Canada's largest credit union — $420B assets, member surplus returns, competitive rates. Full Desjardins review vs the Big Five.
Desjardins Group is not just Canada's largest credit union — it's one of the largest financial institutions in the country, period. With over $420 billion in assets, 7 million+ members and clients, and operations across Quebec, Ontario, and beyond, Desjardins operates at a scale that rivals the Big Five banks while maintaining its co-operative roots.
Founded in 1900 by Alphonse Desjardins in Lévis, Quebec, Desjardins pioneered the caisse populaire (people's bank) model that influenced credit unions globally. Today, the Desjardins network operates through 700+ caisses (branches) primarily in Quebec, with growing Ontario and national presence.
| Product | Rate / Fee | Notes |
|---|---|---|
| Modulo Account (basic) | $0–$6.95/month | Limited transactions |
| Opus Account (unlimited) | $14.95/month | Full-featured |
| TFSA (AccèsD) | Up to 4.0% | Competitive for CU sector |
| RRSP GIC (1-year) | Up to 4.75% | Non-redeemable |
| 5-Year Fixed Mortgage | ~5.29% | Competitive vs Big Five |
| Business Chequing | $15–$35/month | Tiered |
| Member surplus return | Varies annually | Cash back to members |
| Feature | Desjardins | RBC | TD |
|---|---|---|---|
| Monthly fee (unlimited) | $14.95 | $16.95 | $29.95 |
| TFSA savings rate | 4.0% | 0.01% | 0.01% |
| Member surplus returned | Yes (annually) | No (shareholders) | No (shareholders) |
| Deposit insurance | AMF (QC) / FSRA (ON) | CDIC $100K/cat | CDIC $100K/cat |
| Caisse branches | 700+ (mainly QC) | 1,200+ | 1,100+ |
Desjardins caisses in Quebec are regulated by the AMF (Autorité des marchés financiers) and deposits are insured up to $100,000 per account type — comparable to CDIC. Ontario Desjardins credit unions fall under FSRA with unlimited protection. This is an important distinction: Quebec AMF coverage has a cap, while other provincial schemes are often unlimited.
Desjardins is the obvious choice for Quebec residents seeking a full-service financial co-operative. For Ontario residents near the Quebec border or in French-speaking communities, Desjardins is also excellent. For non-francophone Canadians in other provinces, provincial credit unions typically offer better value and local service.
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