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Grenada Co-operative Bank review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Grenada Co-operative Bank suits Grenadian residents who want everyday banking and borrowing from a single institution, pairing a debit card with savings and direct lending. The trade-off is a monthly fee of XCD 3 and a hard credit check on loan applications.

Key facts

Best for
Grenadian households wanting savings, a debit card and personal or mortgage lending handled by the same bank.
Monthly fee
EC$3↗
Card type
Debit↗
Legal entity
Grenada Co-operative Bank Limited↗
Headquarters
Grenada↗
Founded
1932↗
Support channels
Phone, Email, Help-centre↗
Features
Credit line
Official website
grenadaco-opbank.com

Loans

Loan amount
from EC$1,000↗
Arrangement fee
1% of the loan amount plus 15% V.A.T., minimum $431.25 (new retail loans)↗
Credit check
Hard↗
Rate type
Variable↗
Lender type
Direct lender↗
Free early repayment
No↗
Eligibility
Grenadian citizens, non-nationals with permanent residence status and Grenadians residing overseas; photo ID, NIS card or passport, employment letter, payslip, salary assignment, bank statement, proof of debts↗
Origination fee (%)
1%↗
Loan types
Personal, Secured, Car, Student, Business, Credit-line↗
Credit needed
Fair↗
Use cases
Home-improvement↗

Savings

Minimum deposit
EC$50↗
Access terms
Easy access at branches, ATMs and eBanking; interest paid quarterly↗
Account kind
Easy access↗

Mortgages

Maximum loan to value
100%↗
Product fee
EC$431.25↗
Purpose
Purchase, Remortgage↗

Facts checked September 26, 2026, 13 sources

Apps and profiles

Get the app
App Store

Pros and cons

Pros

  • Lends directly across personal, secured and car, so borrowing and everyday banking sit with the same institution.
  • The regular savings account opens at a minimum deposit of XCD 50 and pays a variable rate with interest credited quarterly.
  • Mortgages for purchase and remortgage reach 100% maximum loan to value.
  • The debit card draws straight on the current account, so there is no interest to pay on the balance.

Cons

  • The debit card account carries a monthly fee of XCD 3.
  • Loan applications run a hard credit check, so an application can leave a mark on the file.
  • Support runs on phone, email and help centre only, with no live chat or instant messaging.
Grenada Co-operative Bank

Ready to try Grenada Co-operative Bank?

Scored 9.7 / 10 by SumCue.

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Who it suits

  • Grenadian citizens, permanent residents and Grenadians living overseas who can supply the listed identity and income documents.
  • Savers building a balance from small sums, since the regular savings account takes XCD 50 and pays interest quarterly.
  • Borrowers with a fair credit file who want personal, car, student or credit line lending from a direct lender.

Who should look elsewhere

  • Anyone settling a loan early without a charge, as free early repayment is not offered.
  • Applicants with a poor credit file, since a hard check runs and the stated bar is a fair profile.
  • People based outside Grenada who are neither citizens nor permanent residents, since lending eligibility covers only those groups.

Who runs it

Grenada Co-operative Bank Limited is the legal entity behind the brand, and its headquarters sit in Grenada. It has been banking on the island since 1932, which gives it a long local record rather than a recent entry. Customer care runs on phone, email and help centre, and everyday services are handled inside the same bank.

How Grenada Co-operative Bank compares

Frequently asked questions

What does the card cost each month?+

The card runs on a monthly fee of XCD 3, and it is a debit rather than a credit card, so spending comes straight out of the current account balance. Interest is not charged on the balance itself. The card sits alongside the regular savings account, where a variable rate is paid.

How much do I need to open the savings account?+

The regular savings account takes a minimum deposit of XCD 50 and is classed as easy access, so money can be taken out without giving notice. Interest is credited quarterly rather than monthly, and deposits can be made at branches, at ATMs or through eBanking.

What can I borrow for?+

The bank lends directly, and its personal, secured and car cover personal, secured, car, student and business borrowing, plus a revolving credit line. Home projects are a stated use, and mortgage lending covers purchase and remortgage, with a maximum loan to value of 100%.

What will a loan cost in fees?+

New retail loans carry an arrangement fee of 1% of the loan amount plus value added tax, with a minimum charge of XCD 431.25. Loan sizes start from from XCD 1,000. The fee sits apart from the interest rate, so a small loan can carry a meaningful upfront cost.

What credit history and documents are needed?+

Applications run a hard credit check, and the stated bar is a fair credit file, so an existing score matters as much as income. Applicants also need photo ID, a national insurance card or passport, an employment letter, a payslip, a salary assignment, a bank statement and proof of debts.

Can I repay a loan early?+

Not without cost. Free early repayment is not offered, so settling a loan ahead of schedule can trigger a charge. Because the bank lends directly across personal, secured and car, ask for the settlement figure in writing before you commit to a term.

Where can I bank and get help?+

Services run through branches, ATMs and eBanking, and customer care is handled on phone, email and help centre. The bank is based in Grenada and lends directly rather than through a broker, so most services are delivered in house rather than passed to a third party.

Sources

Compiled from 13 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Currency conversion fee, Free ATM withdrawals, Protection.

Grenada Co-operative Bank

Grenada Co-operative Bank

Grenadian households wanting savings, a debit card and personal or mortgage lending handled by the same bank.

9.7/10See alternatives