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Published January 19, 2024
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7 minutes

Sydney Credit Union Review

Sydney Credit Union is a small co-operative financial institution in Nova Scotia. It offers chequing, savings and investment accounts online and at three branches.

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Sydney Credit Union at a glance

Sydney Credit Union was founded in 1935 by a few citizens of Nova Scotia. Today, Sydney has over 13,000 members and manages $300 million in assets.

  • Sydney Credit Union account options
    Credit cards
  • Other Sydney Credit Union services
    Lines of credit
    Business accounts and financing

Sydney Credit Union overview

Sydney Credit Union has three branches located in Sydney, Sydney River, and Whitney, Nova Scotia. The locally focused credit union serves more than 13,000 members and manages $300 million in assets. Sydney Credit Union offers a range of chequing accounts, savings accounts, credit cards and other financial products. Some account types also have special discounts for seniors and youth. The credit union also offers banking and loans for businesses.

As a credit union, Sydney prioritizes community support and development by providing loans to small business owners, and sponsoring community activities and events. Sydney Credit Union also leads public education programs and runs its own charitable foundation that supports local projects working to improve financial literacy, community health and environmental protection. In addition, an annual scholarship program awards over $10,000 to help students cover post-secondary expenses. 

Online banking capabilities at Sydney Credit Union

In addition to in-person service at the three branches, Sydney Credit Union offers 24/7 online banking that allows members to complete a range of banking needs, including:

Is my money safe at Sydney Credit Union?

Deposits at Sydney Credit Union are protected by the Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC) up to a maximum of $250,000 per account type. Which means, deposits in savings and chequing accounts and term deposits are covered up to a total of $250,000. All your registered accounts, such as tax-free savings account (TFSA) and registered retirement savings account (RRSP) are covered separately, each up to max of $250,000. 

For online banking, Sydney Credit union prioritizes keeping your information and money safe with security features like log-in security questions, invisible reCAPTCHA and online banking alerts. Of course, members who bank online are expected to choose strong passwords that are difficult to guess and be careful not to log in while anyone is watching.

Credit cards offered by Sydney Credit Union all include purchase protection against fraud.

Sydney Credit Union account types

Sydney Credit union has a range of chequing and savings accounts for both individual and business needs.

Sydney Credit Union savings account

At this time, Sydney Credit Union only has one savings account available. 

Sydney Credit Union chequing accounts

Sydney Credit Union has personal chequing accounts and business chequing accounts. Seniors and youth members get some added benefits and discounts on the personal accounts. 

Personal chequing account options

Business chequing account options

Sydney Credit Union credit card accounts

Sydney Credit union offers a range of credit cards for personal needs, including a U.S. dollar credit card, and credit cards for businesses

Personal credit cards

Business credit cards

Sydney Credit Union investing accounts

Sydney Credit Union offers investment products and accounts both in-house and through Applied Wealth Strategies, a financial planning company. Members can choose from: 

Other Sydney Credit Union services

In addition to the account options and credit cards listed above, Sydney Credit Union offers:

Sydney Credit Union fees

Bank fees can vary based on the accounts you have and how you use them. Some of the common fees you may encounter using Sydney Credit Union’s financial products and services are:

Who is Sydney Credit Union best for?

Nova Scotia residents who appreciate banking with a full-service co-operative and supporting the local community.

Sydney Credit Union may be a small credit union but it’s had its roots firmly planted in Sydney, Nova Scotia for over eight decades. Sydney offers its members a range of accounts and services for both individual and business needs. SCU also contributes to the local community by supporting local organizations and offering scholarships to help local students attend post-secondary education.

Pros and Cons of Sydney Credit Union

There’s plenty to like about Sydney Credit Union, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.



How Sydney Credit Union compares to other credit unions

Primary region of serviceMobile and online bankingAre deposits insured?
Access Credit UnionManitoba.Yes.Yes, by the Deposit Guarantee Corporation of Manitoba.
Laurentian BankMontreal.Yes.Yes, by the Canada Deposit Insurance Corporation.
Northern Credit UnionNorthern Ontario.Yes.Yes, by the Financial Services Regulatory Authority of Ontario’s Deposit Insurance Reserve Fund.
Sydney Credit UnionNova Scotia.Yes.Yes, by the Nova Scotia Credit Union Deposit Insurance Corporation.
Vision Credit UnionAlberta.Yes.Yes, by the Credit Union Deposit Guarantee Corporation.

» MORE: Explore more Banking reviews, and see what other Canadian Big Banks, credit unions and online-only banks have to offer.

Frequently asked questions about Sydney Credit Union

Is the Sydney Credit Union online banking safe to use?

Yes, the Sydney Credit online banking security features include log-in security questions, invisible reCAPTCHA and online banking alerts. If you bank online, make sure you choose strong passwords that are difficult to guess and avoid logging in crowded public spaces.

What are the ways to bank with Sydney Credit Union?

Sydney Credit Union offers online, phone and in person banking.


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