Banks or credit unions… Which is better when buying a home?

Ever wondered if there was an alternative to banks? What if there was something similar to a bank but actually had your interests at heart? Something that was more interested in helping you get ahead rather than squeezing money out of you. 

Imagine if instead of levying numerous fees on you, it had little to no fees at all.  What if you actually got rewarded for banking? It might sound like a dream but it’s oh-so-real!

Credit unions don’t get a lot of media attention, but they’ve been around for decades, providing essentially the same services and products as a bank but with a couple of obvious differences.

How credit unions operate

A credit union operates differently than a traditional bank. We believe in a more personalized approach when it comes to our customers who bank with us. Our mission is to help you get ahead, nurturing a relationship with each and every one of our members.

 Our specialists are available to meet you on YOUR time anywhere across Canada. How you meet with us is up to you: over the phone, via video, or in person.

This might have given you some idea on how a credit union typically operates. It’s a more personalized approach and definitely a more rewarding one. As credit unions primarily also focus on developing and maintaining good relationships, you may find yourself at the receiving end of a good mortgage rate should you choose to get a mortgage with a local credit union.

Access to more products and services

It’s common to have different providers for various services. Maybe one business offers better advice, or another offers lower prices. Shopping around has its benefits but imagine finding one provider that meets all your needs…a convenient one stop shop that saves you time and hassle.

It’s this convenience philosophy that drives our comprehensive product and service line. Banking should be easy! You can have a chequing and savings account with us, apply for a credit card, take out a personal or agriculture loan, apply for a mortgage, invest in a GIC – all under one roof. AND the more business you do with us, the more rewards you get with our Member Rewards™ program. You can earn cash dividends by simply doing your everyday banking.

Personalized Approach

One of the main reasons for getting a mortgage from a credit union is the helpful experts you deal with. Our mortgage specialists can meet with you on your time. Whether it’s face-to-face, over the phone, or via video, they’ll provide you with solid advice, fast approvals, and a friendly approach to lending.

Easy access and friendly advice apply to all areas of our organization. If you reach out to our CEO, you can be sure that he’ll get back to you too! Have you chatted with your bank CEO lately?

We aren’t kidding when we say that we take relationships very seriously. 

Generous Reward Structure

Everyone knows that banks offer one-time rewards. Maybe it’s a cash sign-up bonus or a new iPad when you open an account or successfully apply for a credit card. Their rewards have rules and are quite finite.

Credit unions like Innovation have a more generous structure. Their arsenal is packed with rewards and earning them has never been easier. Take Innovation for example. You earn ongoing cash dividends simply by banking with us. Plus, we have exciting offers like a $200 welcome bonus when you open a No-Fee Bank Account with us or earning $3,000 cashback on your mortgage. Our Visa* cards give you the ability to choose from a larger than life vault of rewards that include 60,000 top selling merchandise items, gift cards from 60+ top Canadian retailers, cash rewards, and more. All of these perks are in addition to banking free with our No-Fee Bank Account. You could save as much as $360/year in bank fees since they can charge you up to $30 in fees per month.

Credit unions may seem like the David to the banks’ Goliath, but if you appreciate excellent service, competitive rates, cashback rewards, and expert mortgage advice, check with a credit union when you’re looking for your next mortgage. What you find may pleasantly surprise you.