About Servus Credit Union
Servus Credit Union is one of Alberta's largest financial institutions and credit unions. As a member-owned cooperative, Servus is committed to providing personalized financial services and helping members build financial well-being. The credit union offers a comprehensive range of banking services for individuals, businesses, and organizations throughout Alberta.
What distinguishes Servus is its focus on member prosperity and its commitment to sharing profits with members through its Profit Share® program, which includes cash rewards, dividends, and patronage payments. With a strong community presence and a dedication to financial education, Servus helps Albertans achieve their financial goals while contributing to local prosperity.
Key Features and Benefits
Personal Banking
Servus offers a variety of personal banking options designed to meet different needs:
- Personal Accounts: Range of chequing and savings accounts with competitive features
- Savings Options: High-interest savings accounts and term deposits
- Registered Products: TFSAs, RRSPs, RESPs, and the new First Home Savings Account
- Financial Advice: Expert guidance for saving, spending, borrowing, and planning
The Servus Big Share® Contest
One of Servus's standout promotions is the annual Big Share contest:
- $1 Million Prize: One member will win $1 million
- Entry Method: Simply save money with Servus to earn contest entries
- Multiple Ways to Participate: Any savings product with Servus qualifies
- Financial Benefit: Encourages members to build savings while having a chance to win
Current Contest: The Servus Big Share® contest is back for its seventh year. The more you save, the more chances you have to win!
Mortgages and Loans
Servus provides flexible borrowing solutions:
- Mortgage Options: Competitive rates on fixed and variable mortgages
- First-Time Home Buyer Support: Special programs including the First Home Savings Account
- Personal Loans: Various loan types including line of credit and vehicle loans
- Profit Share® on Borrowing: Members earn profit sharing even on borrowed money
Business Banking
Servus supports businesses of all sizes with tailored solutions:
- Business Accounts: Accounts designed for different business needs and sizes
- Business Financing: Loans, lines of credit, and commercial mortgages
- Agriculture Banking: Specialized services for farmers and agri-businesses
- The Business Circle: Resources and networking opportunities for business owners
Digital Banking Experience
Servus recently launched a new digital banking experience with enhanced features:
- Updated Mobile App: Modern interface with improved functionality
- New Online Banking Platform: Enhanced user experience and security
- Digital Features: Mobile check deposit, e-Transfers, bill payments, and more
- Financial Tools: Budgeting tools and financial insights
- Security Features: Advanced authentication and fraud protection
Profit Share® Program
A standout feature of Servus is its profit-sharing model:
- Annual Distributions: Members receive a share of profits each year
- Three Types of Payments: Cash rewards, dividend payments, and patronage payments
- Shared Success: The more members do with Servus, the more they can earn
- Meaningful Returns: Members can receive hundreds or thousands of dollars annually
Community Impact
Servus demonstrates its commitment to community through various initiatives:
- Community Engagement: Supporting local initiatives and organizations
- Partnership Funding: Financial support for community projects
- Financial Education: Programs to improve financial literacy
- Indigenous Acknowledgment: Recognition and support for Indigenous communities
Pros and Cons
Pros
- Generous profit-sharing through Profit Share® program
- The Big Share® contest with a $1 million prize
- Comprehensive personal and business banking services
- New digital banking platform with enhanced features
- First Home Savings Account for first-time homebuyers
Cons
- Limited geographic presence (Alberta only)
- Some account packages have higher monthly fees
- Fewer branches compared to major national banks
- Limited international banking capabilities
Final Verdict
Servus Credit Union stands out as an excellent choice for Albertans seeking a financial institution that prioritizes member benefits and community growth. The Profit Share® program provides tangible returns to members, while the annual Big Share® contest adds an exciting incentive to save.
With a strong focus on personalized service, a newly enhanced digital banking platform, and a comprehensive suite of financial products, Servus offers a compelling alternative to traditional banks. While its geographic limitations may be a drawback for some, those living in Alberta will find Servus to be a member-focused institution dedicated to helping them "feel good about their money."
