Teachers Plus Credit Union
Teachers Plus Credit Union is a member-owned cooperative financial institution founded in 1956, headquartered in Halifax, Nova Scotia, serving Nova Scotia residents, the teaching community, and small businesses with a full suite of personal and commercial banking products distributed through branches, digital channels, and partner networks.
- Company typePrivate
- Founded1956
- HeadquartersBedford, Canada
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Teachers Plus Credit Union does
Teachers Plus Credit Union is a member-owned cooperative financial institution headquartered in Halifax, Nova Scotia, founded in 1956 to serve the province's teaching community and now serving Nova Scotia residents and small businesses more broadly. The credit union operates a full-service retail and SMB banking franchise spanning chequing and savings accounts (multiple tiers including senior and student variants), mortgages and personal loans (vehicle, RRSP, home equity, student, green), lines of credit, term deposits and registered plans (TFSA, RRSP, RRIF, RESP, FHSA), and business banking (accounts, loans, lines of credit, Visa business cards, merchant services). Distribution is multi-channel, combining a physical Halifax-area headquarters branch, MemberDirect® online banking, a mobile app with self-serve account opening at apply.teachersplus.ca, phone banking, and access to 3,000+ surcharge-free ATMs across Canada. The product suite is completed by partner-distributed offerings: Collabria-issued Mastercard credit cards, Qtrade Direct Investing for self-directed brokerage, CUMIS for home and auto insurance, and Allianz for travel insurance.
Revenue is generated through four primary streams: net interest income from lending products (mortgages, personal loans, lines of credit), recurring account and transaction fees (e.g., $5-$25/month personal chequing, $4-$90/month business chequing), affiliate commissions on distributed insurance and investment products, and credit card interchange through the Collabria partnership. The deposit book is backed by the Credit Union Deposit Guarantee Corporation up to $250,000 per depositor, marketed as the highest protection in Nova Scotia. Digital security relies on 128-bit SSL encryption, multi-factor authentication, and consumer debit/credit card codes of conduct, with self-service card management via Lock'N'Block and international country blocking. The institution is independently member-owned with no parent company, operates within the Atlantic Credit Unions network, and has announced exploration of a potential four-way merger with East Coast Credit Union, Acadian Credit Union, and INOVA Credit Union under the 'Our Future Together' initiative.
Teachers Plus Credit Union firmographics
Firmographics- Name
- Teachers Plus Credit Union
- Legal name
- Teachers Plus Credit Union
- Website
- https://teachersplus.ca
- Company type
- Private
- Founded year
- 1956
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Teachers Plus Credit Union is a member-owned cooperative financial institution founded in 1956, headquartered in Halifax, Nova Scotia, serving Nova Scotia residents, the teaching community, and small businesses with a full suite of personal and commercial banking products distributed through branches, digital channels, and partner networks.
- Ownership category
- akta.pro rank
Teachers Plus Credit Union industry classification
Industry- Product category
- Retail Banking
- NAICS
- Credit Unions (52213)
- SIC
- Savings Institution, Federally Chartered (6035)
- akta.pro primary industry
- Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)
- akta.pro secondary industries
- Faith-Based & Affinity Credit Unions (FSABAEAH), Federations/Centrals & Cooperative Banking Networks (2nd-Tier Co-ops) (FSABAEAL)
Keywords
Where Teachers Plus Credit Union is headquartered
LocationHeadquarters
- HQ city
- Bedford
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Teachers Plus Credit Union business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel
Revenue model
- Interest Income from Lending: The primary revenue stream comes from interest earned on various loan products including mortgages, personal loans, vehicle loans, home equity loans, RRSP loans, student loans, green loans, and lines of credit. Interest rates vary by product type and term.
- Account and Transaction Fees: Monthly account fees for chequing and savings accounts, per-item fees for non-electronic transactions, and various banking service fees. Examples include Electronic Chequing at $15/month, Chequing 40 at $12/month, Business 50 at $35/month.
- Investment Product Distribution: Revenue from distribution of investment products including term deposits, TFSAs, RRSPs, RRIFs, RESPs, FHSAs, mutual funds, and online brokerage services through partners like Qtrade.
- Insurance Product Distribution: Commission revenue from insurance products offered through partners including home & auto insurance (CUMIS), travel insurance (Allianz), life insurance, and credit protection insurance.
- Credit Card Interchange: Revenue generated from credit card processing through Collabria Credit Cards partnership, including various card types from Classic Mastercard to World Elite Cash Back.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Electronic Chequing - Unlimited electronic transactions with low monthly fee |
| Subscription | Monthly | Chequing 40 - Moderate transaction package for regular banking |
| Subscription | Monthly | Chequing 15 - Low-volume account with minimal fees |
| Subscription | Monthly | Chequing Unlimited - Premium account with unlimited everything |
| Subscription | Monthly | Chequing 25 Student - Free account for post-secondary students |
| Subscription | Monthly | Business Pay-As-You-Go - Flexible business account |
| Subscription | Monthly | Business 25 - Small business account with basic transactions |
| Subscription | Monthly | Business 50 - Growing business account |
| Subscription | Monthly | Business 85 - Medium business account |
| Subscription | Monthly | Business 125 - Large business account |
| Subscription | Annual | Term Deposits - Fixed-term investment products |
| Subscription | Monthly | Savings Accounts - Interest-bearing savings |
Go-to-market motion1 record
Distribution channels8 records
Marketing channels6 records
Teachers Plus Credit Union product offering
Product offeringCore offering
Teachers Plus Credit Union is a member-owned cooperative financial institution that provides full-service retail banking, including tiered chequing and savings accounts, mortgages, personal and commercial loans, lines of credit, Mastercard and Visa credit cards, registered investment plans (TFSA, RRSP, RRIF, FHSA, RESP), term deposits, self-directed brokerage, business banking, merchant services, and home, auto, travel, life, and credit protection insurance distributed through partner channels. Products are delivered via physical branches in Nova Scotia, digital banking through the MemberDirect® online platform, a mobile app, phone banking, and a 3,000+ ATM network across Canada.
Product overview
Teachers Plus Credit Union operates as a member-owned financial institution offering a comprehensive suite of personal and business banking products organized around core chequing/savings accounts, lending solutions, and investment services. The personal banking platform centers on chequing accounts (multiple tiers including Electronic, Chequing 15/40/Unlimited and senior/student variants), savings accounts (Your Savings with tiered rates, First Rate Savings for higher balances), and a full range of credit products including mortgages (open/closed), personal loans (vehicle, RRSP, home equity, student, green loans), lines of credit, and Collabria-issued credit cards (Cash Back, World Elite, Classic, Centra Gold, US Dollar, Travel Rewards Gold, World Mastercards). Investment offerings include TFSAs, RRSPs, FHSAs, RESPs, and term deposits, plus Qtrade Direct Investing for self-directed trading and financial planning advisory services. Insurance products are offered through partnerships with CUMIS (home & auto) and Allianz (travel), plus life and credit protection coverage. Business banking encompasses multiple chequing account tiers (Business 25/50/85/125), business loans & mortgages, lines of credit, Visa business credit cards, term deposits, and merchant services for payment processing. Digital banking features include a mobile app, MemberDirect® online banking with multi-factor authentication, Lock'N'Block card security, and Deposit Anywhere™ mobile cheque deposits. The institution is exploring a potential merger with East Coast Credit Union, Acadian Credit Union, and INOVA Credit Union.
Differentiator
Problem solved
Functional benefit
Products and services
- Chequing Accounts
- Savings Accounts
- Mortgages
- Personal Loans
- Lines of Credit
- Credit Cards (Collabria Mastercard)
- Tax-Free Savings Account (TFSA)
- Registered Retirement Savings Plan (RRSP)
- First Home Savings Account (FHSA)
- Registered Education Savings Plan (RESP)
- Term Deposits (GICs)
- Business Credit Cards (Visa)
- Business Loans & Mortgages
- Business Lines of Credit
- Business Term Deposits
- Merchant Services
- Home & Auto Insurance
- Travel Insurance
- Life Insurance
- Credit Protection
- Business Accounts
- Online Brokerage (Qtrade Direct Investing)
- Financial Planning
- Mobile App
- Online Banking (MemberDirect®)
- Business Loan Protection
Companies that use Teachers Plus Credit Union
Customer profileSegments5 records
Ideal customer profiles2 records
Teachers Plus Credit Union technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration13 records
Feature7 records
Teachers Plus Credit Union partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and flagship.
- Collabria Credit CardscoreCollabria provides credit card processing and issuance services for Teachers Plus Credit Union, offering multiple card types including Classic Mastercard, Cash Back Mastercard, Cash Back World Elite Mastercard, Travel Rewards Gold Mastercard, Centra Gold MasterCard, US Dollar Mastercard, and World Mastercard. Cards are available through collabriacreditcards.ca.
- CUMIS (Cooperators)coreCUMIS provides home and auto insurance products for Teachers Plus Credit Union members. The partnership offers coverage through the CUMIS insurance brand, with 24/7 claims service and quick quotes at competitive rates. Also provides travel insurance underwritten by Allianz Global Assistance.
- Allianz Global AssistancecoreAllianz provides travel insurance through the Teachers Plus Credit Union partnership, offering up to $10 million in out-of-province emergency medical coverage, trip cancellation, interruption and delay coverage, with 24/7 multilingual emergency assistance.
- Qtrade Direct InvestingcoreQtrade Direct Investing is presented as Canada's #1 online trading platform, offering stocks, bonds, ETFs, and mutual fund trading with low trading fees. Available through Teachers Plus Credit Union for members seeking self-directed investment options.
- Credit Union Deposit Guarantee CorporationcoreProvincial deposit insurer that provides deposit protection up to $250,000 per depositor for Teachers Plus Credit Union members, ensuring the highest level of deposit security in Nova Scotia.
- East Coast Credit UnionflagshipTeachers Plus Credit Union is exploring a potential merger with East Coast Credit Union along with Acadian Credit Union and INOVA Credit Union, as announced publicly. Visit OurFutureTogether.info for more information about this merger opportunity.
- Acadian Credit UnionflagshipTeachers Plus Credit Union is exploring a potential merger with Acadian Credit Union along with East Coast Credit Union and INOVA Credit Union, as announced publicly. Visit OurFutureTogether.info for more information about this merger opportunity.
- INOVA Credit UnionflagshipTeachers Plus Credit Union is exploring a potential merger with INOVA Credit Union along with East Coast Credit Union and Acadian Credit Union, as announced publicly. Visit OurFutureTogether.info for more information about this merger opportunity.
- Nova Scotia Teachers Union (NSTU)corePartnership with NSTU to provide financial literacy seminars and pre-retirement seminars for Nova Scotia teachers, supporting the credit union's mission to serve the education community.
Scale indicators3 records
Recent moves7 records
Expansion highlights5 records
Teachers Plus Credit Union competitors and assessment
Company assessmentBroad incumbents
- Desjardins Group: Canada's largest credit union cooperative, operating the Caisses Desjardins across Quebec and Ontario; offers the same full suite of personal/business banking and insurance but at much greater scale and geographic reach.
- Meridian Credit Union: Ontario-based credit union with a comparable full-service retail and small business banking offering; similarly operates digital banking, mortgages, and investment products through a member-owned model.
- Vancity: Largest Canadian credit union by assets, based in British Columbia; shares the member-owned cooperative model and full-service retail/business banking orientation but operates at materially greater scale.
- Coast Capital Savings: Large Canadian credit union serving British Columbia members with full personal and business banking; comparable product suite (chequing, mortgages, investments, insurance) but at significantly greater scale.
- First West Credit Union: Western Canadian credit union with comparable full-service retail and commercial banking offerings, including digital channels and insurance distribution partnerships.
Direct peers
- INOVA Credit Union: Another Nova Scotia-based credit union and announced merger partner; comparable member-owned cooperative offering deposit, lending, and digital services to retail and small business customers.
- East Coast Credit Union: Nova Scotia-based credit union and announced merger partner; offers a comparable personal and business banking suite including mortgages, loans, and digital banking to a similar Nova Scotia member base.
- Acadian Credit Union: Credit union operating across the Atlantic provinces and announced merger partner with Teachers Plus; serves retail members with deposit, lending, and digital banking products similar in scope and scale.
Regional players
- Caisse Populaire (Atlantic region): Acadian co-operative credit unions in the Maritime provinces share the cooperative banking model and Atlantic Canadian footprint; comparable in product mix but rooted in francophone communities rather than the teacher affinity.
Emerging players
- Nova Scotia Liquor Corporation (NSLC) Employee Credit Union: Small Nova Scotia affinity-based credit union serving a narrow employee community; shares the credit-union and Nova Scotia regional profile but is sub-scale and narrowly focused versus Teachers Plus.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Teachers Plus Credit Union social profiles
Digital presenceTeachers Plus Credit Union compliance and trust
Trust signalCompliance7 records
Teachers Plus Credit Union financial estimates
Financial estimateRevenue estimate
Valuation estimate
Teachers Plus Credit Union leadership team
Management profileNumber of profiles
Profiles10 records
Teachers Plus Credit Union funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Teachers Plus Credit Union M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Teachers Plus Credit Union
What does Teachers Plus Credit Union do?
Teachers Plus Credit Union is a member-owned cooperative financial institution that provides full-service retail banking, including tiered chequing and savings accounts, mortgages, personal and commercial loans, lines of credit, Mastercard and Visa credit cards, registered investment plans (TFSA, RRSP, RRIF, FHSA, RESP), term deposits, self-directed brokerage, business banking, merchant services, and home, auto, travel, life, and credit protection insurance distributed through partner channels. Products are delivered via physical branches in Nova Scotia, digital banking through the MemberDirect® online platform, a mobile app, phone banking, and a 3,000+ ATM network across Canada.
Is Teachers Plus Credit Union a public or private company?
Teachers Plus Credit Union is a private company. It is classified as management employee owned and is currently operating.
When was Teachers Plus Credit Union founded?
Teachers Plus Credit Union was founded in 1956. It employs 11 to 50 people.
Where is Teachers Plus Credit Union based?
Teachers Plus Credit Union is headquartered in Bedford, Canada, in the North America region.
How does Teachers Plus Credit Union make money?
Five revenue lines are on record. Interest Income from Lending is the primary driver. The others are account and Transaction Fees, investment Product Distribution, insurance Product Distribution and credit Card Interchange.
Who are Teachers Plus Credit Union's main competitors?
Broad incumbents on record are Desjardins Group, Meridian Credit Union, Vancity, Coast Capital Savings and First West Credit Union. Direct peers are INOVA Credit Union, East Coast Credit Union and Acadian Credit Union. Caisse Populaire (Atlantic region) is listed as a regional player. Nova Scotia Liquor Corporation (NSLC) Employee Credit Union is listed as an emerging player.
Does Teachers Plus Credit Union have an API?
No public API is recorded for Teachers Plus Credit Union.
What industry is Teachers Plus Credit Union in?
Teachers Plus Credit Union's product category is Retail Banking. Its primary akta.pro industry code is FSABAEAA, Community Credit Unions (Retail/Consumer Focus), with a secondary code of FSABAEAH, Faith-Based & Affinity Credit Unions. Its NAICS code is 52213 and its SIC code is 6035.