No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
Member-owned banking in Edmonton — compared to big banks and digital alternatives
Edmonton has a strong credit union tradition, reflecting Alberta's cooperative financial roots. From Servus Credit Union's province-wide network to smaller community-focused institutions, Edmonton residents have genuine alternatives to the big banks. This guide compares the best credit unions in Edmonton for 2025 and explains when a credit union makes sense versus a digital bank like KOHO.
Alberta already saves you thousands with no land transfer tax. Save even more with KOHO's zero-fee banking. Cash back on groceries and gas, built-in budgeting, and a free prepaid Visa. Use code BREMO2026 for a bonus.
Get KOHO Free — Use Code BREMO2026| Feature | Servus CU | RBC / TD | ATB Financial | KOHO |
|---|---|---|---|---|
| Monthly fee | $0–$15 | $4–$30 | $0–$25 | $0 |
| Member ownership | Yes | No | No (Crown) | No |
| AB-focused | Yes | No | Yes | No |
| Deposit protection | CUDGC (unlimited) | CDIC ($100K) | CUDGC (unlimited) | CDIC via partner |
| Branch network (AB) | 100+ | Many | 170+ | Digital only |
| Cash back rewards | Limited | Credit card only | Limited | Up to 5% |
Servus Credit Union is headquartered in Edmonton and is the largest credit union in Alberta. With over $18 billion in assets and 100+ locations, Servus operates at a scale comparable to some regional banks. Members receive profit sharing distributions, competitive mortgage rates, and the service model of a community-focused institution.
Servus is particularly strong for Edmonton residents who want a mortgage, HELOC, or vehicle financing — products where credit unions often beat big bank rates due to their non-profit structure. Student accounts and youth banking are also a Servus strength.
Credit unions excel at bigger financial products — mortgages, vehicle loans, HELOCs — where personal relationships and member-focused rates matter. For everyday spending and saving, KOHO's zero-fee structure and 5% cash back on groceries and gas can save $200–$500/year compared to a credit union's chequing account fees and no reward earning.
The optimal setup for many Edmonton residents: Servus Credit Union for mortgage and savings, KOHO for daily transactions and cash back. Both are free to maintain simultaneously.
Last updated: March 2025. Verify rates and features directly with each institution.