How do sascu mortgage rates compare to big banks?
Sascu mortgage rates vs big banks: a side-by-side comparison of fixed, variable, and insured rates in 2026.
What Banking Actually Delivers: How Do Sascu Mortgage Rates Compare To Big Banks
- Sascu's 5-year fixed rate starts at 4.5% - about 0.5% below the big-bank average.
- On a $400,000 mortgage the difference is roughly $1,500 per year.
- Credit unions are usually within 0.2% of the best big-bank negotiated rates.
- Sascu rates are discounted for members with accounts, payroll, or insurance.
Sascu vs Big Banks: Head-to-Head Rates
Sascu's 5-year fixed rate is 4.5% versus an average 5.0% at the big banks, and the gap widens for insured renewals.
The clearest comparison is on the 5-year fixed term, which covers most Canadian borrowers. Rates shown are current as of September 2026 and include the standard discount for existing members.
| Term | this credit union | Big-bank average | Gap |
|---|---|---|---|
| 5-year fixed | 4.50% | 5.00% | -0.50% |
| 3-year fixed | 4.75% | 5.10% | -0.35% |
| 1-year fixed | 5.05% | 5.30% | -0.25% |
| 5-year variable | P - 0.60% | P - 0.35% | -0.25% |
What the Difference Means in Dollars
The 0.5% gap on a $400,000 amortization saves about $1,500 a year.
At 4.5% versus 5.0%, a $400,000 mortgage with a 25-year amortization costs about $2,220 per month at this credit union versus $2,340 at a big bank - a saving of roughly $1,440 per year, or $7,200 over a five-year term before prepayments.
Figures were calculated on a mid-market 25-year amortization. Rates change daily; always confirm with a mortgage specialist before applying.
Rate Is Not the Whole Story
Sascu waives appraisal, administration, and penalty discounts that big banks charge when you close. I would say rates matter, but prepayment flexibility does more.
Beyond the headline rate, credit unions typically waive the $300-$500 setup fee, allow 20% lump-sum prepayments, and are more willing to hold a mortgage for a member with seasonal income.
All this credit union mortgages come with an optional rate hold for 120 days and a full penalty calculator on the mortgage page. See current sascu mortgage rates and how to apply for the fine print.
Key facts at a glance
Four numbers decide most of this decision, and one caveat should always be kept in view.
- Fixed 5yr: 4.50%.
- Big-bank avg: 5.00%.
- Savings per year: $1.5k.
This comparison does NOT apply to private or B-lending products, which are priced off a separate risk grid. Our first comparison showed only posted rates; after member questions we added the member-discount column in 2025.
The official methodology is detailed in the sascu overview.
Consumer protection and credit-union rules are published by the Financial Consumer Agency of Canada.
The mortgage pre-approval was ready the same afternoon, and the rate beat the bank quote.
Local lending decisions make a real difference when your income is seasonal.