Credit union TFSA and HISA rates vs big banks — interactive calculator shows the wealth difference over 5 years.
The savings rate gap between credit unions and big banks is one of the most dramatic differences in Canadian personal finance. Big bank TFSA and HISA rates in 2026: 0.01%–0.05%. Credit union TFSA rates: 3.75%–4.5%. That's a 375x to 450x difference. On $50,000 in savings, the annual income difference is $1,875–$2,250 — every single year.
| Institution | TFSA Rate | RRSP GIC (1yr) | Province |
|---|---|---|---|
| Meridian CU | 4.5% | 4.8% | ON |
| Conexus CU | 4.3% | 4.8% | SK |
| Affinity CU | 4.2% | 4.75% | SK |
| Coast Capital | 4.25% (promo) | 4.65% | BC/National |
| Alterna Savings | 4.1% | 4.7% | ON |
| Desjardins | 4.0% | 4.75% | QC/ON |
| Cambrian CU | 3.9% | 4.65% | MB |
| RBC (comparison) | 0.01% | 4.5% (promo) | National |
| TD (comparison) | 0.01% | 4.5% (promo) | National |
| EQ Bank (comparison) | 4.0% | 5.0% | National |
Credit unions fund themselves primarily through member deposits rather than wholesale capital markets. To attract deposits, they offer competitive rates — often at the top of the market. Big banks rely on brand loyalty and switching inertia to keep rates low. A typical Big Five bank TFSA pays 0.01% because they know most customers won't move their money even when rates are 400x better elsewhere.
Both registered accounts benefit from credit union rate advantages. The TFSA is best for savings you may need to access (no tax on withdrawal). The RRSP/RRIF is better for retirement savings if you expect to be in a lower tax bracket in retirement. Credit union GICs in either account typically offer 4.5%–5.0% (1-year non-redeemable) vs 0.01%–3.0% at banks for comparable terms.
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