Institution profile · Provincial credit union
Meridian Credit Union
ActiveMeridian Credit Union LimitedProvincial insurer
Meridian is an Ontario credit union regulated by FSRA. It wound down its digital bank, motusbank, in 2025.
Profile facts checked October 30, 2026
Mitey files the Meridian Credit Union index card: cheapest everyday account $192 a year.
Is Meridian Credit Union a good bank for everyday banking?
Meridian Credit Union’s cheapest chequing account open to anyone, Digital Chequing Package, costs $192 a year for a typical household (25 debit purchases, 6 bills and 5 e-Transfers a month), $167 below the national median of $359. Its best posted savings rate is 0.85% on $10,000. A provincial insurer, not CDIC, protects its deposits.
At a glance
- Legal name
- Meridian Credit Union Limited
- Type
- Provincial credit union
- Head office
- St. Catharines, ON
- Regulator
- Financial Services Regulatory Authority of Ontario (FSRA)
- Cheapest everyday account
- Digital Chequing Package — $192 a year for the Everyday example
- Best posted savings rate
- 0.85% on $10,000 (High Interest Savings Account (HISA))
- Website
- www.meridiancu.ca
Is my money safe at Meridian Credit Union?
Insured through FSRA: Meridian states eligible registered deposits have unlimited coverage and eligible non-registered deposits are insured up to $250,000.
Provincial rules: Ontario — $250,000.
What do Meridian Credit Union’s chequing accounts cost?
Meridian Credit Union lists 5 chequing accounts with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is Digital Chequing Package at $192 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| Student Chequing PackageStudents | No monthly fee | Branch: 5 · self-serve: unlimited | $24 |
| Digital Chequing Package | $14.00/mo, or $0 with a $3,000 minimum balance | Branch: 0 · self-serve: unlimited | $192 |
| Unlimited Chequing Package | $19.00/mo, or $0 with a $5,000 minimum balance | Unlimited | $252 |
| Everyday Chequing Package | $9.00/mo, or $0 with a $2,000 minimum balance | Branch: 5 · self-serve: 25 | $344 |
| Essential Chequing Package | $3.00/mo, no balance waiver | Branch: 5 · self-serve: 15 | $390 |
- Student Chequing Package · student only$24
- Digital Chequing Package$192
- Unlimited Chequing Package$252
- Everyday Chequing Package$344
- Essential Chequing Package$390
- Cheapest in Canada: Personal Account · EQ Bank$0
- Median nationwide account$359
What would Meridian Credit Union cost a typical household?
The cheapest Meridian Credit Union account open to anyone for each of our four usage profiles, against the cheapest account in Canada for the same banking. Profiles are defined in the finder.
| Profile | Cheapest at Meridian Credit Union | Fees/yr | Cheapest in Canada | Fees/yr |
|---|---|---|---|---|
| Light Mostly card and app, small balance | Essential Chequing Package | $93 | PC Money Account PC Financial | $0 |
| Everyday Household account, a few e-Transfers | Digital Chequing Package | $192 | Personal Account EQ Bank | $0 |
| Heavy Lots of card, bill and e-Transfer payments | Digital Chequing Package | $216 | Personal Account EQ Bank | $0 |
| Branch and cheques Teller visits, cheques, paper statement | Essential Chequing Package | $116 | Basic Bank Account Scotiabank | $134 |
Worked example — Digital Chequing Package (Meridian Credit Union), Everyday profile
| Monthly fee (not waived: needs $3,000, $2,000 more than the $1,000 low balance) × 12 | $168 |
| Transactions beyond the included number (0 a month) × 12 | $0 |
| Other-bank ATM access fees (1 a month) × 12 | $24 |
| Paper statements × 12 | $0 |
| Fees a year | $192 |
Our take
Meridian Credit Union is competitive: its cheapest open account costs less than the median Canadian account for everyday use. The cheapest account in Canada would save another $192 a year.
What savings rates does Meridian Credit Union pay?
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| High Interest Savings Account (HISA) | 0.85% | No monthly fee |
| Advantage Savings Account | 0.05% | No monthly fee |
| Youth Savings AccountYouth (18 and under) | 0.05% | No monthly fee |
What else should you know about Meridian Credit Union?
- Incorporated under Ontario’s Credit Unions and Caisses Populaires Act and regulated by FSRA; headquartered at 75 Corporate Park Drive, St. Catharines.Source: meridiancu.ca
- In March 2025 Meridian and Coast Capital announced they would acquire motusbank’s assets and liabilities.Source: meridiancu.ca
- States registered deposits have unlimited coverage and non-registered deposits up to $250,000 through FSRA.Source: meridiancu.ca
Your own pattern can change the order. Put your numbers into the true-cost finder to rank Meridian Credit Union’s accounts against everyone else’s.
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