About Us

We Want to Make Your Everyday Banking Convenient and Easy

Convenient and Easy

With Member Savings, the more business you do with us, the more you benefit. Unlike a bank we do not profit from service fees, they are in place only to cover the costs of our operations - so we pass those savings directly along to our members.

More than 185,000 strong as we join with Alterna Savings  

Member Savings is now part of Alterna Savings. 

In time, Member Savings will gain access to all of the resources offered by Alterna, including:

•    Access to a province wide network of 36 branches
•    Full-service brokerage
•    More business account options
•    Access to even more certified financial planners
•    Greater technology and the resources to invest in more
•    A Contact Centre available 7 days a week

Stay tuned for updates! 

Our History

The LCBO Employees' (Toronto) Credit Union was established in 1949 by a volunteer group of people to serve the needs of the employees of the Liquor Control Board, the Liquor License Board of Ontario (now called the Alcohol and Gaming Commission of Ontario), and their families. Having changed our name to Member Savings Credit Union, our credit union now also welcomes into membership the employees and family members of OCRC, AGCO, Honeywell, MTS Allstream and the Shell Group of Companies.

Member Savings Credit Union (Member Savings) and Alterna Savings and Credit Union Limited (Alterna Savings) announced that their merger was finalized on December 31st, 2020. Member Savings is now officially Alterna Savings and Credit Union Limited. 

In time, members will begin to see more use of the Alterna Savings name and logo. In addition, members will have future access to additional services and features of Alterna Savings.

Operating Principles

The operating principles, defined by the World Council of Credit Unions, outline the fundamental tenets of being a credit union

•    open and voluntary membership
•    democratic control
•    non-discrimination
•    service to members
•    distribution to members
•    building financial stability
•    on-going education
•    co-operation among co-operatives
•    social responsibility 

The Credit Union Difference

To the average person, banks and credit unions seem very similar and in many ways we are. We both offer chequing and savings accounts for daily banking, investments and lending products, as well as online, mobile and in-branch banking services. But that is where the similarities end. The biggest difference is credit unions believe in cooperative, locally run and member based financial services providing the best customer service to each and every member.

These are just a few of the major differences that you will notice when banking with a Credit Union.

Not only are you a member but you are also an owner.

Credit Unions are owned by the people who bank with us – our members. All of our members have a vote and an equal say in the choices that are made to better the products and services we offer to our members. We aren’t owned by big shareholders – we are owned by you, the members.  

We support local communities.

Each credit union focuses a lot of its attention on supporting the local community in which they belong. Whether it be a geographic space, an ethnic or cultural group, or employer community, there is always a credit union that is looking to provide you with the services that your community needs. On top of that, credit unions focus their charitable and volunteer time supporting the things that are important to our specific communities.

Customer Service is something we not only do, but we do really, really well!

We are proud of the services that we provide to our members. We spend the time getting to know our members and providing them with the specific services that they require. When you talk to one of the many credit union staff, they actually listen and provide you with the best option that fits your individual needs. 

Providing you with many of banking’s firsts!

Did you know credit unions were the first to bring our members online and mobile banking? As well as the first to offer our members full service ATMs and mobile cheque deposits. Not only that, but we were the first to lend money to women in their own name – a huge step forward in the financial world! We know it’s important to stay up to date and ahead of the game. We want to make sure that our members know we are here to make their financial experience a positive and enjoyable one.

So next time you are wondering what’s the difference between a bank and a credit union – just remember we do many of the same things, but we can do them better!

Don’t forget to visit our blog to catch up on all the things that matter to credit union members.

Member Savings Blog