Coast Capital Mortgage Rates & Reviews

WOWA Trusted and Transparent

Coast Capital Savings is the third largest credit union in Canada in terms of assets and the largest in Canada based on number of members. Over 593,000 members use Coast Capital for their day-to-day banking, mortgages, investments, insurance, loans, and other financial services. Since its beginning in 1940, Coast Capital Savings has grown to include 47 branches throughout British Columbia that offer full-service banking and 24/7 access through online banking and mobile banking.

Headquartered in Surrey, Coast Capital has branches through Metro Vancouver, the Fraser Valley, Vancouver Island, and the Okanagan. As a federal credit union, their full name is Coast Capital Savings Federal Credit Union. Despite this, Coast Capital and Coast Capital mortgages are only available to customers in British Columbia.

Best 5-Year Fixed Mortgage Rates in Canada

BMO

5.09%

Promotional Rate

TD

5.09%

RBC

5.74%

Scotiabank

6.34%

Mortgage Term:

1-Yr2-Yr3-Yr4-Yr5-Yr

Fixed

Variable

See More Rates

A fixed rate mortgage with Coast Capital is a type of home loan where the interest rate remains the same for the length of the mortgage term. This means that your monthly mortgage payments, and importantly your mortgage interest payments, will remain exactly the same. Coast Capital offers mortgages with an amortization period over 25 years, however, these mortgages will have a higher mortgage rate.

For Coast Capital fixed rate mortgages, the following term lengths are offered:

Coast Capital mortgages are only available for properties located in the Lower Mainland, the Fraser Valley, the Okanagan, or Vancouver Island. The table below shows current Coast Capital fixed mortgage rates.

Mortgage Amount:

Amortization:

10 Years15 Years20 Years25 Years30 Years

Payment Frequency:

MonthlyBi-Weekly

Term	Rate	Monthly Payment
1-Year Fixed	5.99%	$2,557
2-Year Fixed	5.29%	$2,393
3-Year Fixed	4.99%	$2,324
4-Year Fixed	4.94%	$2,313
5-Year Fixed	4.59%	$2,234
6-Year Fixed	5.44%	$2,428
7-Year Fixed	5.44%	$2,428
8-Year Fixed	6.84%	$2,762
9-Year Fixed	6.94%	$2,787
10-Year Fixed	6.84%	$2,762

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.

If you’re buying a new home or switching to Coast Capital, the Members Get It Mortgage can give you a cash bonus of up to $1,500 if you qualify. To be eligible, your mortgage must:

• Be a closed mortgage
• Have a principal amount of more than $150,000
• Have a term of 3 years or longer
• Be a new purchase or switch mortgage
• Be a first mortgage, or a second mortgage behind a Coast Capital mortgage

Coast Capital's Help Extras is a $1,000 cash bonus that is deposited into your Coast Capital chequing or savings account. You can use the cash for any purpose, such as buyer closing costs or even to invest it in an RRSP or TFSA.

Coast Capital also offers up to $500 in cash to cover your legal and appraisal fees associated with your Coast Capital mortgage.

A high-ratio mortgage is a mortgage with a loan-to-value ratio (LTV) that is higher than 80%. This means that the borrower would make a down payment of less than 20%. With a high-ratio mortgage, the minimum down payment can be as little as 5% for homes with a purchase price of $500,000 or less, or 10% on the portion of a home's price between $500,000 and $1 million. High-ratio mortgages are not available for homes with a purchase price over $1 million.

You'll also be required to purchase mortgage default insurance, which will be added to your mortgage balance. The most common type is CMHC insurance, although you may also choose from Sagen or Canada Guaranty.

Coast Capital high-ratio mortgages are available as fixed or variable for a 5-year term. A maximum amortization of 25 years is allowed.

Coast Capital High-Ratio vs. Members Get It Mortgage

Best 5-Year Fixed Mortgage Rates in Canada

BMO

5.09%

Promotional Rate

TD

5.09%

RBC

5.74%

Scotiabank

6.34%

Select: Term

1-Yr2-Yr3-Yr4-Yr5-Yr

Fixed

Variable

See More Rates

Coast Capital’s variable mortgage rate is based on their prime rate. As of , Coast Capital’s prime rate is %.

The available mortgage term options available for a variable rate mortgage is either 1-year or 5-year. An open variable mortgage is available for a 1-year term, while a 5-year variable high-ratio mortgage is also available.

Mortgage Amount:

Amortization:

10 Years15 Years20 Years25 Years30 Years

Payment Frequency:

MonthlyBi-Weekly

Term	Rate	Monthly Payment
5-Year Variable	5.99%	$2,557

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.

You can renew your Coast Capital mortgage up to 7 months early before your mortgage maturity date. You can also lock-in a rate with Coast Capital's rate hold if it is 4 months or less before your mortgage maturity date.

At renewal, you can change a variable rate mortgage into a fixed rate mortgage. You can also make prepayments at renewal without penalties.

Coast Capital allows you to make a prepayment of up to 20% of your mortgage principal once every year. Prepayments save you money in the long run by reducing the amount of interest that you pay over the life of the mortgage. Exceeding this 20% annual mortgage prepayment limit will result in mortgage prepayment penalties, which can be either 3 months’ of interest or an interest rate differential (IRD). At renewal, you can repay as much as you want without penalties.

You can convert a Coast Capital variable rate mortgage into a fixed rate mortgage at any time. This locks in your interest rate and protects you from rising rates. However, you can only convert to a fixed mortgage term that is equal to or longer than the remaining term of your variable rate mortgage. For example, if you have two years remaining on your variable rate term, you can convert it to a fixed rate mortgage with a term length of 2 years or longer.

Coast Capital charges the following fees for related mortgage services:

• Mortgage Transfer-In: Free
• Mortgage Transfer-Out: $75
• Mortgage Discharge: $75
• Mortgage Auto-Renewal: $100
• Mortgage Blend & Extend: $100
• Mortgage Payment Suspension: $25

Best 5-Year Fixed Mortgage Rates in Canada

BMO

5.09%

Promotional Rate

TD

5.09%

RBC

5.74%

Scotiabank

6.34%

Select: Term

1-Yr2-Yr3-Yr4-Yr5-Yr

Fixed

Variable

See More Rates

Coast Capital's no monthly fee chequing account, called the Free Chequing, Free Debit, and More Account, gives you unlimited transactions with no minimum balance requirement. This includes free deposits, transfers, and withdrawals, free ATM withdrawals and deposits with THE EXCHANGE Network ATMs, and free pre-authorized payments and deposits. Sending an Interac e-Transfer costs $1.50, while receiving them is free.

The Coast Chequing Prestige Account has a $21 monthly fee, while the Coast Chequing Classic Account has an $11 monthly fee. These accounts offer free personalized cheques. However, the Classic Account does not have unlimited transactions. Instead, it is limited to 40 transactions included per month. Each additional transaction costs $1.

The Prestige Account offers 8 free ATM withdrawals in Canada and abroad, as well as free bank drafts. Interac e-Transfers costs $1.50 on these accounts as well, but are still free to receive.

Seniors aged 59+ can receive a discount on their monthly fees. This reduces the Classic account's monthly fee to $0, and reduces the Prestige account's monthly fee to $10.50. The Prestige account's monthly fee can also be waived if you maintain a monthly balance of at least $5,000.

For those looking to hold U.S. Dollars, the Coast Capital US Chequing account is a no-monthly-fee account that allows unlimited deposits. However, only one free withdrawal per month is included. Each additional transaction costs $1 USD, but that can be waived if you hold a monthly balance of at least $1,000.

Comparing Coast Capital Chequing Accounts

Coast Capital's High-Interest Savings Account has no monthly fee with no minimum balance requirement, and includes 2 free monthly transactions. Transfers between your Coast Capital bank accounts are also free. However, additional transactions over your 2 included transactions will cost $5 each. Sending an Interac e-Transfer will also cost $1.50 each.

Coast Capital’s credit cards are issued by Desjardins. All of Coast Capital’s credit cards offer 3-day travel insurance, with the exception of the Travel Odyssey GOLD Card, which offers 60-day extended travel insurance.

The No-fee Elegance GOLD Card has no monthly fee, and earns 0.5% cashback. You can pay an extra $30 per year to increase your cash back earning rate to 1%, or to reduce your interest rate from 19.9% to 12.9%.

The Low-rate Modulo GOLD Card is a low interest rate credit card, at 11.9% annual interest, with a $50 annual fee. It offers 1% cash back.

The Travel Odyssey GOLD Card is Coast Capital's travel credit card, with 60 days of extended travel insurance included. It offers 1% cash back, and you can pay an extra $30 per year to reduce the interest rate from 19.9% to 12.9%. It has an annual fee of $110.

Students can get the No-fee Student Visa Credit Card for no annual fee. This student credit card also offers mobile device insurance, but does not offer cash back on purchases.

Personal loans with Coast Capital can have a term of 1 to 10 years, with a fixed or variable interest rate. RRSP loans can be financed for 1 to 7 years.

Coast Capital's home equity line of credit (HELOC) lets you access up to 65% of your home's value. The Student Line of Credit lets students borrow up to $40,000, or $10,000 per year of study, at a line of credit interest rate of Prime + 2%. Personal lines of credit are also available.

Coast Capital car loans are available in British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia, PEI, and Newfoundland and Labrador. It usually takes 2 hours for a car loan to be processed by Coast Capital, and they are valid for 30 days.

Coast Capital has a variety of investment products, including GICs and term deposits, mutual funds, and even self-directed trading.

Short-term deposits of as short as 1 month are available, while the longest term is the 7-year Rising Rate GIC. Other GIC types include a variety of non-redeemable GICs from 1 year GICs to 5 years GICs, 1-year redeemable GICs, market-linked GICs, and USD GICs. The minimum investment amount is $500.

Two types of mutual funds are offered by Coast Capital: Sustainable Funds by Guardian Capital, and Core Funds by SEI Investments. The Sustainable Funds are focused on environmental, social, and governance (ESG) factors, while the Core Funds are focused on asset diversification, with funds having specific allocations in fixed income, Canadian equity, and foreign equity.

If you're looking for an online trading platform, Coast Capital has partnered with Qtrade Investor to allow you to trade with low commissions. You can also buy a select list of 100 ETFs for free.

Best 5-Year Fixed Mortgage Rates in Canada

BMO

5.09%

Promotional Rate

TD

5.09%

RBC

5.74%

Scotiabank

6.34%

Select: Term

1-Yr2-Yr3-Yr4-Yr5-Yr

Fixed

Variable

See More Rates

Coast Capital has been recognized as an industry leader through their many accolades over the years. In 2022, Coast Capital was on the B.C. Top Employer list for the seventh year in a row. moneyGenius ranks Coast Capital as first in the Personal Loan category in their Best of Money Awards, while the Canadian Credit Union Association (CCUA) 2022 National Credit Union Innovation Award was given to Coast Capital's Money Chat tool.

The CCUA also awarded Coast Capital with marketing awards in 2022:

• Best of Marketing
• Brand Awareness & Integrated Consumer Marketing & Radio category winner
• Social Media & Public Relations category winner
• Content Marketing category winner
• Direct Marketing Product category winner

Coast Capital is BBB accredited, with an A+ rating.

For customer service, Coast Capital was ranked #6 for Best Consumer Banking Service Experience by Surviscor.

2022 Best Consumer Banking Service Experience by Surviscor

Rank		Consumer Banking Firm	Score	Average Response Time
1		Conexus Credit Union	92%	5 hours
2		Servus Credit Union	68%	15 hours
3		Assiniboine Credit Union	63%	9 hours
4		Alterna Savings	49%	23 hours
5		Motive Financial	45%	26 hours
6		Coast Capital Savings	42%	36 hours
7		National Bank	40%	39 hours
8		Simplii Financial	38%	46 hours
9		Meridian Credit Union	37%	35 hours
10		Steinbach Credit Union	36%	28 hours

Source: Surviscor

Coast Capital also receives high marks for their online banking experience by Surviscor.

2022 Best Consumer Online Banking Experience by Surviscor

Rank		Consumer Banking Firm	Score
1		RBC	98%
2		CIBC	90%
3		BMO	85%
4		TD	84%
5		Desjardins	83%
6		Scotiabank	79%
7		National Bank	78%
8		Meridian Credit Union	75%
9		Coast Capital Savings	74%
10		motusbank	71%
		Tangerine	71%

Source: Surviscor

The table below shows the number of Coast Capital branches in each city and town.