Working hard in the background...
Meridian Credit Union vs National Bank of Canada
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
National Bank of Canada edges ahead on our overall rating (4.1 vs 3.9), but the right pick depends on which products and fees matter most to you.
Overview
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.
The National Bank of Canada, also called National Bank, is one of the biggest banks in Canada, though it is the smallest of the group. Initially, the bank dominated in the province of Quebec, but has since expanded its reach throughout the country. The migration of CWB Financial Group adds to National’s offering, with the integration of its clientele now complete according to the bank's website.
National Bank has a reputable Bank Account for Newcomers program and a range of chequing account options. Its monthly fees remain competitive, and certain groups can get the fee waived, as can those who maintain a minimum account balance. Minimum balance requirements are slightly above the other Big Six, though. In terms of savings accounts, the bank’s main option for Canadian dollar savers is its High Interest Savings Account. The account has a less competitive rate, causing National Bank to fall behind the offerings from the other major banks. Anyone focusing on earning a higher interest rate can find a better return with digital institutions.
Another area where National Bank is more limited is in its credit card offering. The bank does not have Visa cards, instead sticking with Mastercard only. While its choices are narrower compared to some of the other Big Six Canadian banks, it does have a quality selection. For example, the bank has the National Bank World Elite® Mastercard®, which Finly rates highly at a 4.6 out of 5 due to its “generous earn rate.”
For its lending and mortgage products, National Bank boasts a wide variety of fixed and variable-rate mortgages plus personal loans and lines of credit as well as home equity borrowing. As a full-service lender, National Bank is more than just a niche banking option with mortgage and loan options generally in line with the major Canadian banks. It also has promotional rates that offer a competitive edge.
Top chequing accounts
Top savings account
Top credit card
All products offered
16 products
Savings
.svg){kind=small}
.svg){kind=small}