has a vote in the credit union's governance
- Community Investment: Portion of profits directed to local community initiatives
- Financial Education: Resources to help members improve their financial literacy
- Personalized Service: Relationship-based banking with dedicated advisors
Digital Revolution
Meridian has been transforming its digital offering:
- Motusbank: Meridian's fully digital banking subsidiary with innovative features
- Enhanced Online Services: New features regularly added to online and mobile banking
- Financial Insights: Digital tools to help members understand their spending patterns
- Security Enhancements: Leading-edge protection for online transactions
Pros and Cons
Pros
- Competitive interest rates on savings and mortgages
- Member-owned structure puts customers first
- Full-service banking with excellent digital tools
- Strong community focus and social responsibility
- Access to THE EXCHANGE® Network of surcharge-free ATMs
Cons
- Limited presence outside Ontario
- Fewer physical branches than major banks
- Some premium accounts have higher minimum balance requirements
- Limited international banking services
Final Verdict
Meridian Credit Union stands out as a strong alternative to traditional banks, particularly for Ontario residents seeking better rates, lower fees, and personalized service. Their competitive GICs, mortgages, and savings products often outperform those of major banks, while their commitment to member satisfaction and community development creates a banking experience that feels more personal and aligned with customer needs.
The credit union's digital banking capabilities have improved significantly in recent years, making Meridian a viable option for tech-savvy customers who still want the option of in-branch service when needed. While their geographic limitations and fewer physical locations may be drawbacks for some, the access to THE EXCHANGE® Network of ATMs helps mitigate these concerns.
Overall, Meridian Credit Union earns our strong recommendation for Ontario residents looking for a financial institution that balances competitive rates with member-focused service and strong community values.
