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Meridian Credit Union review

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

We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.

Our verdict

Meridian Credit Union pays 0.85% on its high-interest savings account, well under the 3% typical across savings accounts, with a monthly fee of CAD 0 and a minimum deposit of CAD 0. It suits Ontario members wanting a variable rate with unlimited transactions and, on the same membership, a direct lender for mortgages.

Key facts

Best for
Ontario members of a Canadian credit union who want an easy access account with a CAD 0 monthly fee and a CAD 0 minimum deposit.
Headline rate
0.85%↗
Rate type
Variable↗
Term
60 months↗
Minimum deposit
CA$0↗
Access terms
HISA: unlimited free self-serve and in-branch transactions, no notice period↗
Monthly fee
CA$0↗
Account kind
Easy access↗
Legal entity
Meridian Credit Union Limited↗
Headquarters
Canada↗
Founded
2005↗
Support channels
Phone, Help-centre↗
Pricing model
No monthly fee
Official website
meridiancu.ca

Loans

APR
4.51%↗
Funding time
same-day funding↗
Representative example
On a $300,000 mortgage over a 25-year amortization with a $300 property valuation fee↗
Lender type
Direct lender↗
Eligibility
18 and older; Ontario residents who hold a Meridian membership share↗
Loan types
Personal, Credit-line, Secured, Student, Car, Debt-consolidation, Business↗
Use cases
Home-improvement↗
Features
Credit line, Same-day funding

Mortgages

Initial rate
4.34%↗
APRC
4.37%↗
Fixed period
3 years↗
Maximum loan to value
95%↗
Product fee
CA$300↗
Purpose
Purchase, Remortgage, First-time-buyer, Home-equity↗

Debit cards

Card type
Debit↗

Facts checked September 26, 2026, 13 sources

Apps and profiles

Get the app
App StoreGoogle Play
Elsewhere
WikidataWikipediaLinkedInX

Pros and cons

Pros

  • Minimum deposit of CAD 0 and a monthly fee of CAD 0, so opening the account and holding it costs nothing.
  • Unlimited free self-serve and in-branch transactions with no notice period, on an easy access account.
  • Direct lender for mortgages at an initial rate of 4.34% and an APRC of 4.37%, with a maximum loan to value of 95%.
  • Borrowing covers personal, car, student, secured, business and debt consolidation, with same-day funding and a credit line available.

Cons

  • The 0.85% rate ranks 404 of 488 brands on headline rate, so the return is a small one.
  • Support runs on phone and help centre only, so there is no live chat for quick questions.
  • Eligibility is narrow: adults who live in Ontario and hold a Meridian membership share.
Meridian Credit Union

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Scored 9.1 / 10 by SumCue.

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Who it suits

  • Ontario residents who hold a Meridian membership share and want a variable savings rate with a CAD 0 monthly fee.
  • Members who want cash on demand: easy access access with no notice period and unlimited self-serve and in-branch transactions.
  • Borrowers who want saving and lending under one roof, since Meridian is a direct lender with same-day funding.

Who should look elsewhere

  • Not for savers chasing the highest advertised rate: Wise pays 3.29% and bunq 3.01%, both above 0.85%.
  • Not for savers who want a wide rate range on one listing: Finteres shows 0% to 36% where Meridian pays a single variable rate of 0.85%.

How Meridian Credit Union compares

Where Meridian Credit Union is available

Available
Canada
Licence in Canada
Financial Services Regulatory Authority (FSRA), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What rate does Meridian Credit Union pay on its high-interest savings account?+

The high-interest savings account pays a headline rate of 0.85%, and the rate type is variable, so the figure can be revised. Against the 3% typical across savings accounts on the site, the return sits near the lower end of the ranking.

Is there a monthly fee or minimum deposit on the account?+

The monthly fee is CAD 0 and the minimum deposit is CAD 0, so you can open the account without putting money in first. The account model is no monthly fee and the account kind is easy access, which is the most common kind among the savings accounts tracked here.

Who can open an account with Meridian Credit Union?+

Eligibility covers adults who live in Ontario and hold a Meridian membership share, so membership is the gateway to the account rather than a simple application. The legal entity behind the brand is Meridian Credit Union Limited, based in Canada.

Can I get at my money without giving notice?+

On access terms, the high-interest savings account allows unlimited self-serve and in-branch transactions at no charge, with no notice period, and the account kind is easy access. Easy-access accounts make up the largest share of the savings ranking, so this matches the norm rather than beating it.

Who regulates Meridian Credit Union?+

The credit union sits under the Financial Services Regulatory Authority in Canada, the regulator named for this market, and it operates as a credit union with a membership share rather than as a plain bank. Borrowing is offered directly by the credit union, which is a direct lender.

Does Meridian lend money as well as paying interest?+

Yes. Meridian is a direct lender and covers personal, car, student, secured, business and debt consolidation lending, with same-day funding and a credit line in the mix. On the mortgage side the initial rate is 4.34% and the APRC is 4.37% over a fixed period of 3.

How much can I borrow against a home?+

The maximum loan to value is 95% on mortgages, and Meridian lends for purchase, remortgage and first time buyer. The representative example shown pairs the mortgage with a property valuation fee, and the product fee is CAD 300, so the arrangement costs sit on top of the rate.

How do I get help from Meridian?+

Support runs on phone and help centre, so you reach the credit union by phone or through its help centre. There is no live chat or email channel in that list, which matters if you would rather have written answers than a phone call.

Sources

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

Not confirmed yet: Deposit protection.

Meridian Credit Union

Meridian Credit Union

Ontario members of a Canadian credit union who want an easy access account with a CAD 0 monthly fee and a CAD 0 minimum deposit.

9.1/10See alternatives