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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.

Serving employees and their families of the LCBO, OCRC, AGCO, Honeywell Limited, MTS Allstream Inc., Ontario Brewers and Wineries and the Shell Group of companies, we offer a full range of financial products and services.

We are dedicated to your financial goals. Knowledgeable staff, exceptional service, and a credit union that is there just for you - Member Savings will change the way you look at banking. Enjoy the attention of a financial institution that cares about you.


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
  • disbriution to members
  • building financial stability
  • on-going education
  • co-operation among co-operatives
  • social responsibility 

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.

A credit union is a financial co-operative, which is owned and democratically controlled by its members, the shareholders. As a public corporation, a credit union is required by law to hold an annual meeting to report to the shareholder-members, and to elect a Board of Directors, an Audit Committee, and appoint an external auditor.

The Board of Directors sets the policies, which determine the operation of the credit union and also oversees its performance. Credit unions are chartered by, and regulated by, the provincial government. The Deposit Insurance Corporation of Ontario provides deposit insurance coverage for members' deposits: a free brochure published by that Corporation is available at no cost, explaining the details.

Credit unions have been serving Canadians since 1900. They began as an alternative to the commercially centered, largely inaccessible banking system. Credit unions enabled people to save their money together to provide loans to fellow members. Today over one third of our country's population are members of credit unions and caisses populaires (our francophone counterparts).

Our Mission Statement and Corporate Principles

Member Savings Credit Union Limited, a caring financial institution committed to service excellence through understanding and anticipating member needs, will achieve high member satisfaction and profitable growth thereby becoming the primary financial institution for its members.

  • To provide excellent value to our members by offering very competitive rates on both deposit and loan products.
  • Sustain profitable growth ensuring that sufficient capital levels are maintained well above regulatory requirements.
  • Provide best of breed products and services to our members.
  • Portray a positive corporate image to our members, corporate sponsors and the credit union system.
  • Provide a high quality work environment for all employees that adheres to all regulatory requirements and corporate performance objectives.

The year ahead…

Focusing on the year ahead, we should begin to see the financial climate level out after several years of historically low interest rates followed by the recent increases.  Last year, rising interest rates was good news for depositors, looking for more attractive returns on their investments, but more challenging for borrowers.  For those looking to discuss their financial goals, we encourage members to schedule a check-up with our Investment Specialist, Betty Anne Flynn. This service is FREE for all members.              

For borrowers, Member Savings continues to offer very competitive rates on consolidation loans, lines of credit and mortgages. Compared to many of the big banks, we offer lower lending rates, with additional benefits to our members that are not readily available elsewhere.  Consolidating your high interest credit card debt into one low rate consolidation loan is a great way to reduce your debt and manage your payments. Our team of lenders are always ready to assist you with any of your borrowing needs.

In early 2019, we are excited to be rolling out two new enhanced user Interac e-Transfer® features.  Members will soon be able to request money that is owed to them and set up auto deposits by linking their email directly to a Member Savings Credit Union account. Stay tuned for more information on exact launch dates through our website and Member News emails.

In September 2018, we released our new line-up of Member Savings Collabria® Visa* cards with quick and easy approvals done directly through Member Savings itself.  Many of our Member Savings Collabria® Visa* cards can be used to collect FlexRewards points that can be redeemed for travel, cash back or merchandise. Contact any one of our Member Service Representatives or Lending Professionals to apply or simply apply online today!

We are always looking for member feedback, no matter good or bad, we want to hear it.  Let us know if there is a specific product or service you are looking for, an experience you had, something you would like to see improved or changed or just to say hello! We love hearing from our members and continue to strive towards helping you achieve your financial goals. 

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.