Sydney Credit Union Review
Sydney Credit Union Review
🏦 Sydney Credit Union was founded in 1935 by a few residents of Sydney, Nova Scotia. Today, it has over 13,000 members and manages more than $300 million in assets.
Sydney Credit Union account options
Savings
Chequing
Credit cards
Investing
Other Sydney Credit Union services
Loans
Mortgages
Lines of credit
Business accounts and financing
Pros and Cons of Sydney Credit Union
There’s plenty to like about Sydney Credit Union, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.
Pros
- Variety of financial offerings geared towards individuals, businesses and non-profit organizations.
- As a credit union, it’s owned and run by its members.
- Community support and development.
Cons
- Only one savings account offering for adults.
- No branches outside Sydney, which may make banking difficult while travelling.
- Personal credit cards include only Mastercard options.
Sydney Credit Union overview
Sydney Credit Union has four branches located in Sydney, North Sydney, Sydney River, and Whitney, Nova Scotia. The locally focused credit union serves more than 13,000 members and manages $300 million in assets. Sydney Credit Union offers a range of chequing accounts, savings accounts, credit cards and other financial products. Some account types also have special discounts for seniors and youth. The credit union also offers banking and loans for businesses.
As a credit union, Sydney prioritizes community support and development by providing loans to small business owners, and sponsoring community activities and events. Sydney Credit Union also leads public education programs and runs its own charitable foundation that supports local projects working to improve financial literacy, community health and environmental protection. In addition, an annual scholarship program awards over $22,000 to help students cover post-secondary expenses.
Online banking capabilities at Sydney Credit Union
In addition to in-person service at the four branches, Sydney Credit Union offers 24/7 online banking and mobile banking through its app, both of which allow members to complete a range of banking needs, including:
Balance inquiries.
Bill payments, both immediate or scheduled.
Transfers to another financial institution.
Ordering cheques.
Viewing and printing account statements.
Changing your address.
Viewing interest rates.
Is my money safe at Sydney Credit Union?
Deposits at Sydney Credit Union are protected by the Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC) up to a maximum of $250,000 per account type. Which means, deposits in savings and chequing accounts and term deposits are covered up to a total of $250,000. All your registered accounts, such as tax-free savings account (TFSA) and registered retirement savings account (RRSP) are covered separately, each up to max of $250,000.
For online banking, Sydney Credit union prioritizes keeping your information and money safe with security features like log-in security questions, invisible reCAPTCHA and online banking alerts. Of course, members who bank online are expected to choose strong passwords that are difficult to guess and be careful not to log in while anyone is watching.
Credit cards offered by Sydney Credit Union all include fraud protection tools such as text alerts and zero liability for unauthorized use.
Sydney Credit Union account types
Sydney Credit union has a range of chequing and savings accounts for both individual and business needs.
Sydney Credit Union savings account
At this time, Sydney Credit Union only has one savings account available for adult members:
YOUR Savings Account: This savings account has no monthly fees and charges fees per transaction. Interest is earned at a tiered rate depending on how much you hold in your account, starting at 0.05% for balances up to $24,999 and going to 0.3% for balances over $100,000. Account holders have free access to AccuLink and The Exchange ATMs across Canada.
Sydney Credit Union also offers the Fat Cat savings account for children, which includes downloadable activities to teach kids about money.
Sydney Credit Union chequing accounts
Sydney Credit Union has personal chequing accounts and business chequing accounts. Senior citizens get some added benefits and discounts on personal accounts, and youth 24 and under pay no monthly fees for personal chequing accounts.
Personal chequing account options
Core account: This low-fee chequing account includes 15 standard transactions per month. Additional transactions cost $1 each. This account costs $4/month but is $1/month for seniors (59 and over).
Flex account: This account includes 30 standard transactions per month, and additional transactions cost $1 each. This account has a monthly fee of $12, with a discounted cost of $9 for seniors.
Ultra account: The Ultra account includes unlimited standard transactions. The monthly fee is $25, with a discounted cost of $18 for seniors.
Business chequing account options
YOUR Business Basic account: This account costs $6 per month plus fees for all transactions.
YOUR Business 40 account: This account includes 40 transactions, 30 cheques, and up to $4,000 cash and $400 in coin deposits. The monthly fee is $20.
YOUR Business 75 account: This option includes 75 transactions, 50 cheques, and up to $5,000 cash and $500 coin deposits. The monthly fee is $35.
YOUR Business 100 account: This account includes 100 transactions, 75 cheques and up to $10,000 cash and $1,000 coin deposits. The monthly fee is $50.
YOUR Business Unlimited account: This account includes unlimited transactions, 150 cheques, and up to $20,000 cash and $2,000 coin deposits. The monthly fee is $100.
U.S. Chequing Account: The U.S. dollar business account has a $2 monthly fee plus fees for each transaction. Note that electronic transactions are not available for this account.
YOUR Community Plan: A chequing account for non-profit organizations with a $2.50 monthly fee for 25 debits.
Sydney Credit Union credit card accounts
Sydney Credit union offers a range of credit cards for personal needs, including a U.S. dollar credit card, and credit cards for businesses.
Personal credit cards
Cash Back World Elite Mastercard.
Cash Back Mastercard.
Centra Gold Mastercard.
Classic Mastercard.
US Dollar Mastercard.
World Mastercard.
Business credit cards
Visa Infinite Business Card.
Low Rate Visa Business Card.
No Fee Cash Back Visa Business Card.
Sydney Credit Union investing accounts
Sydney Credit Union offers investment products and accounts both in-house and through Applied Wealth Strategies, a financial planning company. Members can choose from:
Other Sydney Credit Union services
In addition to the account options and credit cards listed above, Sydney Credit Union offers:
RRSP lines of credit.
Student lending.
Business lending services.
FAT CAT school program for children.
Sydney Credit Union fees
Bank fees can vary based on your account and how you use them. Some of the common fees you may encounter using Sydney Credit Union’s financial products and services are:
Interac e-transfer: $1.50
Overdraft fee: $5 + interest
Certified cheque: $15
Returned Non-Sufficient Funds items: $45
Wire transfers: $25.00 for Canadian funds, $45 for U.S. dollars
Who is Sydney Credit Union best for?
Sydney residents who appreciate banking with a full-service co-operative and supporting the local community.
Sydney Credit Union may be small but it’s had its roots firmly planted in Sydney, Nova Scotia for over eight decades. Sydney Credit Union offers its members a range of accounts and services for both individual and business needs. SCU also contributes to the local community by supporting local organizations and offering scholarships to help local students attend post-secondary education.
How Sydney Credit Union compares to other financial institutions
PRIMARY REGION OF SERVICE | MOBILE AND ONLINE BANKING | ARE DEPOSITS INSURED? | |
|---|---|---|---|
Quebec. | Yes. | Yes, by the Canada Deposit Insurance Corporation. | |
Manitoba. | Yes. | Yes, by the Deposit Guarantee Corporation of Manitoba. | |
Northern Ontario. | Yes. | Yes, by the Financial Services Regulatory Authority of Ontario’s Deposit Insurance Reserve Fund. | |
Nova Scotia. | Yes. | Yes, by the Nova Scotia Credit Union Deposit Insurance Corporation. | |
Alberta. | Yes. | Yes, by the Credit Union Deposit Guarantee Corporation. |
» MORE: Explore more Banking Reviews, and see what other Canadian Big Banks, credit unions and online-only banks have to offer.
Frequently asked questions
Is the Sydney Credit Union online banking safe to use?
Is the Sydney Credit Union online banking safe to use?
Yes, the Sydney Credit online banking security features include log-in security questions, invisible reCAPTCHA and online banking alerts. If you bank online, make sure you choose strong passwords that are difficult to guess and avoid logging in crowded public spaces.
What are the ways to bank with Sydney Credit Union?
What are the ways to bank with Sydney Credit Union?
Sydney Credit Union offers online, phone and in person banking.
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Shannon Terrell
Shannon Terrell