Meridian Credit Union review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Meridian Credit Union suits people in Canada who want everyday banking and a savings account in the same place, without a charge to hold the balance. The catch is the price of moving money around: the currency conversion fee is 2.5% on just 2 currencies.
Key facts
- Best for
- Everyday Canadian banking and easy-access savings in one credit union membership.
- Monthly fee
- CA$3↗
- Currency conversion fee
- 2.5%↗
- Currencies
- 2↗
- Transfer fee
- $1 per additional Interac e-Transfer (4 included per month with the Essential Chequing Package); outgoing wire $30 under $20,000↗
- Legal entity
- Meridian Credit Union Limited↗
- Headquarters
- Canada↗
- Support channels
- Phone↗
- Audience
- Expats, Business, Students, Teens
- Pricing model
- No monthly fee
- Features
- Joint account
- Official website
- meridiancu.ca
Savings
- Headline rate
- 0.85%↗
- Rate type
- Variable↗
- Minimum deposit
- CA$0↗
- Access terms
- HISA: unlimited free self-serve and in-branch transactions, no notice period↗
- Account kind
- Easy access↗
Facts checked September 26, 2026, 6 sources
Apps and profiles
- Get the app
- App StoreGoogle Play
Pros and cons
Pros
- The savings account is listed as no monthly fee, and its self-serve and in-branch transactions are unlimited and free, with no notice period.
- It pays 0.85% at a variable rate, so you can reach the money whenever you need it without serving notice.
- Joining asks for a CAD 0 minimum deposit, and a joint account is available for couples.
Cons
- A monthly fee of CAD 3 applies to the packaged everyday accounts, and extra Interac e-Transfers plus outgoing wires are charged on top.
- Currency conversion costs 2.5% each time, and only 2 currencies are supported.
- Help runs on phone only, so questions are handled by phone.
Who it suits
- Savers who want instant access to a credit union balance: the account kind is easy access and the rate is variable.
- Couples and households: a joint account is offered, and the audiences named include expats, business and student.
Who should look elsewhere
- Cost-first readers: Plazo ES lists a €0 monthly fee, which is lower than the CAD 3 charged on the packaged accounts here.
- People who want a wallet instead of a credit union account: PayPal Colombia lists a $0 monthly fee.
The company behind it
The provider is Meridian Credit Union Limited, a credit union based in Canada. Its personal membership agreement is the document that sets out how accounts work, what members agree to and which services are included. Questions about an account or a transfer go to phone support, so help is arranged by phone. If you are weighing a credit union against a bank or an e-money provider, this is where the terms sit.
How Meridian Credit Union compares
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Where Meridian Credit Union is available
- Available
- Canada
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to keep an account here?+
The packaged everyday accounts carry a monthly fee of CAD 3, while the savings account is listed as no monthly fee. Transfers add up quickly: the schedule charges for each additional Interac e-Transfer after the allowance included with the Essential Chequing Package, and outgoing wires carry a flat charge.
What interest does the high-interest savings account pay?+
It pays 0.85% at a variable rate, and the account kind is easy access, so there is no notice period to serve. Self-serve and in-branch transactions on it are unlimited and free, which suits a savings pot you dip into often.
How many currencies can I hold, and what does converting cost?+
The account holds 2 currencies, and each conversion costs 2.5%. That is a narrow range, so anyone living or spending across several currencies should look at a multi-currency account first. Conversion charges also sit on top of the transfer fees for Interac e-Transfers and wires.
Who is the credit union built for?+
The audiences named are expats, business and student, and the membership includes a joint account for couples and households. Students and teens sit among those groups, and business members are covered too, so the same credit union can serve a first account and a household account at once.
Do I need to put money in to open the account?+
The listed minimum deposit is CAD 0, so opening and keeping the account going does not depend on a balance. Money you want to earn interest goes into the high-interest savings account, which is an easy access product rather than a notice account.
How do I get help with the account?+
Support runs on phone, so a call is the route for account questions. Fees, transfers and membership terms sit in published schedules, which helps when you want to check a charge before sending money. Phone is the only channel listed for the account.
What account types are on offer?+
The lineup covers a high-interest savings account, listed as easy access, plus the packaged everyday chequing accounts that carry the CAD 3 monthly fee. The savings side is a variable rate product, so the rate can move over time while the balance stays easy to reach.
How does it compare with PayPal Colombia?+
PayPal Colombia lists a $0 monthly fee, while the Meridian packaged accounts charge CAD 3. Meridian suits anyone who wants a credit union savings account with a joint option and phone support; PayPal Colombia suits anyone who would rather not pay a recurring charge.
Sources
- meridiancu.ca checked September 26, 2026
Backs: Audience
“Newcomers to Canada ... Student Chequing ... Youth Savings ... Business Banking”
- meridiancu.ca/about-meridian/corporate/leadership/fast-facts checked September 26, 2026
Backs: Headquarters
“Meridian Credit Union Corporate offices in St. Catharines and Toronto”
- meridiancu.ca/about-meridian/legal/personal-membership-ag... checked September 26, 2026
Backs: Features, Legal entity, Support channels
“33. Joint Accounts”
- meridiancu.ca/personal/become-a-member checked September 26, 2026
Backs: Minimum deposit
“High Interest Savings Account (HISA) - No monthly fees and no minimum balance required.”
- meridiancu.ca/personal/chequing-and-savings-accounts/savi... checked September 26, 2026
Backs: Access terms, Account kind, Headline rate, Pricing model
“Free Unlimited transactions1,2 - Self-serve, in-branch, deposits and more”
- meridiancu.ca/personal/rates-and-fees/personal-accounts-f... checked September 26, 2026
Backs: Currencies, Currency conversion fee, Monthly fee, Transfer fee
“Bank draft (CAD) $10; Bank draft (USD, foreign) $10; US Dollar Chequing Account”
- meridiancu.ca/personal/rates-and-fees/savings-accounts-rates checked September 26, 2026
Backs: Rate type
“Interest rates shown are subject to change without notice and are on a per annum basis.”
Compiled from 7 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type, Deposit protection.
Related by the facts
Guides
Meridian Credit Union
Everyday Canadian banking and easy-access savings in one credit union membership.