Vancouver Island's largest community credit union. Honest review of Island Savings products, rates, mortgages, fees, and how it compares to banks for Island residents.
Also Try KOHO — No Fees, Code 45ET55JSYAIsland Savings Credit Union was founded in 1951 in Duncan, BC, to serve the Cowichan Valley's agricultural workers and families. Over seven decades it has grown into Vancouver Island's largest community credit union, with assets exceeding $2 billion and branches spanning from Victoria to Campbell River. Island Savings is headquartered in Duncan (Cowichan Valley) and serves more than 40,000 members across Vancouver Island.
As a credit union, Island Savings is member-owned — depositors and borrowers are members who share in the institution's profits through annual patronage dividends (typically 0.5–2% of interest paid on loans, returned as dividends). Deposits are insured by the BC Credit Union Deposit Insurance Corporation (CUDIC) with unlimited protection — compared to the $100,000 per-category CDIC limit at banks.
Island Savings is particularly known for its Vancouver Island-specific mortgage lending, agricultural and rural property expertise, and its deep involvement in Island communities through local sponsorships and charitable giving.
Save on banking while you save for your island home. KOHO has no monthly fees, cash back on groceries and gas, and is available to all BC residents. Use code 45ET55JSYA for a sign-up bonus.
Get KOHO Free — Use Code 45ET55JSYA| Feature | Island Savings CU | TD Bank | RBC Royal Bank | KOHO + EQ Bank |
|---|---|---|---|---|
| Deposit Insurance | Unlimited (CUDIC) | $100K (CDIC) | $100K (CDIC) | CDIC / partner bank |
| Member Profit Share | Yes | No | No | No |
| Monthly Fee (chequing) | Low/waivable | $10.95–$29.95 | $11.95–$30.00 | $0 |
| Savings Rate | Competitive | 0.01% | 0.01% | 3.00% (EQ Bank) |
| Island Mortgage Expertise | Specialized | General | General | No mortgages |
| Victoria Branches | Multiple | Multiple | Multiple | Digital only |
| Agricultural Lending | Specialized | Limited | Limited | No |
| Investment Products | Full suite | Full suite | Full suite | GICs (EQ Bank) |
Island Savings Credit Union's mortgage products are its strongest differentiator from Big Six banks for Vancouver Island buyers. Key advantages include: Island-specific expertise in strata condo and townhome markets across Victoria, Nanaimo, Courtenay, and Duncan; flexible underwriting for self-employed borrowers common in Island tourism, forestry, and trades industries; agricultural lending for ALR properties in the Cowichan Valley and other Island farm communities; and local approval decisions that do not depend on centralized national credit adjudication.
Island Savings offers fixed and variable rate mortgages, home equity lines of credit (HELOC), construction mortgages, and first-time buyer products aligned with BC's first-time buyer programs. Their mortgage specialists are familiar with Greater Victoria's PTT exemption rules and can help buyers structure purchases to maximize savings.
Annual patronage dividends are returned to members who hold Island Savings mortgages and loans, effectively reducing the total cost of borrowing below the stated interest rate. The dividend amount varies by year but has historically been 0.5–1.5% of interest paid returned as a cash patronage.
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