Servus Credit Union Mortgage Rates & Reviews

This Page's Content Was Last Updated: January 16, 2023
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Servus’s predecessor, Capital City Savings and Credit Union, was founded in 1938 in Edmonton. Over time it merged with several other credit unions and became more significant. Today it is known as Servus Credit Union, the largest credit union in Alberta and one of the largest credit unions in Canada. The most important among these mergers was its amalgamation with Community Savings and Common Wealth Credit Union in 2008.

As a credit union, Servus has the legal structure of a cooperative and only serves its members. Thus before opening an account with Servus, you must purchase a Servus common share. Currently, Servus has around 380,000 members. Servus is controlled by a board of directors elected democratically by the members of Servus.

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Mortgage Term:

Servus’s fiscal year ends on October 31. At the end of each fiscal year, the board of directors determines the past year's profit and shares it with its members. Part of this profit sharing is paid in proportion to the average balance of a member's accounts and loans throughout the year. For agricultural and commercial accounts, this payment takes the form of a partial rebate on service charges paid throughout the year. Another part of the profit share program is dividends paid to common shares in the form of common shares.

Servus is headquartered in the city of Edmonton but has regional offices in Lloydminster and Red Deer. Servus provides the full range of financial services, including chequing accounts, saving accounts, High Yield Saving accounts, USD accounts, business accounts, Guaranteed Investment Certificates (GICs), mortgage loans, credit cards, investments, financial planning and insurance.

Servus Credit Union Mortgage Rates

TermServus Credit Union RateCanada's Lowest Rate
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed

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. false

Their GIC offerings include redeemable GICs, non-redeemable GICs and US dollar GICs. Servus also offers tax shelters which are called registered accounts. These accounts include tax-free savings accounts (TFSA), registered retirement savings plan (RRSP), registered retirement income fund (RRIF) and registered education savings plan (RESP).

Their credit card offering includes business credit cards, no-fee credit cards and balance transfer credit cards. Finally, Servus credit union offers USD vs. CAD, Euro vs. CAD and British Pound vs. CAD currency conversion.

Servus members are served by around 2400 employees working in about 100 branches across 59 communities in Alberta. Members can also access telephone and online banking, ATMs and debit cards.

Like other credit unions in Alberta, Servus Credit Union is regulated by the Alberta Credit Union Deposit Guarantee Corporation. Alberta Credit Union Deposit Guarantee Corporation guarantees member deposits in all Alberta credit unions, including Servus.

At least on paper, Alberta credit unions enjoy more comprehensive deposit insurance than Canadian banks. Canada Deposit Insurance Corporation, which guarantees deposits held by federally regulated financial institutions, limits its guarantee to $100,000 in each type of account for each person in each financial institution.

You can seek a mortgage preapproval at the start of your home-buying journey. A Servus preapproval would hold the mortgage rate for 120 days after issuance. Servus offers fixed-rate 6-month convertible mortgages, 1-year fixed mortgages, 2-year fixed mortgages, 3-year fixed mortgages, 4-year fixed mortgages, and 5-year fixed closed and open mortgages. Their advertised mortgage rates are pretty high, but in December 2022, they do offer special rates for their 5-year fixed mortgages. Their special rates are pretty reasonable. Moreover, you can always negotiate with Servus for a discount from their posted mortgage rate.

Servus’s profit share program results in mortgage holders getting some cash back on the order of a few hundred dollars each year. Also, Servus offers a prepayment privilege to pay up to 20% of your initial mortgage principal each year. This prepayment privilege can be used by making lump sum payments at any time or by increasing your monthly installment by as much as 20% of your initial installment amount once per year.

But if you make total prepayments of more than 20% of your initial mortgage principal or if you decide to pay off your mortgage before the end of its term, you will face a prepayment penalty. Servus charges either three months of interest on the remaining principal or an interest rate differential (IRD), whichever is greater, as a prepayment penalty. IRD is the difference between the interest you would have paid over the rest of your term and the interest that Servus can earn by loaning that money at today's rates.

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Mortgage Term:

Servus Credit Union Mortgage Prepayment Calculator

Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.


What is the remaining balance on your mortgage?

What is the term-length and type of your current mortgage?

Variable Rate
Fixed Rate

What is your current mortgage interest rate?


If applicable, what was the rate discount you received when you signed your current mortgage agreement?

The day you signed your mortgage, your lender may have provided you with a discount. You may be paying 3.25% but the posted rate on that day was 3.75%, a discount of 0.5%. If you are unaware of any discount, you can skip this step.

When did your current mortgage start?

Who is your current mortgage lender?

What is Servus Credit Union's current interest rate for a 3-year fixed rate mortgage?

We have populated this field for you with our most up to date data. For information on why we need this field see Interest Rate Differential
Your estimated mortgage break penalty is...

How is my mortgage penalty calculated?

Remaining Mortgage Balance
Current Mortgage Interest Rate
3-Months Interest
Total Penalty


Judging by user reviews made on google, the member experience seems to depend strongly on the branch they were served. The average score received by different branches varies greatly from a high average score of 5 out of 5 for their branches in Gulf Canada Square in Calgary, Whitecourt, Hinton, Plamondon, Grimshaw, Sangudo, Grande Cache, Crowfoot, Dewberry, Legal, Alix and High River to a low average score of 2.1 out of 5 for their branch in Atrium center, Lloydminster and every score in between 5 and 2.1. Unfortunately, some branches do not have any reviews, and many of those with the top score of 5 out of 5 only have one review. Generally, a small number of reviews make the attained score unreliable.

This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of the information shown and is not responsible for any consequence that arise from the use of the calculator and its results. Any financing products shown are subject to terms and conditions and may not be available in certain regions.