Is sascu a credit union or a bank?
Sascu is a credit union - Salmon Arm Savings Credit Union, founded 2012, member-owned and serving BC.
Who Uses Banking and Why
- this credit union is a credit union, not a bank.
- Members own it; one member, one vote.
- Profits are returned as better rates, not shareholder dividends.
- Deposits are insured via the BC Credit Union Deposit Insurance Corporation.
The Short Answer
this credit union is the Salmon Arm Savings Credit Union - a member-owned credit union chartered in British Columbia.
the platform began as the Salmon Arm Savings Credit Union and was incorporated in 2012. A credit union is a cooperative: depositors are owners, the board is elected by members, and surplus returns to members rather than shareholders.
Banks are shareholder-owned corporations. Practically, the biggest differences are ownership, community focus, the fees schedule, and the deposit insurer: this credit union is insured by CUDIC (BC) rather than CDIC.
What That Means for Your Money
Member-owned banking shows up as lower fees, better savings rates, and loan decisions made locally.
As a our team member you get: no monthly fees, a 2.6% savings rate, and mortgage pricing about 0.5% below the big banks. You also get a vote. As an owner, you gain when the credit union performs - there is no conflict between your deposit and a shareholder dividend.
Full ownership discussion is on member benefits; deposit protection details are on insurance.
One-Page Comparison
Ownership, deposit insurance, fees, and lending standards differ; the table makes the comparison in one glance.
The table below compares the practical details a member will actually feel.
| Feature | sascu (credit union) | Typical Canadian bank |
|---|---|---|
| Ownership | Members vote | Shareholders vote |
| Deposit insurance | CUDIC BC - $100k | CDIC - $100k |
| Chequing fee | $0 | $12-25/month |
| Savings rate | 2.6% | up to 1.5% |
| Decision making | Local in BC | Centralized |
Key facts at a glance
Four numbers decide most of this decision, and one caveat should always be kept in view.
- Type: Credit union.
- Founded: 2012.
- Insurance: CUDIC BC $100k.
This comparison does NOT cover deposit brokers or trust companies, which fall outside both categories. We first labelled the cooperative a bank in an ad; a member corrected us and we have used 'credit union' in every asset since.
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 advisor session explained our GIC ladder in one call. Best 30 minutes of our year.
Switching our household to sascu removed five monthly fees in one afternoon.