Meridian Review 2026: Chequing and Savings
Written by Lauren Brown,
Edited by Kevin Shahnazari
Last updated on September 28, 2026
FinlyWealth rating
🏅
3.9
Products they offer:
Best for:
Ontario residents who want branch access without choosing a major bank
on Meridian Credit Union's website
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.
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
Product Reviews
Savings Accounts
on Meridian's website
Welcome Bonus
N/A
Regular Interest
0.85%
Monthly Fee
$0
The Meridian High Interest Savings Account works for the credit union’s members who want a way to grow their savings. The account has no monthly fee and offers easy access to your funds at any time.
The main drawback, though, is its interest rate, which falls behind many digital bank alternatives. It makes the account less compelling for rate-focused savers who want to maximize returns. Anyone in this category may find a better rate at a digital institution or even through a promotion at another credit union or bank. The account can still benefit existing Meridian members, though, as it offers flexibility.
- 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
on Meridian's website
Welcome Bonus
N/A
Regular Interest
Up to 0.4%
Monthly Fee
$0
The Meridian Advantage Savings Account gives members a simple savings option with no minimum balance and no monthly fee. The account earns interest, yet the rate remains modest so it does not compete with higher-yield savings options.
The Advantage Savings holds up reasonably well when compared to basic savings accounts from the major banks. It has limited transactions each month, which means the account works best for those who want to separate their cash from their everyday spending without locking in the funds. The account is suitable for existing Meridian members who want a savings account at the credit union that allows limited access to their funds. Those chasing the highest possible yields can find alternative options, though.
- Earn up to 0.45% in interest depending on the account type
- 1 no-cost self-serve transaction1 each month
- 1 free in-branch transaction2 per month
- Additional transactions cost $1.25 each (no charge if your account balance is above $50,000)
- Available for non-registered accounts, TFSAs, RRSPs and RRIFs
- No minimum balance needed
- $1.00 per Interac e-Transfer in non-registered accounts
Chequing Accounts
on Meridian's website
Welcome Bonus
N/A
Monthly Fee
$3
Account Type
Chequing • Personal
The Essential Chequing Package from Meridian gives light banking users a low-cost way to access everyday banking. For a monthly fee of only $3, it includes a small number of both self-serve¹ and in-branch² transactions as well as rebated Interac e-Transfers³. It also provides access to Meridian ATMs across Ontario and 40,000 ATMs in Canada and the US through THE EXCHANGE® Network.
The account compares well to many other entry-level credit union plans because of its low monthly fee and mix of transaction types. Its cost is also less than the basic plans at the biggest banks in Canada. The downside is the transaction limits. Those who use their account frequently or make multiple monthly visits to a branch may find the transaction cap restrictive. Another limitation is its Ontario-centric branch structure. With physical branch locations inside Ontario only, this account is best for residents of the province.
- No minimum balance requirement
- Includes 15 self-serve¹ transactions each month
- Includes 5 in-branch transactions² each month
- Additional self-serve or in-branch transactions cost $1.25 each
- Rebates on up to 4 Interac e-Transfers³ per month ($1 each for additional e-Transfers)
- Includes 2 cheques⁴ every month
- Access to 3,600 Meridian ATMs and 40,000 ATMs on THE EXCHANGE® Network
Account fees
Monthly fee
$3
eStatement
Included
on Meridian's website
Welcome Bonus
N/A
Monthly Fee
$14 (waivable)
Account Type
Chequing • Personal
Made for customers who do most of their banking online or through digital channels, Meridian’s Digital Chequing Package includes unlimited self-serve¹ transactions and a large number of rebates on Interac e-Transfers³. With a monthly fee more competitive than traditional unlimited chequing accounts, the package also comes with the possibility of waiving the fee with a $3,000 minimum monthly balance.
Since the Digital Chequing Package includes only self-service transactions, it differs from a typical unlimited chequing account. As there are no in-branch transactions included in the package, it is best for customers who bank almost entirely online or through ATMs.
- 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
$9 (waivable)
Account Type
Chequing • Personal
The Meridian Everyday Chequing Package gives customers more flexibility than a basic account. It also doesn’t provide a full unlimited package. Instead, it sits in the middle ground with 25 self-serve transactions¹, 5 in-branch transactions² and 6 rebated Interac e-Transfers³ each month.
The Everyday Chequing Package may suit Ontario residents who want more room for monthly transactions while still keeping fees below comparable accounts from the major banks. A fee waiver with the minimum balance of $2,000 is also available⁵. However, the package does not include unlimited transactions, so those who use their account frequently, including for digital transactions, may find better value elsewhere.
- Fee waiver available with $2,000 minimum balance⁵
- Includes 25 self-serve¹ transactions
- 5 included in-branch² transactions
- Rebate available on up to 6 Interac e-Transfers³ per month
- 2 cheques included each month
- Access to 3,600 Meridian ATMs and 40,000 ATMs on THE EXCHANGE® Network
Account fees
Monthly fee
$9
eStatement
Included
on Meridian's website
Welcome Bonus
N/A
Monthly Fee
$19 (waivable)
Account Type
Chequing • Personal
Meridian’s Unlimited Chequing Package is the credit union’s most premium option intended for those who want a traditional bank account with few restrictions. It includes unlimited self-serve and in-branch transactions while providing customers access to the Meridian ATM network and THE EXCHANGE® Network. The account is a practical option for Ontario residents seeking unlimited transactions at a competitive monthly cost. That said, it does not offer the strongest value on the market.
The account’s monthly fee is above some competing unlimited chequing accounts from the major banks with a higher minimum balance waiver. Unlike some banking packages, it offers rebates on up to 99 Interac e-Transfers rather than an unlimited number. This detail won’t be relevant for the majority of customers but it does make the account slightly less attractive in comparison.
Overall, the Meridian Unlimited Chequing Package works best for existing Meridian members or Ontario residents who prefer a credit union to a major bank. Customers focused on the lowest fees or strongest perks may find better value elsewhere.
- 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
Explore Meridian credit cards
See our full guide to Meridian's best credit cards.
Read guide
Customer Experience
3.4/5
Like many financial institutions in Canada, Meridian has a variety of reviews online. For the most part, they skew negative, though not quite as badly as the larger banks. We can see this reflected in the credit union’s Trustpilot score of 1.6 out of five stars. Though this rating is quite low, it outranks each of the major banks. But it also comes with a small sample size of just under 100 customer reviews.
Common complaints about the institution seem to be about their customer service. One person wrote, “they don't have a clue what they are doing and/or they are not given the necessary tools to answer very simple questions.” In a completely polarizing review, though, another said “meridian credit union is absolutely fabulous.”
Rating Methodology
How We Rate Meridian Credit Union
Our ratings are based on a comprehensive evaluation of each financial institution across multiple categories. We assess the quality and competitiveness of their products, fees, interest rates, customer experience, and overall value proposition.
Overall Rating
A weighted average reflecting the institution's performance across all evaluated categories.
Product Offerings
Evaluates the breadth and quality of available products including credit cards, savings accounts, and chequing accounts.
Fees & Rates
Compares monthly fees, interest rates, and fee waiver options against industry standards.
Customer Experience
Assesses the quality of customer support, digital banking tools, and overall user experience.
Rating Scale: All ratings are on a scale of 0 to 5, where 5 represents exceptional performance and 0 represents significant concerns. Ratings are reviewed and updated regularly to reflect changes in products, pricing, and services.
Frequently Asked Questions
Yes. Eligible deposits at Meridian have deposit protection through the Financial Services Regulatory Authority of Ontario (FSRA). This means Meridian members receive provincial deposit protection instead of federal bank deposit insurance.
One of Meridian’s biggest drawbacks is also one of its strengths: its Ontario-based branch network. This is positive for those who live in the province, though anyone outside of Ontario may struggle to receive in-person service. The credit union also doesn’t appear to have a full offering with private banking and universal life insurance.