Coast Capital Savings Review 2021

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Coast Capital Savings is one of the largest and oldest credit unions in Canada. It’s a well-established and highly trusted financial institution that operates out of just over fifty branches and online platforms. The company began in British Columbia and has since expanded across Canada to offer various financial services and credit products.

The company was established in 1940 and has consistently amalgamated with Richmond Savings Credit Union, Surrey Metro Savings, and Pacific Coast Savings. Check out our Coast Capital Savings review.

Is Coast Capital Savings a Good Option?

Coast Capital Savings offers a solid reputation as a stable, secure financial institution with an extensive line of financial services. The company serves over half a million Canadians as regular customers while consistently providing innovative products and services that include loans, lines of credit, car loans, aircraft and equipment financing, mortgages, retirement savings, investments, and more.

Coast Capital Savings provides chequing and savings accounts, short-term and long-term investments as part of their entire suite of day-to-day banking, savings, and credit products and services. The financial company offers many the same financial products as conventional banks, including a full range of loan and credit options for personal and business purposes.

One of the best perks of becoming a credit union member is that it’s a certified B corporation, which means it adheres and follows strict ethical and environmental practices. This feature is also ideal if you’re looking to invest in SRIs (socially responsible investments) as a member either upon registering with the company or in the future.

Pros and Cons of Coast Capital Savings

Pros of Coast Capital SavingsCons of Coast Capital Savings
+ Member-owned
+ No-fee chequing
+ Unlimited transactions
+ ATM withdrawals + deposits
+ Free e-statements
– Standard debit card
– Some service complaints

Pros of Coast Capital Savings

  • Member-owned
  • No-fee chequing
  • Unlimited transactions
  • ATM withdrawals + deposits
  • Free e-statements

Coast Capital Savings is a member-owned credit union, which gives members or account holders a vote in many decisions that impact the company. The company offers significant financial benefits to their customers, including chequing accounts with small or no monthly fees, unlimited transactions including ATM withdrawals and deposits, and free e-statements.

Overall, the credit union provides primarily positive experiences in terms of the products and services they offer. Mortgages and loans are offered with low or reasonable interest rates, and it’s relatively fast and easy to obtain approval.

Cons of Coast Capital Savings

  • Standard debit card
  • Some service complaints

While some banks offer the popular MasterCard or Visa debit card, an excellent alternative to traditional credit cards, Coast Capital Savings doesn’t offer this option. You’ll receive a standard debit card for your chequing or savings account, which doesn’t have the same online bookings and purchases capabilities as a traditional credit card.

Coast Capital Savings does carry a decent line of Visa options, which is worth inquiring about if you’re looking to establish credit with the firm. The only drawback, in some cases, may be delays in handling customer inquiries or complaints about potential errors or fraud claims. Generally, complaints are minimal, and the credit union enjoys a solid reputation.

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Coast Capital Savings’ Products and Services

Coast Capital Savings Products & ServicesFeatures
Chequing Account– No or low monthly fees
– Deposit On-the-go
– 4000+ ding-free® ATMs
– Coast Mobile® Banking app
Savings Account– No monthly fee
– 0.10%1 interest rate
– 2 free monthly transactions
– $5 per additional transaction
Lines of Credit– Pay down the balance at any time
– Re-advance your loan as many times as you need
– Interest charged only on what you use
– Access money through your chequing account, debit card, cheques or in a branch
Car Loans– Competitive rates & flexible terms
– Quick approvals & easy payment options
– Finance or lease new & used vehicles
Business Loans– Maintain working capital by using business loans for large expenses
– Flexible terms help match your cash flow needs
– Fixed or variable interest rate terms, and/or flexible repayment options
Mutual Funds– Lower management expense ratio fees
– Conservative fund management
– Simple and flexible to fit your investment goals, life-stage and risk tolerance
– Start with a $50 monthly contribution or a minimum investment of $1,000
– Broad selection of investment choices
GICs– Potential to earn higher returns linked to stock market performance​
– Principal investment protected​
– Interest is compounded annually and paid at maturity​
– Only $500 to get started​
– No commissions or management fees​
– Choose from a globally diversified or Canadian financial services term deposit​
RSP– Money contributed is tax deductible, within limits
– Earnings are tax sheltered so they will grow even faster than a non-RRSP investment
– Contribute to an RRSP until the year you turn 71
– Multiple investment products such as term deposits and mutual funds available within an RRSP account
– RRSP Loans available to maximize your contributions and potential tax refund.
TFSA– No maximum age limit to open or hold a TFSA
– No deadline for your contributions
– Unused TFSA contribution room can be carried forward to future years
– Investment income earned in a TFSA plan, including capital gains, will not be taxed, even when withdrawn
– Multiple investment products such as term deposits and mutual funds available within a TFSA

Like many traditional banks and financial institutions, Coast Capital Savings offers a competitive range of services and products. These include various chequing and savings accounts with various fee structures and features to cater to different clients. The credit union also offers a wide selection of credit products, including lines of credit (personal, home equity), car loans, equipment financing, and business loans. The minimum loan amount approved is $5,000.

Coast Capital Savings features many investment products, including mutual funds, GICs, registered retirement savings accounts, tax-free savings accounts, and online investing through Qtrade Investor. Many investors have the convenience of banking from home online, where they can set up investment accounts on their own or with the advice of a financial advisor.

Fees for personal and business accounts

The fees for the credit union’s products vary depending on which type of accounts, loans, and products you choose. Chequing accounts range for no monthly fees and unlimited student transactions to $10.50 to $21 per month for individuals who prefer additional features with their accounts, such as free drafts, including foreign currencies, personalized cheques, ATM access outside of Canada, and additional features.

Business chequing accounts start around $6 monthly and increase depending on the types of services you prefer, including unlimited debit card transactions, in-branch deposits and services, statements, and other features. A community chequing account is an excellent option for local charities and non-profit organizations.

Getting Started with Coast Capital Savings

If you live close to a physical branch location, you can easily walk in and request to open an account or inquire about the company’s banking and credit products. To bank with Coast Capital Savings, you’ll need to complete a membership application. Once you become a member, you’ll have access to many of the company’s products and services.

There are other channels to inquire with Coast Capital Savings about a membership program and opening an account, which can be done online or by phone. Once you set up your account and require further assistance, the credit union also offers ATMs, online banking, mobile apps, and automated phone banking options.

If you’re interested in learning about fees, interest rates, and upcoming promotions, you can visit a branch, complete an online form that’s sent via email, or write to the company by mail.

Promotions and Discounts

Coast Capital Savings often has at least one promotion available for new or existing customers. One of the most popular incentives is the $350 bonus when signing up as a new member. Before you consider signing up based on this bonus offer alone, it’s essential to read through the list of requirements to determine if you qualify. In some cases, promotional payments are paid after a specified time to ensure that your account remains open.

In some instances, specific accounts offer higher incentive amounts, especially if you’re a new member or switching from another bank or financial institution. Coast Capital Savings has offered $500 for specific accounts, which is a lucrative offer and worth investigating when it’s available to see if you qualify.

It’s worthwhile to visit the website and watch other promotions for specific accounts and services, including offers for small business accounts. Like other financial institutions, Coast Capital Savings offers discounts for seniors and students.

Finding Promotions on the Website

Coast Capital Savings may advertise promotions directly on their website. In some cases, you’ll find more information with a quick online search or by calling the customer service line directly for assistance. If you learn of a new incentive program, either through an advertisement online or through other forms of media, call to inquire about the details so that you can make an informed decision. The credit union offers reasonable prices, though it’s ideal to understand the full criteria first.

If you’re already a member, or once you’re approved for membership, you can opt to receive regular emails for promotions and other benefits through email. As a member, you also have a vote in which proposals are approved, which is an advantage to becoming a credit union member.

Website Interface and Ease of Navigation

Coast Capital Savings offers a user-friendly website that’s easy to use for members. The home page is easy to navigate and find all the services you’re looking for. The main website features ongoing promotions and products available on the home page. You’ll find various categories to choose from when you scroll down, including auto finance, lending solutions, and equipment financing.

Further down the main page, you’ll find additional information about the credit union, including details on becoming a member, how the company contributes to communities, and more. The online banking website is similarly easy to use, with a simple login option to view your accounts, investments, and credit cards. There are links to partner websites, including Qtrade Investor, Worldsource View, Visa Desjardins, and the company’s business banking division.

The website is designed like most major banks and credit unions and is well organized to view your accounts and credit products with ease.

Customer Service Options

There are several customer service options available for members, including phone, in-branch, and online Money Chat. While the phone lines are not available 24/7, you can access your account online anytime to view your balance and process transactions. Through the Money Chat feature, you can discuss a variety of financial options in addition to simple questions about your account or credit products.

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Money Chat Feature

You can inquire about the best product options for your financial circumstances with an advisor to understand better which products and strategies would work best for your current assets and accounts. This process doesn’t negatively impact your credit score and may help you achieve better results in the interim and long term.

The credit union’s contact center team may offer some great advice about saving money on transactions, switching account types, and investment suggestions if you’re looking to open a new account or inquire about credit options. While the phone service is available seven days a week, only automated access to your accounts is available 24/7. In-person service is accessible during specific hours during the week and over the weekend.

Account and Product Security

Coast Capital Savings offers protection on accounts up to $100,000 through the CDIC deposit insurance coverage. This insurance took effect when the financial company became a federal credit union effective November 2018. Credit cards and bank accounts are also well protected. The credit union will initiate an investigation in the event of a lost or stolen card that results in unauthorized transactions.

Coast Capital Savings is a well-respected and solid institution that takes its members’ concerns and safety seriously. You’ll find that all the products offered are on par with many other banks and financial institutions that provide the same or similar options.

Loan and Financing Options

One of the most advantageous reasons to bank with Coast Capital Savings is the low-interest rates and reasonable payment installments for auto loans and mortgages. The credit union is a certified B corporation and provides a wide range of leasing, financing, and refinancing options for members. Coast Capital Savings is well known for its fair, flexible rates, terms, and easy application.

The only drawback to the lending process with Coast Capital Savings, and similar credit unions, is their strict eligibility requirements and limitations for lending. The auto loan application is only available in select provinces, and you must demonstrate a solid income, not be a student, and have a good credit score. Suppose a car loan is not initially necessary. In that case, you may want to revisit the application process or other credit products in the future and find out if you qualify for the company’s reasonable interest rates.

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Coast Capital Savings Review Conclusion

Coast Capital Savings is a great option if you’re looking for more than a bank account, credit card, or loan. The credit union offers membership, which is beneficial for individuals who want to get involved by voting on essential changes and impacting the types of products they offer. Coast Capital Savings offers many standard products from other credit unions and banks, with similar or less expensive fees and interest rates.

While there are some gaps in customer service and a more rigid approval process for specific products the company offers, it’s generally a good option for families and individuals who want to “grow” with an organization and get involved more with specific products and investments. The advisors and overall service provided by the company are exemplary and may provide further benefits and investment options.

Before you decide to apply for membership, you’ll find this credit union is one of the best and suitable options, whether you want to use their services as your main branch or bank or a secondary option. Ideally, Coast Capital Savings is a great option for socially responsible investing and credit products and will likely increase their products and services.

Coast Capital Savings is a company to consider when you’re looking for a certified B corporation with some fantastic products and benefits. While there are some areas for improvement, the credit union is well established and offers secure, quality banking and lending options for personal and business needs. It’s especially ideal if you’re operating a non-profit or community-based business, as there may be further advantages to working with a credit union that values its members.

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Coast Capital Savings Review 2021

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November 11, 2021
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