The 3 Best Banks and Credit Unions in Alberta

When selecting the right bank to partner with, making the right choice can be a daunting task. Perhaps you seek an all-inclusive banking solution covering chequing, savings, investments, and credit cards. If so, the decision-making process can become even more difficult. That’s where our review comes in.

Factors to consider when choosing a credit union or bank in Alberta

Finding a great bank to partner with can be a challenge. So, we’ve provided a framework of four key factors that you can use to make an informed decision. The first thing you should do is consider its reputations and track records of providing reliable service to their customers. It’s important to look for institutions with a trusted name in the industry, as this indicates their integrity and reliability. Ensure that you consider how convenient it is to bank with them by evaluating their accessibility and digital banking capabilities. A user-friendly online and mobile banking platform can make or break your banking experience. 

1. Servus Credit Union

Servus Credit Union, headquartered in Edmonton, stands as one of Canada’s largest credit unions. It has more than $16 billion in assets and more than 385,000 members. As a member-owned institution, it offers a unique profit-sharing program that rewards its members annually. With more than 100 branches spread across Alberta, Servus ensures accessibility and convenience for its customers. Its regional offices oeprate in Lloydminster and Red Deer.

The credit union features an array of chequing account options. Each one suits different preferences and needs, from no-fee pay-as-you-go accounts to premium unlimited plans. For savings, members can choose from various accounts, including high-yield savings and U.S. dollar savings options. 

Servus Credit Union offers a selection of Mastercard credit cards, tailored to different lifestyles and financial goals. In all, they range from no-fee options to premium rewards cards. For investments, it has partnered with Credential Securities and Qtrade, providing customers with a diverse range of investment options. Overall, Servus Credit Union’s extensive product offerings and wide branch network speak volumes. Further, its dedication to its members make it one of the top financial service providers in Alberta. 

2. ATB Financial 

TB Financial is a top contender when looking for a solid bank or credit union in Alberta. After 80 years of operation, ATB offers a comprehensive range of services. These include loans, mortgages, credit cards, and other convenient financial products. Further, it boasts an extensive network of 174 branches spread across 244 communities throughout the province. Finally, it ensures accessibility and convenience for its customers.

ATB Financial has a unique status as a Crown corporation, making it wholly owned by the province of Alberta. This special status grants them the ability to offer unlimited deposit insurance. For instance, think of the federal government’s CDIC deposit insurance, enhancing financial security for its clients. 

As a financial institution with deep roots in the province, ATB Financial holds significant experience in the lending industry. This makes it a reliable choice for Albertans seeking banking and investment solutions. Overall, ATB Financial makes a good choice for Albertans looking for a bank or credit union. This comes thanks to its wide range of services, numerous locations, and its special status as a Crown corporation.

3. EQ Bank

EQ Bank is a leading digital bank in Canada, redefining traditional banking with its no-fee accounts and competitive interest rates. First, it doesn’t offer a conventional chequing account. Instead, its non-registered savings accounts provide the convenience of unlimited transactions, akin to a chequing account. With a commitment to revolutionize banking, EQ Bank presents an array of savings options. For instance, consider the popular Savings Plus Account with a remarkable 2.5% interest rate and no minimum balance requirement.

The bank caters to diverse needs, offering joint savings accounts, TFSA, and RRSP savings accounts. Moreover, it impressive interest rates pair well with a USD account for Canadians. Additionally, EQ Bank stands out with its enticing Guaranteed Investment Certificates (GICs). These offer returns of up to 5.50% on a one-year term. Its mobile app facilitates seamless account management, enabling easy access to view accounts, purchase GICs, deposit cheques, and transfer funds. Customers can also rely on its accessible customer service. In short, you can reach them through a virtual assistant or helpline, ensuring a smooth banking experience for Albertans.

This article is the shortened version of an article originally published on Hardbacon.ca by Trevor O'Hagan under the title "The 10 Best Banks and Credit Unions in Alberta".