Coast Capital Savings is Canada's second-largest credit union by membership, with over 550,000 members and $22+ billion in assets. Unlike provincial credit unions such as Vancity or Meridian, Coast Capital is the only federally regulated credit union in Canada — operating under the federal Credit Union Act rather than provincial credit union legislation. This federal charter allows Coast Capital to serve members across BC, Alberta, and Ontario, distinguishing it from most credit unions that are restricted to a single province.
Coast Capital's mortgage pricing is among the most competitive in the entire Canadian market. Their variable rate of Prime−0.76% (currently 3.69%) is one of the best variable rates available from any institutional lender in Canada — better than any Big Six bank and competitive with the most aggressively priced broker-channel monoline lenders. The 5-year fixed rate at 3.99% is also exceptional. Coast Capital also offers a HELOC at Prime+0.30%, giving members a full suite of home financing options.
As a cooperative, Coast Capital returns profits to members through competitive rates, lower fees, and community investment. The credit union is headquartered in Surrey, BC, and has expanded its footprint through digital banking — allowing members in BC, Alberta, and Ontario to access services online. Coast Capital supports the First Home Savings Account (FHSA), RRSP Home Buyers' Plan, and other federal first-time homebuyer programs. For borrowers in its service provinces seeking the most competitive rates in the market, Coast Capital is a top-tier option.
Coast Capital Savings calculates break penalties on fixed-rate mortgages using a standard Interest Rate Differential (IRD) methodology. The IRD is calculated based on the difference between your contracted rate and Coast Capital's current rate for a term comparable to your remaining term. For variable-rate mortgages — including the Prime−0.76% product — the break penalty is three months' interest, which is predictable and relatively modest. Coast Capital uses standard charge registration, meaning there are no additional legal costs to switch lenders at renewal, unlike collateral charge lenders such as TD or Desjardins.
Coast Capital Savings is the only federally regulated credit union in Canada, having received federal continuance in 2018. While most credit unions operate under provincial legislation and are restricted to serving members within a single province, Coast Capital's federal charter allows it to operate across provincial boundaries — currently serving BC, Alberta, and Ontario. Federally regulated financial institutions are overseen by OSFI (Office of the Superintendent of Financial Institutions) and CDIC (Canada Deposit Insurance Corporation) for deposit protection, similar to federal banks. This gives Coast Capital members a level of regulatory protection and geographic flexibility that other credit unions cannot offer.
Coast Capital's Prime−0.76% variable rate (currently 3.69%) is possible because of the credit union's cooperative ownership structure, which eliminates the need to generate profits for external shareholders. Coast Capital funds mortgages through member deposits and cooperative capital, which can be more cost-efficient than some wholesale funding channels used by banks. The rate is available on insured purchase mortgages with a down payment below 20% (CMHC-insured) and may be available on conventional purchases — your broker can confirm eligibility. Standard stress test requirements apply: you must qualify at the higher of your contract rate + 2% or the Bank of Canada's benchmark rate.
Membership at Coast Capital Savings is open to anyone who lives, works, or operates a business in BC, Alberta, or Ontario. Joining requires the purchase of a membership share — typically a nominal amount of $5. Once you are a member, you have full access to all Coast Capital products including mortgages, HELOCs, chequing accounts, savings products, and investment accounts. Membership can be initiated online or in-branch. Unlike some credit unions that restrict membership by city or community, Coast Capital's provincial scope means virtually all residents of the three served provinces are eligible to join.
Have a specific question about Coast Capital rates, products, or eligibility? A licensed broker will review your question and be in touch.