The big difference between a credit union and a bank is membership.

At a credit union, you're not just a customer; you're a member. That means sharing a common bond with your fellow credit union members. In a community credit union, like Kootenay Savings, you are all part of the same community, and the emphasis is on sharing.

You're also a shareholder. Every member owns at least one share in the credit union and has an equal say in the overall direction of the credit union.

Democratic Ownership

The fundamental principle of credit unions is democratic ownership -- one member, one vote -- regardless of the amount of shareholding or deposits. You have a voice in your credit union and equal access to all the services it offers.

Share Accounts

The purchase of Membership Shares is required of all Members of Kootenay Savings. With a minimum investment of $25 ($5 for Junior Members), you join in the ownership of the Credit Union and enjoy access to all the services provided by Kootenay Savings.

Kootenay Savings pools the funds and makes them available to Members in the form of loans and mortgages. A portion of the interest and fees paid to Kootenay Savings covers the cost of operating the Credit Union. The remainder is returned to the Member-Owners in the form of interest on deposits, Patronage Dividends and transfers to Retained Earnings.

It's a good way to keep the resources of our community working for our community.

Profit Sharing

We share our profits with our members. The more business you do with us, borrowing or saving, the bigger your share. And you can roll these shares into an RRSP, a great way to add to your future retirement plans and gain tax credits while you do it.  For more information on our Profit Sharing program click here.

Credit Union Deposit Insurance

As a credit union member your deposits are protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC). 

Credit Union Deposit Insurance Corporation of British Columbia - Deposit 100% Guaranteed

Frequently Asked Questions about Credit Union Deposit Insurance