PenFinancial Credit Union Limited
This Page's Content Was Last Updated: July 21, 2026
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Credit Union
PenFinancial
PenFinancial Credit Union Limited is a credit union located in Ontario. It was founded in 1949. It primarily serves Niagara Peninsula and Haldimand County.
PenFinancial Credit Union has served Niagara for more than 60 years. Its history includes the consolidation of workplace-based credit unions formed by local workers in sectors such as manufacturing, health care, municipal services, and other community fields. Today, it is headquartered in Welland and operates as a member-owned financial cooperative serving Niagara and Haldimand.
PenFinancial is a certified B Corporation and a Living Wage Employer. It is also recognized by the Ontario Living Wage Network as the only financial institution in Niagara with that designation. The credit union supports renewable energy through Bullfrog Power and funds local initiatives through programs such as the Truly Local Grant Program.
PenFinancial’s work is focused on member service, local reinvestment, and community-based financial services.
Provinces served
Number of Members (as of 2025): ~19,000
Chequing and Savings Accounts
The account-related data on this page was last updated on July 20, 2026.
Chequing Accounts
Chequing Account
1. Account: Pay-As-You-Go Chequing Account
- Standard Fee
- Free
- Free Transactions
- 0
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- This account allows 0 free transactions.
- Interac e-Transfer: $1.50 Debit Transaction: $1.00
- PenFinancial Pay-As-You-Go Chequing Account is a no-monthly-fee chequing account with unlimited free deposits. Eligible transactions cost $1 each, while Interac e-Transfers cost $1.50 each. The account includes access to THE EXCHANGE Network of 3,600 ATMs across Canada, mobile cheque deposit, online banking, mobile banking, and branch access.
Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Chequing Account
2. Account: Unlimited Chequing Account
- Standard Fee
- $20.00/mo
- Free Transactions
- Unlimited
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- The monthly account fee is waived if you maintain a minimum balance of $5,000 in your account.
- This account allows Unlimited free transactions.
- 99 free Interac e-Transfers are included each month, with fees rebated at month-end.
- PenFinancial Unlimited Chequing Account is a $20-per-month chequing account with unlimited transactions and 99 Interac e-Transfers per month, with e-Transfer fees rebated at month-end. The monthly fee is waived when a minimum balance of $5,000 is maintained. Eligible members also receive a 50% rebate on the annual fee for a PenFinancial Collabria Mastercard.
Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Savings Accounts
Savings Account
Account: Growth Savings Account
- Interest Rate
- 0.05%*
- Standard Fee
- Free
- Free Transactions
- 0
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- This account allows 0 free transactions.
*Interest Rate Breakdown by Balance
Balance amount Interest rate $1 to $4,999 0.05% $5,000 to $9,999 0.10% $10,000 to $24,999 0.15% $25,000 to $59,999 0.20% $60,000 to $99,999 0.30% $100,000 or over 0.35% - PenFinancial Growth Savings Account is a no-monthly-fee savings account with no minimum balance requirement and tiered interest rates that increase at specified balance thresholds. Unlimited deposits are free, while in-branch transactions cost $1 each. The account is available for both unregistered savings and registered plans, including an RSP variable option.
Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Savings Account
Account: High Interest Savings Account (TFSA, RSP, RIF)
- Interest Rate
- 0.05%*
- Standard Fee
- Free
- Free Transactions
- 0
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- This account allows 0 free transactions.
*Interest Rate Breakdown by Balance
Balance amount Interest rate $1 to $4,999 0.05% $5,000 to $24,999 0.60% $25,000 to $49,999 0.70% $50,000 or over 0.80% - PenFinancial High Interest Savings Account is a no-monthly-fee registered savings account available as a TFSA, RRSP, or RRIF. It has no minimum balance requirement, offers tiered interest rates, and includes free online transactions and unlimited online deposits. In-branch transactions cost $5 each, while registered deposits receive unlimited FSRA coverage.
Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Key Financial Metrics and Trends
| Metric | 2025 | YoY Change | 5-Year Change |
|---|---|---|---|
| Assets | $809M | +1.5% | +8.2% |
| Loans | $739M | +1.1% | +11.0% |
| Deposits | $670M | +2.4% | +5.7% |
| Loan-to-Deposit Ratio | 110.3% | — | — |
| Mortgages + HELOCs | N/A | N/A | N/A |
| Securities | $37M | +12.1% | -14.0% |
| Revenue | $21M | +16.7% | +10.5% |
| Efficiency Ratio | 85.2% | — | — |
| Target Members / Region | Niagara Peninsula and Haldimand County | — | — |
PenFinancial Credit Union Limited Deposits, Loans and Revenue in the Past 5 Years
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