Desjardins Group vs Meridian Credit Union
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
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Desjardins Group edges ahead on our overall rating (4.0 vs 3.9), but the right pick depends on which products and fees matter most to you.
Overview
Desjardins Group, or Desjardins for short, markets itself as “the largest cooperative financial group in Canada.” The organization offers its members a broad range of financial services including everyday banking, savings, credit cards, mortgages, loans, insurance, and wealth management. Its strongest physical presence is in Quebec and Ontario, where it has 189 caisses and branches as well as 1,260 ATMs.
Providing a full suite of banking products, Desjardins allows members to choose from banking packages ranging from the Basic Plan to the Unlimited Plus Plan. Fee waivers are also available. Desjardins has non-registered savings accounts, credit cards, borrowing products and investment services. Its account fees compare reasonably well with those of the biggest banks in Canada, though its overall fees and savings rates fall short of what customers can find at online banks and fintechs.
Desjardins has several credit cards including those with a cash back option and rewards through its BONUSDOLLARS program. While the rewards platform does not carry the same national recognition as those of the big banks, it still gives members a way to earn rewards across eligible products.
As it provides access to an array of lending options as well as a full-service brokerage and private wealth management, Desjardins delivers more depth than many smaller credit unions or digital banks. Its regional concentration, however, makes it less convenient for Canadians who live outside of these areas. Those within the core markets may find Desjardins to be a strong full-service alternative to the major banks.
Meridian Credit Union is the largest credit union in Ontario, describing itself as number three in size out of credit unions in Canada. The institution operates as a not-for-profit with 100% member ownership. Given its size, Meridian has a larger range of products compared to many other credit unions in the country. It does, however, lack some higher end services like private banking and a full insurance offering with universal life coverage. Both of which you can find through a major Canadian bank.
Meridian has a credit card selection with cashback, travel rewards, and USD cards. They exclusively offer Visa, with no option for Mastercard or American Express. Monthly banking fees come in below those of the biggest banks in Canada, with its most basic account about a dollar less per month in comparison. Digital banks, however, tend to have an edge with account fees. As is the same with interest rates. Meridian’s high-interest savings rates can be more competitive than some traditional bank savings accounts, though they fall behind some other Canadian credit unions and digital institutions.
Members of Meridian have access to investment accounts through the credit union and through Qtrade Direct Investing. The financial institution does not have its own full-service brokerage. They do provide financial planning, which isn’t always the case with credit unions.
Overall rating
4.0
3.9
Customer experience
3.1
3.4
Best for
Desjardins is best for Canadians who want full-service banking through a cooperative financial institution. It is particularly useful for those in Quebec or Ontario where there is the largest branch and ATM presence.
Ontario residents who want branch access without choosing a major bank
Pros & cons
Pros
Cooperative structure can appeal to those who prefer a member-focused financial institution
Broad lineup of products
Strong reputation as Canada’s largest cooperative financial group
Competitive chequing-account fee waivers compared with many of the Big Six Banks
Strong branch and ATM presence in Quebec with additional access in Ontario
Supports both a full-service brokerage and an online brokerage
BONUSDOLLARS program provides eligible credit cardholders a way to earn and redeem rewards
Cons
Branch and ATM network is highly concentrated in Quebec and Ontario
Savings rates may be below those of online banks and fintechs
Rewards ecosystem is less comprehensive than those from the larger banks
Premium account packages have fewer perks than some of the alternative options at the Big Six banks
Not the lowest-cost option for those who want no-fee digital banking
Pros
Part of THE EXCHANGE® Network providing access to more than 40,000 ATMs with no additional charges
More competitive account fees than the Big Six Canadian banks
Lower minimum balance waiver requirements compared to the major banks
Full service banking lineup with basic investment and financial planning
Deposit insurance from the Financial Services Regulatory Authority (FSRA)
Cons
Premium offerings (private banking, universal life insurance, etc) are not available
Branch access concentrated in Ontario, making the credit union less appealing to customers outside the province
Product lineup is not as broad as the Big Six Canadian banks especially for insurance and premium wealth management services
Savings rate may still fall behind digital institutions
Credit card selection is limited comparatively
Mixed customer reviews
Top chequing accounts
3.7 Our rating
on Desjardins' website
Welcome Bonus
N/A
Monthly Fee
$15.95 (waivable)
Account Type
Chequing • Personal
- Monthly fee of $15.95 (waived with a $4,000 minimum balance)
- No ATM fees with the AccuLink® network
- Eligible for member dividends3
- Unlimited transactions through AccèsD, an ATM 2 or teller
- $1.50 cost for Interac® e-Transfers
Account Fees
Monthly Fee
$15.95
eStatement
Included
on Desjardins' website
Welcome Bonus
N/A
Monthly Fee
$23.95 (waivable)
Account Type
Chequing • Personal
- Monthly fee of $23.95 (waived with a $5,000 minimum balance)
- No cost for ATM transactions in the AccuLink® network
- Member dividend3 eligibility
- No limit on transactions through AccèsD, ATM 2, cheque, or teller
- No charge for Interac® e-Transfers
Account Fees
Monthly Fee
$23.95
eStatement
Included
on Meridian's website
Welcome Bonus
N/A
Monthly Fee
$14 (waivable)
Account Type
Chequing • Personal
- Fee waiver with $3,000 minimum balance
- Includes unlimited self-serve¹ transactions
- In-branch transactions and cheques cost $1.25 each if your account balance is below $3,000
- Rebates on up to 99 Interac e-Transfers³ each month
- Access to 3,600 Meridian ATMs and 40,000 ATMs on THE EXCHANGE® Network
Account Fees
Monthly Fee
$14
eStatement
Included
on Meridian's website
Welcome Bonus
N/A
Monthly Fee
$19 (waivable)
Account Type
Chequing • Personal
- Fee waiver with $5,000 minimum balance⁵
- Unlimited transactions, both self-serve¹ and in-branch²
- Rebate on 99 Interac e-Transfers³
- Unlimited cheques⁴
- Access to 3,600 Meridian ATMs and 40,000 ATMs on THE EXCHANGE® Network
Account Fees
Monthly Fee
$19
eStatement
Included
Top savings account
Desjardins Group has no savings account listed.
on Meridian's website
Welcome Bonus
N/A
Regular Interest
0.85%
Monthly Fee
$0
- Earn 0.85% in interest on all balances* in the account
- Available for non-registered accounts, TFSAs, RRSPs, FHSAs and RRIFs
- No minimum balance needed
- No limit on self-serve or in-branch transactions1, 2
- $1.00 per Interac e-Transfer in non-registered accounts
Top credit card
on Desjardins' website
Welcome Bonus
N/A
Rewards Rate
No Rewards
Annual Fee
$0
Interest Rates
10.9% - 19.9 / 12.9%
RECOMMENDED CREDIT SCORE
4/5
If you plan to carry a balance on your credit card, this is one of the best no-fee, low-interest-rate credit cards in Canada. However, outside of this specific use case, the card doesn't offer many additional benefits.
Pros
- No annual fee
- Low interest rates
- Comprehensive insurance
Cons
- No rewards
- No benefits
- Short travel coverage
Rewards
No rewards earned on this card
Insurance
Coverage
Travel Medical Insurance (64 & under)
$5M/insured up to 3 days, under 75 years old
Trip Cancellation
$500 per person for trips up to 3 days
Trip Interruption
$1,000 per person for trips up to 3 days
Baggage Delay
$500 per person after 6 hours delay for trips up to 3 days
Lost or Stolen Baggage
$500 per person for trips up to 3 days
Common Carrier Travel Accident Insurance
$10,000 per person for trips up to 3 days
Mobile Device Insurance
$1,000
Purchase Protection
90 days
Extended Warranty
Doubled up to 1 year
Eligibility
Credit Score
GoodAnnual Income
N/A
on Meridian's website
This card is only available to residents of Ontario.
Welcome Bonus
Earn 7,000 reward points‡ on first purchase (up to $70 value)
Annual Fee
$99 $0
Interest Rates
19.50% / 21.99%
RECOMMENDED CREDIT SCORE
4.2/5
The Meridian Visa Infinite Travel Rewards Card stands out primarily for its flexible reward options and considerable insurance coverage. With the ability to earn 1.5 points per $1 spent on all purchases and double points on foreign currency transactions, it offers a competitive edge for frequent travelers. Its extensive insurance benefits, including rare price protection, further bolster its appeal, making it a strong contender for those who meet the income requirements and reside in Ontario.
Pros
- Versatile Rewards
- Impressive insurance coverage
- First-year fee waiver
Cons
- Restricted to Ontario residents
- High income requirements
Rewards
- Earn 3 reward points for every $1 spent (3% cash back) on purchases made outside Canada in foreign currencies
- Earn 1.5 reward points for every $1 spent (1.5% cash back) on other eligible purchases
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Up to 1 yearMobile Device Insurance
Up to $1,000 per occurrenceCommon Carrier Travel Accident Insurance
$1M per insured person per tripTravel Medical Insurance (64 & under)
48 daysTravel Medical Insurance (65 to 75)
15 daysTrip Cancellation
$2,000Trip Interruption
$2,000Baggage Delay
$500Lost or Stolen Baggage
$1,000.svg)
Car Rental Damage & Theft
Max car value of $65k, up to 48 days
Price Protection
$100 per item, $500 per year
Benefits
Details
Visa Infinite Exclusive Benefits
Eligibility
Credit Score
GoodAnnual Income
$60,000 personal or $100,000 household
All products offered