Top 15 Credit Unions in Greater Toronto Area 2023
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You don’t like the big five banks! Why not explore credit unions? They also provide all the services that you expect from a full-fledged bank.
In Ontario, there are about 70 independent credit unions of varying sizes. Let us learn about the top fifteen credit unions operating in Greater Toronto Area through our exclusive visualization: The Credit Union Galaxy.
Visualize the top 15 credit unions with News of GTA. Image credit: ProSofos Inc.
Top 15 Credit Unions in Greater Toronto Area
| Credit Union | Revenue (in 2022) | Year of Establishment |
| BCU Financial | $5 Million | 1952 |
| DUCA Financial Services Credit Union Ltd. | $42 Million | 1954 |
| Meridian Credit Union. | $398 Million | 2005 |
| Interior Savings Credit Union | $102 Million | 1939 |
| Airline Financial Credit Union Ltd. | $28 Million | 1950 |
| Credit Union Central of Ontario LTD | $137 Million | 2008 |
| PACE Credit Union | $23 Million | 1963 |
| Central One Federal Credit Union | $17.5Million | 1952 |
| Oshawa Community Credit Union Ltd | $7 Million | 1939 |
| Canadian Credit Union Association | $12 Million | 1953 |
| Ontario Civil Service Credit Union LTD | $207 Million | 1908 |
| Ukrainian Credit Union Limited | $30 Million | 1944 |
| FirstOntario Credit Union | $207 Million | 1939 |
| Estonian Credit Union | $20 Million | 1954 |
| Pathwise Credit Union | $22 Million | 1938 |
Credit Unions vs. Banks: What’s the difference?
Although both banks and credit unions offer the same level of services and financial products, they differ greatly in their motive, structure, and types of customers served. Know the major differences from the table below:
| Parameters | Credit Unions | Banks |
| Motive | Not-for-profit-earning | Earning profits |
| Deposit Interest Rates | Higher than the national average | Less than the national average |
| Customer Base | Smaller | Bigger |
| Deposit Insurance Cover | Offered by provincial deposit insurance plans | Offered by Canada Deposit Insurance Corporation (CDIC) |
| Loan Eligibility/Requirements | Moderate | Strict |
| Customers served | Can serve a particular region, community, or employer | Can have customers Canada-wide |
| Innovation and Technology | Average | Elite |
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