Major Canadian Banks & Credit Unions in Saskatchewan 

Section 1: Introduction to Banking in Canada

Money is an important part of life. People use money to buy food, pay bills, and save for the future. But keeping cash at home is not safe, and it can be hard to manage. That’s why banks and credit unions exist. They help people keep their money safe and make it easier to spend and save.

What Do Banks and Credit Unions Do?

Banks and credit unions are financial institutions. They provide services like:

• Chequing accounts – for everyday spending

• Savings accounts – for keeping money safe and earning interest

• Loans – for big purchases like a car or house

• Credit cards – for borrowing money to pay later

• Investments – to help people grow their money over time

Banks and credit unions also offer online banking, which allows people to check their accounts, send money, and pay bills from a phone or computer.

Why Banking Is Important

Having a bank account helps people:

• Keep their money safe from loss or theft

• Save for future needs

• Pay bills easily through direct deposit and online payments

• Build a credit history, which helps when borrowing money for big purchases

Many jobs also require a bank account for direct deposit of paychecks. Without an account, people may have to use expensive services like cheque-cashing stores.

Banks vs. Credit Unions: What’s the Difference?

• Banks are large businesses that serve customers across Canada. Examples include RBC, TD, and Scotiabank.

• Credit unions are owned by their members. They focus on local communities and often have lower fees. Examples include Conexus and Vancity.

Both options help people manage their money, and choosing the right one depends on personal needs.

Section 2: Major Banks in Canada 

Canada has several major banks that offer services to individuals, businesses, and communities. These banks are sometimes called the "Big Five" because they are the largest in the country. Many of them have branches and ATMs in Saskatchewan. They also provide online and mobile banking, making it easy for people to access their money from anywhere.

Royal Bank of Canada (RBC) 

The Royal Bank of Canada (RBC) is the largest bank in Canada. It serves millions of people across the country, including many in Saskatchewan. RBC offers:

• Chequing and savings accounts for everyday banking

• Loans and mortgages for buying a home or car

• Credit cards with different benefits and rewards

• Investment services to help people grow their money

RBC in Saskatchewan

RBC has many branches and ATMs in cities like Regina, Saskatoon, and Prince Albert. They also offer services to people in rural areas through online banking.

Indigenous Banking at RBC

RBC has special programs to support Indigenous individuals and businesses. They offer:

• Accounts with low or no fees for Indigenous clients

• Business loans for First Nations entrepreneurs

• Scholarships and financial education programs for Indigenous youth

Toronto-Dominion Bank (TD) 

TD Bank is one of the biggest banks in Canada. It is known for its long branch hours and strong customer service. TD offers:

• Personal banking services like chequing and savings accounts

• Business banking for small and large businesses

• Loans and mortgages for homebuyers

• Online and mobile banking with a user-friendly app

TD in Saskatchewan

TD has several locations in Regina and Saskatoon, with ATMs in other communities. Customers can also access their accounts through online and mobile banking.

TD and Indigenous Communities

TD supports Indigenous customers by offering:

• Financial literacy programs to help people learn about saving and investing

• Grants and scholarships for Indigenous students

• Banking partnerships with Indigenous businesses

Scotiabank 

Scotiabank is a global bank with branches across Canada and in other countries. It is known for:

• Everyday banking services (chequing, savings, loans)

• Strong international banking services for people who travel

• Financial planning and investment services

Scotiabank in Saskatchewan

Scotiabank has branches in major Saskatchewan cities like Regina, Saskatoon, and Moose Jaw. Customers can also use online banking to access their accounts.

Scotiabank and Community Support

Scotiabank provides:

• Funding for Indigenous education programs

• Support for community events and charities

• Flexible banking options for newcomers and Indigenous customers

Canadian Imperial Bank of Commerce (CIBC) 

CIBC is one of Canada’s oldest banks. It offers many financial services, including:

• Personal banking (chequing, savings, and credit cards)

• Loans and mortgages

• Business banking for entrepreneurs

CIBC in Saskatchewan

CIBC has branches and ATMs in many Saskatchewan towns and cities. Customers can also do their banking online or through the CIBC app.

CIBC’s Indigenous Banking Programs

CIBC supports Indigenous customers by offering:

• Affordable accounts with lower fees

• Business financing for First Nations and Métis entrepreneurs

• Sponsorships for Indigenous community programs

Bank of Montreal (BMO) 

BMO (Bank of Montreal) is one of Canada’s largest banks, serving individuals and businesses. They offer:

• Chequing and savings accounts

• Credit cards, loans, and investment options

• Mobile and online banking for easy access

BMO in Saskatchewan

BMO has branches in Saskatoon, Regina, and other cities. Customers can also use ATMs or mobile banking.

BMO and Indigenous Communities

BMO has a strong focus on Indigenous banking, offering:

• Business loans and financial services for Indigenous entrepreneurs

• Banking programs for Indigenous individuals and communities

• Education programs to help Indigenous youth learn about finance

Online Banks 

Some Canadians choose to use online-only banks instead of traditional banks. These banks do not have physical branches, but they offer services through websites and apps.

Popular Online Banks in Canada

• Tangerine – Owned by Scotiabank, offers no-fee chequing and savings accounts.

• EQ Bank – Provides high-interest savings accounts and free transactions.

• Simplii Financial – A digital bank owned by CIBC.

Pros and Cons of Online Banks

✅ Lower fees – Most online banks have no monthly fees.
✅ Higher interest rates – Good for saving money.
✅ Easy access – Customers can bank from anywhere.

❌ No physical branches – You cannot visit a teller.
❌ Limited services – Some online banks do not offer loans or credit cards.

Section 3: Credit Unions in Saskatchewan

Saskatchewan has a strong credit union system that provides financial services to individuals and businesses. Credit unions are different from banks because they are owned by their members, meaning customers have a say in how they operate. They often offer lower fees, better interest rates, and a focus on community support.

What is a Credit Union?

A credit union is a financial institution that provides the same services as a bank, such as:

• Chequing and savings accounts

• Loans and mortgages

• Business banking

• Online and mobile banking

However, unlike banks, credit unions are member-owned and not-for-profit. This means:

• Members vote on important decisions about the credit union.

• Profits are often returned to members through lower fees and better interest rates.

• They focus on local communities, supporting businesses and charities.

Credit unions in Saskatchewan are popular because they provide personalized customer service and often have strong relationships with Indigenous communities. Many credit unions work with First Nations and Métis customers to provide banking solutions that meet their needs.

Conexus Credit Union 

Conexus Credit Union is one of the largest credit unions in Saskatchewan. It serves over 130,000 members and has branches in cities and smaller communities.

Services Offered

Conexus provides:

• Everyday banking – chequing, savings, and online banking.

• Loans and mortgages – for buying a home or starting a business.

• Financial education – helping people learn how to manage money.

Conexus in Saskatchewan

Conexus has branches in Regina, Saskatoon, Moose Jaw, and many smaller towns. They also have an easy-to-use mobile app.

Support for Indigenous Communities

Conexus works with Indigenous organizations to provide business loans and financial literacy programs. They also support Indigenous youth programs and education initiatives.

Meridian Credit Union 

Meridian Credit Union is based in Ontario, but it serves people across Canada through online banking. It is the second-largest credit union in the country and offers competitive financial services.

Services Offered

Meridian provides:

• Chequing and savings accounts with low fees.

• High-interest savings accounts to help members grow their money.

• Loans and credit products for personal and business needs.

Meridian and Indigenous Communities

While Meridian does not have physical branches in Saskatchewan, it provides accessible online banking for Indigenous customers in remote areas. It also offers support for Indigenous-owned businesses.

Vancity Credit Union

Vancity Credit Union is one of the largest and most socially responsible credit unions in Canada. It is based in British Columbia but serves customers across Canada, including Saskatchewan.

Services Offered

Vancity provides:

• No-fee chequing accounts for eligible members.

• Loans and credit products focused on social and environmental impact.

• Investments in community projects rather than big corporations.

Vancity’s Commitment to Indigenous Banking

Vancity actively supports Indigenous communities by:

• Providing financial education programs.

• Investing in Indigenous businesses and social projects.

• Partnering with Indigenous organizations to improve financial inclusion.

Vancity is known for its ethical banking approach, meaning it prioritizes social good over profit.

Indigenous Financial Institutions in Saskatchewan 

Many Indigenous communities in Saskatchewan face barriers to traditional banking. Some banks and credit unions have programs for Indigenous customers, but there are also Indigenous-owned financial institutions that specifically support First Nations, Métis, and Inuit individuals and businesses.

Peace Hills Trust 

Peace Hills Trust is Canada’s first and largest Indigenous-owned financial institution. It was founded in 1980 by the Samson Cree Nation in Alberta and has a branch in Fort Qu’Appelle, Saskatchewan.

Services Offered

Peace Hills Trust provides:

• Personal and business banking for Indigenous individuals and organizations.

• Loans and mortgages tailored to Indigenous customers.

• Investment and trust services for First Nations communities.

Why It’s Important

Many Indigenous communities have difficulty getting loans and mortgages from traditional banks due to land ownership laws on reserves. Peace Hills Trust understands these challenges and provides financial solutions that meet the needs of Indigenous customers.

First Nations Bank of Canada 

The First Nations Bank of Canada (FNBC) is an Indigenous-owned bank that focuses on serving First Nations, Métis, and Inuit communities. Its headquarters are in Saskatoon, Saskatchewan, and it has branches in Indigenous communities across Canada.

Services Offered

FNBC provides:

• Chequing and savings accounts designed for Indigenous customers.

• Loans and financing for Indigenous businesses and community projects.

• Banking services on reserves, making it easier for people to access financial services without leaving their communities.

Why It’s Important

FNBC is committed to economic growth in Indigenous communities. Unlike many traditional banks, FNBC works directly with Indigenous leaders and organizations to create banking solutions that respect cultural traditions and financial realities.

Final Thoughts on Credit Unions and Indigenous Banking

Credit unions and Indigenous-owned financial institutions provide an alternative to traditional banks. They often have lower fees, better customer service, and a stronger focus on supporting local communities.

For Indigenous students and families, choosing a credit union or an Indigenous financial institution can be a great option for managing money in a way that aligns with their values and needs.

Section 4: How to Choose a Bank or Credit Union

Choosing the right bank or credit union is an important decision. The right financial institution can help you manage your money, save for the future, and avoid unnecessary fees. Here are some key factors to consider when choosing where to bank.

1. What to Consider When Choosing a Bank or Credit Union

a) Location and Accessibility

• Do they have branches close to where you live?

• Do they have ATMs nearby to withdraw cash without paying extra fees?

• If you live in a remote area, do they offer good online banking options?

b) Fees and Account Costs

• Some banks charge monthly fees for chequing accounts.

• Credit unions often have lower fees or no fees for members.

• Online banks usually have no monthly fees, but they don’t have physical branches.

c) Services and Benefits

• Do they offer loans, credit cards, and investment options?

• Do they have special programs for Indigenous customers?

• Some banks and credit unions offer financial education programs to help you manage money.

d) Customer Service and Support

• Credit unions are known for personalized service.

• Big banks have more branches and 24/7 customer support.

• Indigenous-owned financial institutions understand the unique needs of First Nations, Métis, and Inuit customers.

2. How to Open a Bank or Credit Union Account

Opening an account is easy and usually takes less than an hour. Here’s what you need:

a) Documents Needed

• Identification (ID) – A government-issued ID, such as a driver’s license, Status Card, or passport.

• Proof of address – Some banks may ask for a bill or document showing your current address.

• Social Insurance Number (SIN) – Required if you plan to open a savings account or apply for a credit card.

b) Steps to Open an Account

1. Visit a bank branch, credit union, or online banking website.

2. Bring your identification and any required documents.

3. Choose the type of account you want (chequing, savings, or both).

4. Deposit money to activate the account (some banks require a minimum amount).

5. Get your debit card and set up online banking if available.

3. Tips for Managing Your Bank Account

• Keep track of your balance – Avoid overdraft fees by checking your account regularly.

• Use online banking – Pay bills and transfer money easily.

• Avoid unnecessary fees – Choose no-fee accounts when possible.

• Save money regularly – Even small amounts add up over time.

• Be aware of scams – Never share your PIN or banking details with strangers.

Choosing the right bank or credit union can help you save money, avoid stress, and reach your financial goals. Take the time to compare your options and pick the one that best fits your needs.

Section 5: Vocabulary

Understanding banking terms is important for managing money. Here are some key words and their meanings:

• Account – A place to store your money at a bank or credit union.

• ATM (Automated Teller Machine) – A machine that lets you withdraw or deposit money.

• Bank – A financial institution that offers services like saving, borrowing, and investing.

• Credit Union – A member-owned financial institution that offers similar services to banks.

• Chequing Account – A type of account used for everyday spending.

• Savings Account – A type of account where money is stored and earns interest.

• Interest – Extra money paid by a bank on savings or charged on loans.

• Loan – Money borrowed from a bank or credit union that must be paid back with interest.

• Overdraft – When you spend more money than you have in your account.

• Online Banking – Using a website or app to manage your money.

Section 6: Multiple-Choice Questions

Test your knowledge about banks and credit unions by answering these multiple-choice questions.

1. What is the main difference between a bank and a credit union?

A) Banks are owned by the government, and credit unions are private businesses.
B) Banks are owned by shareholders, and credit unions are owned by their members.
C) Banks do not offer loans, but credit unions do.
D) Banks only serve businesses, and credit unions only serve individuals.
✅ Correct Answer: B

2. Which of the following is NOT a service offered by banks and credit unions?

A) Chequing and savings accounts
B) Buying and selling cars
C) Loans and mortgages
D) Online and mobile banking
✅ Correct Answer: B

3. Which bank is Canada’s largest?

A) CIBC
B) TD Bank
C) RBC
D) BMO
✅ Correct Answer: C

4. What is one advantage of using a credit union?

A) They have no fees at all.
B) They allow members to vote on important decisions.
C) They are available in every country.
D) They do not require identification to open an account.
✅ Correct Answer: B

5. What is a common benefit of online banks like Tangerine or EQ Bank?

A) They always have higher interest rates.
B) They have no physical branches.
C) They charge higher fees than regular banks.
D) They only allow business accounts.
✅ Correct Answer: B

6. Which financial institution is Indigenous-owned and serves First Nations, Métis, and Inuit communities?

A) Vancity Credit Union
B) Peace Hills Trust
C) TD Bank
D) RBC
✅ Correct Answer: B

7. Why is it important to have a bank account?

A) It allows you to keep money safe and make transactions easily.
B) It helps you buy lottery tickets.
C) It guarantees you will become wealthy.
D) It is required to use a credit card.
✅ Correct Answer: A

8. What does a mortgage help you buy?

A) A new car
B) A house or property
C) A vacation
D) A business license
✅ Correct Answer: B

9. What is an overdraft?

A) A type of bank account
B) A way to deposit money
C) Spending more money than you have in your account
D) A tax charged by banks
✅ Correct Answer: C

10. What is the First Nations Bank of Canada known for?

A) Offering special credit cards to all Canadians
B) Being the oldest bank in Canada
C) Focusing on banking services for Indigenous individuals and communities
D) Only serving businesses, not individuals
✅ Correct Answer: C