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Servus Credit Union Review

• Written by Mohamed Konate
• Published: December 3, 2023

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So far on this site we’ve taken a look at a couple of Canada’s leading credit unions. We’ve explained the basic ideas that drive these unique financial institutions, how they function, and the services they offer.

If you’re a returning reader, you may remember how we compared and contrasted credit unions to traditional banks and explored the ways that credit unions put a unique spin on traditional banking. But to quickly recap before proceeding, credit unions are member-owned financial institutions that provide many of the same services as traditional banks. The difference is that credit unions limit their membership to particular classes of people and business, such as by geographic area, profession, or business type. Focusing their efforts on a particular class of persons and businesses allows credit unions to more deeply understand their clients’ needs and, therefore, tailor their services directly to each client.

Today, we’re going to take a look at Servus Credit Union, so keep reading to learn about the services this union has to offer.

About Servus Credit Union

Servus Credit union is based in Edmonton. Over 385,000 members entrust Servus to manage their finances, collectively placing more than $16 billion in assets under Servus’s management. This is good enough to rank Servus fourth on the list of largest credit unions in Canada. Headquartered in Edmonton, Servus leverages its size to provide members access to over 100 branches across Alberta.

Servus belongs to the Alberta Credit Union Deposit Guarantee Corporation. This deposit insurer guarantees 100% of all funds deposited with Servus, meaning its members never need to worry about losing their chequing, savings, or GIC accounts if Servus were to fail. But it bears noting that the Alberta CUDGC does not, of course, guarantee investment funds.

Finally, like all other credit unions, Servus is owned by its members. As we’ve explained before, this means that its members get to share in the union’s profits, instead of those profits going exclusively to stockholders. In this respect, Servus’s members shared in more than $54 million in profits in 2018.

Personal financial services

Servus offers a full suite of personal financial services. From chequing and savings accounts , to personal credit cards, to investment, insurance, and estate planning services, Servus aims to be a one-stop shop for all its members’ financial needs.

Personal chequing accounts

–    Pay-as-you go : This flexible account carries no monthly fee. Members are charged $1.25 per transaction and $1.50 per Interac e-Transfer. This account is perfect for members who make only a handful of transactions each month.

–    Plan 30 : This account carries a $10.95 monthly fee, which Servus waives if the member maintains a minimum account balance of $3,000. Members receive 30 electronic or in-person transactions per month. Members also receive unlimited e-transfers.

–    Plan 60 : This account carries an $11.95 monthly fee, which Servus waives if the member maintains a minimum balance of $3,500. Members receive 60 transactions per month. Additional transactions and e-transfers cost $1.50 each.

–    E-Plan 60 : This plan is designed for members who prefer to do their banking online. It carries an $11.95 monthly fee, which Servus waives if the member maintains a $2,500 account minimum. It includes 60 electronic transactions per month, unlimited e-transfers, and one free non-credit union Canadian ATM withdrawal. It also allows members to bank in person for a small fee.

–    Unlimited : This account carries a $14.95 monthly fee, which Servus waives if the member maintains a $4,000 minimum account balance. Members receive unlimited monthly transactions, including electronic bill payments and credit union ATM withdrawals. Members also receive unlimited e-transfers and 2 free non-credit union ATM withdrawals each month.

–    Premium unlimited : This account pulls out all the stops. It carries a $25 monthly fee, which Servus waives for members that maintain a $5,000 minimum balance. It includes unlimited electronic and in-person transactions and unlimited credit union ATM withdrawals. This account also offers 10 free non-credit union Canadian ATM withdrawals each month, making it perfect for members who frequently travel to areas that don’t have many non-credit union ATMs.

Personal savings accounts

–    Basic personal savings : This account carries no monthly fee. Members receive 1 free transaction per month but are allowed unlimited transfers between Servus accounts. Additional transactions cost $1.25 each.

–    Tax-Free Growth Account : This account carries no monthly fee and a premium interest rate. All interest earned on this account is tax-free. Members also receive 1 free transaction per month and unlimited transfers between Servus accounts. Additional transactions cost $5 each. The annual contribution limit is $6,000.

–    High-Yield : This account carries no monthly fee. It features a tiered interest structure and allows members 1 free transaction per month. Additional transactions cost $5.

–    RRSP High-Yield : RRSP stands for Registered Retirement Savings Plan. These accounts enjoy tax-deferred status, meaning contributions from the plan are typically tax-deductible. The account grows tax-free, and members instead pay tax when they withdraw funds from the account. This account carries no monthly fee and allows for unlimited transfers between Servus accounts. But because this account is designed to help members save for retirement, each debit costs $25 to disincentivize frequent withdrawals.

All Servus chequing and savings accounts also come with their automatic saving feature, free deposits (including photo deposits), a 100% deposit guarantee, e-banking, access to over 1,800 free ATMs across Canada, and Profit Share Rewards Cash each December.

Personal borrowing

No financial institution is complete without lending services. For this reason, Servus offers a full range of personal lending services, as well. These include mortgages with flexible payment options and Profit Share, personal loans such as auto loans, consolidation loans [ hyperlink here to article on debt consolidation ], and lines of credit , and a variety of MasterCard credit card options.

Servus’s credit cards deserve a closer look, so we’ll briefly set them out for you below.

–    No-fee : As the name suggests, this card carries no annual fee. Members earn 1 reward point for every $2 spent and receive baggage delay and accidental death insurance. The interest rate is 19.99%. This card is perfect for the member who wants credit but doesn’t need any extra features.

–    Low-rate : In exchange for a $30 annual fee, members receive a low 11.99% interest rate. This card also features baggage delay and accidental death insurance.

–    Gold : For a $75 annual fee, this card provides a host of benefits, including purchase protection, travel and rental car insurance , a high credit limit, 1 reward point for each $1 spent, and unlimited reward points earning potential. The interest rate is 19.99%.

–    World Elite : This is Servus’s most comprehensive card. For $150 per year, the World Elite card features 2 rewards points per $1 spent, access to in-flight Wi-Fi and airport lounges, zero-liability fraud protection, an identity theft assistance program, extensive travel insurance, and several other features. The interest rate is 19.99%, and the supplemental card fee is $40.

Business financial services

Servus works with Alberta businesses of all sizes in a variety of industries. From small and commercial businesses to agri-businesses and non-profits, Servus offers the tools and resources to help businesses grow.

       Business accounts

Servus offers flexible business savings and operating accounts. Servus’s business accounts feature competitive interest rates and the same 100% deposit guarantee as Servus’s personal accounts. Servus also offers U.S. dollar accounts, giving businesses the flexibility they need to do business while avoiding fluctuating exchange rates.

      Business credit cards

Servus offers one business credit card, the Business MasterCard , and one business debit card, the Member Card.

The Business card comes in three tiers:

–     No fee : Featuring a $0 annual fee, $0 additional card fee, and 16.99% interest rate, this card allows businesses to efficiently track expenses.

–    Low rate : This card carries a $75 annual fee and a $75 additional card fee. But for this annual fee, members receive an interest rate that varies with the member’s creditworthiness.

–    Rewards : This card also carries a $75 annual fee and $75 additional card fee. It carries a fixed 16.99% interest rate, but it also allows members to earn 1 reward point for each $1 spent. It also features up to $3,000 in trip cancellation insurance.

The Member Card is linked directly to the business’s operating account, allowing members to spend cash without carrying it. It also allows members to access ATMs and use their card anywhere MasterCard is accepted, including online and internationally.

      Business borrowing

Servus’s business financing services include variable and fixed-rate loans, allowing businesses to make capital improvements, invest in research and development, hire new staff, or expand their operations.

Servus also offers business mortgages and a unique Professional Practice program that provides specialized financing solutions designed for business, legal, and healthcare professionals. These loans are designed to help professionals meet their working capital needs, open a new practice, or purchase an equity share in an existing practice.

Servus has a complete wealth management practice that offers a full suite of investment tools. Just a few of these include GICs, mutual funds, stocks, and bonds. Servus also offers Registered Retirement Savings Plans and tax-free savings accounts as we covered earlier.

Trust and Estate Services

In addition to its wealth management service, Servus offers trust and estate planning services, too. Servus’s trust and estate team helps members manage their assets and establish the legacy they wish to leave.

Servus’s estate planning services include advising clients on tax-efficient ways to distribute assets, leading to the creation of advanced directives, powers of attorney, wills , and trusts. Servus then refers members to lawyers who specialized in estate planning to handle the drafting and execution of the necessary documents. Servus also helps members manage estate administration by assisting executors with the duties of administering an estate.

Servus also offers professional trustee services to manage assets held in trust for the benefit of another person. Servus partners with Concentra Trust to provide members access to a highly-trained team of experts who can provide advice on matters such as safeguarding assets, investing , distributing income and principle, tax reporting, and communicating with co-trustees.

How does Servus stack up to the competition?

Servus is an established credit union that offers a comprehensive array of services. But a couple of their offerings stand out in particular. First, their Professional Practice program provides a very valuable service to physicians, dentists, veteranians, lawyers, architects, engineers, and other professionals whether they are just starting their career, buying into a partnership, or stepping out on their own. Second, Servus’s estate planning services nicely compliment their full range of other financial services, meaning members can keep all of their financial business under one roof if they desire.

Servus offers all the features you’d expect from an established credit union. But their Professional Practice program and trust and estate services in particular cause them to stand out from others. For residents of Alberta, Servus could be a solid choice of financial institution for either business or personal banking. But as always, we encourage you to visit Servus’s website or set up a meeting to determine whether they’re the right fit for you.

Other Credit Union Reviews

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Meridian Credit Union Review

Affinity Credit Union Review

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Vancity Credit Union

Mohamed Konate is a personal finance expert, blogger, and marketing consultant based out of Toronto. He is a former financial services professional who worked for many years at major Canadian financial institutions where he managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor in Business Administration from the University of Quebec (Montreal) and a Master in International Business from the University of Sherbrooke (Quebec).He is also the author of the Canadian Credit Card Guidebook. Read his full author bio

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Profit Share® program

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At Servus, we share our profits with our members. We call it Profit Share ® Rewards cash. Bank with us and you can earn Rewards cash on everything from your mortgage to your investments – even your daily banking. The more you bank with us, the more we share with you every year.

Ready to get paid for your banking? Become a Servus member by opening an account and start earning Rewards cash today!

Profit Share ® Rewards Calculator

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Profit Share program

Personal banking members get cash back based on the average balances you hold in your Servus loans and deposits*. Patronage is paid differently on different types of accounts and broker mortgages.

Agriculture and commercial accounts get a rebate on service charges rather than on the average balances you hold.

We pay common share dividends as additional common shares. This means you get more shares based on how many shares you already have.

We pay investment share dividends as additional shares that you can redeem in cash, which is directly deposited into your accounts, registered retirement savings plans (RRSPs) or registered retirement investment funds (RRIFs).

Earn Profit Share Rewards cash on your…

Daily banking

Earn cash each year on the average balances held in daily banking and savings accounts.

Borrow $30,000 and earn $36 back at the end of the year.

Earn as much as $360 annually on a mortgage valued at $300,000.

Servus Mastercard® credit cards

Earn 25% of your annual primary card fees back in Rewards cash each year.

Investments

Total investments of $100,000 could earn you $170 every year.

Wealth management

Wealth members with Credential® accounts earn bonus Rewards cash on their deposit balances.

Who wouldn’t want cash back?

I have benefited personally from the gift Servus Credit Union gives back through profit sharing for the last several years, but I really noticed how much Profit Share I got back when my husband and I purchased our first home and got our mortgage with Servus.

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*This calculator is for informational and illustrative purposes only and is not intended to be a substitute for professional advice. Your total Profit Share Rewards amount may vary. The calculation is dependent on the accuracy and completeness of the data you enter and is not guaranteed. Patronage is paid differently on different types of accounts and broker mortgages. Individual circumstances may differ; a representative from Servus Credit Union can help you determine your eligibility for Profit Share Rewards and how to enhance your Profit Share Rewards payment.

Credit Card Bonus amounts shown are maximum amounts and may be lower if you had reduced annual fees. Investments at Servus Credit Union include GICs and term deposits in both registered and non-registered accounts and Servus GICs sold by Servus Wealth Strategies. Other investments available through Servus Wealth Strategies are not eligible for Profit Share Rewards at this time. Profit Share Rewards figures shown in this calculator are based on the 2021 Servus Credit Union Profit Share Program model as approved by the Board of Directors for Servus.

**Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.

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Our specialists will create the best insurance plan for you and your family

While protecting your assets is important, it's equally, if not more important to consider how you and your family are protected personally. How would your family carry on in event of premature death or illness that keeps you away from work? Our team of insurance specialists focuses specifically on how to integrate life, critical illness and disability insurance into your financial plan. Our approach starts with looking at your personal situation, then making recommendations on solutions from a variety of providers to best meet your coverage needs and your budget. Potential coverage needs might include family financial security, income replacement, estate creation and protection, and final expenses.

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• Understanding Credit Union Membership Benefits

Considering a credit union? Learn why lower fees, better rates and personalized services make credit unions a great choice. Discover the advantages of credit union membership and how it can work for you. 

Whether you’re looking for a place to park your savings, secure a loan or open a checking account, the decision between a traditional bank and a credit union is one that requires careful consideration. At Service Credit Union, we believe that understanding the unique benefits of credit union membership can help you make an informed decision that aligns with your financial goals.

What Are the Benefits of Joining a Credit Union?

1. Lower Fees  

One of the most significant advantages of joining a credit union is the potential for lower fees. Unlike banks, which operate to generate profits for their shareholders, credit unions are member-owned , not-for-profit institutions. This means that any surplus revenue is typically reinvested back into the credit union or returned to members in the form of reduced fees. Whether it’s fewer ATM fees , lower overdraft charges or reduced account maintenance costs, credit unions such as Service Credit Union are committed to keeping your money where it belongs: in your pocket. 

2. Better Rates  

In addition to lower fees, credit unions often offer better rates on both savings accounts and loans. Because credit unions are focused on serving their members rather than maximizing profits, they can provide more competitive rates. This means higher returns on your savings and lower rates on loans, whether you’re financing a car , purchasing a home or consolidating debt .  

3. Personalized Service  

Credit unions are known for their personalized approach to service. As a member, you’re not just another account number; you’re a part-owner of the institution. This sense of ownership fosters a more personalized, community-focused banking experience. 

4. Community Involvement  

Credit unions often have deep roots in their local communities . They are committed to supporting local initiatives, charitable organizations and community development projects. At Service Credit Union, we believe in giving back to the communities we serve. By choosing to bank with us, you’re not only benefiting from great financial products and services, but you’re also contributing to the well-being of your community. 

5. Financial Education and Support  

Credit unions place a strong emphasis on financial education . As a member, you have access to a wealth of resources designed to help you make informed financial decisions. Whether you’re looking to build your credit, save for retirement or manage debt, Service Credit Union offers workshops , online tools and personalized guidance to support your financial journey.

How Do Credit Unions Differ from Banks?

While banks and credit unions offer many similar services, the key difference lies in their structure and purpose. Banks are for-profit institutions owned by shareholders, while credit unions are not-for-profit cooperatives owned by their members. This fundamental difference means that banks are focused on generating profits, while credit unions are dedicated to serving their members.

What Services Do Credit Unions Offer?

Credit unions offer the same range of products and services as banks, including savings and checking accounts, auto loans, mortgages, personal loans and credit cards. Because of the member-owned structure, you’ll find that credit unions can typically provide lower rates on loans and higher dividends on savings. 

At Service Credit Union, we strive to offer some of the best rates in the industry, helping you make the most of your hard-earned money. With lower fees, better rates, personalized service and a focus on community, Service Credit Union is here to help you achieve your financial goals. Join us today and experience the credit union difference.

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Electronic statements (eStatements) are digital versions of printed account statements you likely receive in the mail today.

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Get the financing you need to make your business dreams a reality. We have a wide range of business loans and lines of credit available, with local decision-making by our team of experts who can guide you toward the best option for your large or small business. No matter where you are in Bexar, Kendall, Comal, or Tarrant County, we’re here to support you.

We understand that every business is unique, so we offer flexible options tailored to your specific needs. Our loan experts can provide guidance and mentorship to help you find the perfect fit for your business, whether you’re an established business owner or just starting out. Curious about what we offer? Check out our comprehensive list of business loans available at United Texas.

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• Business Equipment, Agricultural Equipment -Looking to give your business the boost it needs? Look no further. We’ve got you covered with loans for both new and used equipment, helping you set your business on the path to success. Don’t let a lack of resources hold you back – get the tools you need today.
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• Real Estate for your Business or  Investment Rental Property  – Do you have a brilliant business idea but lack the funds for a suitable location? Look no further! We are here to help you secure the loan you need for your business, whether it’s for the ideal location or any other purpose.
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Ask yourself these questions first..

Thinking about beginning your entrepreneurial journey? It’s a big step! To make sure you’re primed and ready, consider these essential questions before taking the plunge:

1. Am I an expert?

Passion is awesome, but there’s more to the game. If you really want to wow your clients and make sure they stick with you, having that special know-how and skills is key!

2. Do I have the cash?

Launching your own business comes with its costs, from day-to-day operations to those just-in-case scenarios. It’s wise to be a bit lavish in your budgeting – always aim high in your financial planning, but keep those fingers crossed for the best outcome.

3. Can I be my own boss?

Mastering self-management is a skill you can totally nail! Got a knack for handling your schedule, smashing your goals, and staying on track? Looks like you’re already bossing it up on your own.

4. What’s my business plan?

Before kicking things off, make sure you’ve got a solid business plan in your hands. Think cash flow, marketing magic, raising funds, and your grand exit. Sure, it sounds like a chunk of work – but trust us, it’s going to be a real time (and headache) saver later on!

5. What’s my pitch?

Running your own business means you’re always in sales mode! Get ready with a killer elevator pitch to grab attention in a flash. Remember, making sales is key to thriving, so boost your confidence and perfect that pitch.

Frequently Asked Questions

How to get a business loan.

STEP 1 To apply for a business loan, submit a Business Loan Application, a Personal Financial Statement and any other documents required for a business account. If your loan is approved, you must establish your membership by opening a Business Savings account with a minimum opening deposit of $5.

STEP 2 Please provide the following information for your business loan request:

• Three years of federal business tax returns, including all schedules
• Year-to-date business financial statement (interim statement)
• Three years of federal personal tax returns, including all schedules: a start-up, proforma balance sheet, income statement, statement of cash flow and business plan

Here is a convenient  list  of necessary documents.

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• HEADQUARTERS BRANCH 5500 UTSA Boulevard San Antonio, TX 78249
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• MEDICAL CENTER BRANCH 7318 Louis Pasteur San Antonio, TX 78229
• POLARIS BRANCH 2595 Polaris Drive Fort Worth, TX 76137
• GOLDEN TRIANGLE BRANCH 5120 Golden Triangle Boulevard Fort Worth, TX 76244

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