Public Service Credit Union

Name

Public Service Credit Union

Legal name

Public Service Credit Union

Website

https://pscu.ca

Company type

Private

Founded year

1937

Operating status

Operating

Ownership category

akta.pro rank

Product category

Credit Union Banking

NAICS

Credit Unions (522130)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Consumer lending products
• Credit union services
• Mortgage financing
• Small business banking

Headquarters

HQ city

St. John's

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: Primary revenue stream from interest charged on mortgages, personal loans, lines of credit, and business loans. Variable and fixed rate products generate interest income as members borrow for homes, vehicles, and other financial needs.
2. Account and Transaction Fees: Monthly account fees for various chequing account tiers (ranging from $4 to $23.75 per month), per-item transaction fees, and e-transfer fees. Youth accounts offer no monthly fee options.
3. Credit Card Partnership Revenue: Revenue share from Collabria Credit Cards partnership for issuing Mastercard and Visa products. Cards include Classic, Gold, Cash Back, World, and World Elite variants for personal and business use.
4. Insurance Products: Commission revenue from insurance products including loan insurance, line of credit insurance, life insurance (underwritten by CUMIS), travel insurance (CUMIS Travel Insurance Program), and home & auto insurance (Co-operators).
5. Investment Products: Revenue from investment products including TFSAs, RRSPs, RESPs, FHSAs, and term deposits. Also includes financial planning services through CUFM partnership.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels6 records

Core offering

Public Service Credit Union is a member-owned cooperative financial institution that delivers retail and small-business banking, lending, investment, credit card, and insurance products to individuals and businesses in Newfoundland and Labrador. Its portfolio spans tiered personal chequing and savings accounts, registered investment accounts (TFSA, RRSP, RESP, FHSA, Term Deposits), residential mortgages, personal loans including green/eco financing, lines of credit and HELOCs, personal and business credit cards issued through Collabria, business chequing and government-guaranteed loans, and home/auto/life/travel/credit-protection insurance underwritten by CUMIS and Co-operators.

Product overview

Public Service Credit Union is a member-owned financial institution offering a comprehensive suite of banking, lending, investment, and insurance products. The portfolio includes multiple chequing account tiers (YOUTH, YOUR series) and savings options (YOUR Savings, TFSA, Special Payroll Savings), mortgages (Fixed Mortgage with up to 95% financing), personal loans (Consolidation, ECO-GREENER HOME, ECO-GREENER AUTO), lines of credit including HELOCs, credit cards through Collabria (Mastercard and Visa business/personal), registered accounts (TFSA, RRSP, RESP, FHSA, Term Deposits), insurance (home, auto, life, travel, credit protection through CUMIS/Co-operators), business banking (Business 20/50 accounts, small business loans, government-guaranteed loans), and digital banking (mobile app, online banking, TeleService). Financial planning services are provided through CUFM partner.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Chequing Accounts (YOUTH and YOUR series) Tiered chequing account portfolio for individuals including YOUTH Chequing Electronic (no monthly fee, ages 13-24), YOUTH Chequing Unlimited ($3/month, ages 13-24), YOUR Chequing ($4/month, pay-as-you-go with interest on daily closing balance), YOUR Chequing Electronic ($14.50/month, unlimited electronic transactions), YOUR Chequing 15 ($6/month, 15 included transactions), YOUR Chequing 40 ($11.75/month, 40 included transactions and 20% safety deposit box discount), YOUR Chequing Unlimited ($23.75/month, unlimited transactions, 5 free Interac and 2 free CIRRUS international ATM transactions), and YOUR US Chequing ($2/month, US dollar account). Monthly fees waive with minimum balance thresholds and youth/senior discounts apply.
• Personal Savings Accounts (YOUR Savings and Special Payroll Savings Plan) YOUR Savings is a daily interest savings account with tiered rates based on balance ($0-$4,999 at 0.01%; $5,000-$9,999 at 0.01%; $10,000-$24,999 at 0.02%; $25,000-$59,999 at 0.02%; $60,000+ at 0.02%) and two included debit transactions per month. Special Payroll Savings Plan (SPD) is an automated savings plan with payroll deduction, no fees or early withdrawal penalties, and immediate fund access.
• Tax-Free Savings Account (TFSA) Tax-advantaged savings account allowing annual contributions up to $6,000 with tax-free withdrawals and contribution room carryforward. Available as high-interest savings or 1-5 year TFSA Term Deposits.
• Registered Retirement Savings Plan (RRSP) Tax-deferred retirement savings account reducing taxable income with funds accessible for first home purchase or education under the Home Buyers' Plan and Lifelong Learning Plan.
• Registered Education Savings Plan (RESP) Education savings plan eligible for government grants and bonds (CESG), sheltering investment growth from tax until withdrawal for post-secondary education.
• First Home Savings Account (FHSA) Tax-free first home savings account with $8,000 annual and $40,000 lifetime contribution limits for qualifying home purchases by first-time buyers.
• Term Deposits (Guaranteed Investment Certificates) Guaranteed investment products with flexible terms and competitive interest rates, insured up to $250,000 by the Credit Union Deposit Guarantee Corporation. Available as non-registered or held within TFSA/RRSP/RESP/FHSA.
• Fixed Residential Mortgage Residential mortgage with flexible repayment terms up to 25 years amortization, pre-approvals available, and up to 95% financing through Sagen mortgage default insurance. Posted fixed rates range across 1-5 year terms (e.g., 1 Year Fixed 5.59%, 5 Years Fixed 4.69%) subject to credit profile.
• Personal Loans (Consolidation, ECO-GREENER HOME, ECO-GREENER AUTO) Consolidation Loan combines multiple debts into one lower-cost payment with flexible weekly to monthly terms and no prepayment penalties. ECO-GREENER HOME Loan (fixed rate starting 9.99%, 1-5 year terms) finances insulation, geothermal, heat pumps, solar, and ENERGY STAR windows. ECO-GREENER AUTO Loan (fixed rate starting 6.70%, 1-7 year terms, $10,000 minimum) finances hybrid and electric vehicles.
• Lines of Credit and Home Equity Line of Credit (HELOC) Revolving unsecured Line of Credit with competitive rates lower than credit cards, flexible payments, and interest charged only on funds used. Home Equity Line of Credit (HELOC) is secured against home equity up to 80% of property value with up to 25-year repayment and fixed rates.
• Personal Credit Cards (Collabria Mastercard portfolio) Mastercard credit card portfolio issued through Collabria for personal use: Classic, Centra Gold, Cash Back, World, Cash Back World Elite, US Dollar, and Travel Rewards Gold variants. Cards include rewards, cash back, travel points, and US dollar options, managed through the pscu.mycardinfo.com portal.
• Business Chequing Accounts (Business 20 and Business 50) Business chequing accounts tailored for small and growing businesses: Business 20 with 20 included transactions and basic features, and Business 50 with 50 included transactions and enhanced features. Distributed through dedicated relationship managers.
• Small Business Loans and Provincial Government Guaranteed Business Loans Competitive-rate business financing with flexible terms supporting business operations and growth, including Provincial Government Guaranteed Business Loans that provide secure financing backed by provincial government guarantee at competitive terms for qualified Newfoundland and Labrador businesses.
• Business Credit Cards (Collabria Visa portfolio) Visa business credit cards issued through Collabria: Visa Infinite Business with premium travel benefits and expense management tools, Low Rate Visa Business for cost-conscious owners managing balances, and No Fee Cash Back Visa Business with cash back earnings and no foreign transaction fees.
• Home & Auto Insurance Home insurance covering theft, liability, and unforeseen events, plus auto insurance covering theft, damage, legal costs, and medical treatment, distributed through Co-operators with quotes and claims handled through Co-operators platforms.
• Life Insurance Term life insurance with coverage from $10,000 to $500,000, convertible to whole life, automatic renewal at 5-year intervals to age 65, lower rates for women and nonsmokers, underwritten by CUMIS.
• Travel Insurance CUMIS travel insurance with up to $10 million coverage, 24/7 multilingual assistance, and multi-trip plans offered through the Co-operators CUMIS Travel Insurance Program.
• Credit Protection Insurance (Loan and Line of Credit) Loan and line of credit protection insurance covering life, critical illness, disability, and accident/sickness with maximum coverage up to $1,000,000. Single premium for loan coverage; monthly usage-based premium for line of credit coverage.
• Financial Planning Services (via CUFM) Expert financial planning services delivered through the CUFM (Credit Union Financial Management) partnership covering tax planning, retirement planning, investment planning, insurance planning, education planning, and major purchase planning for PSCU members.

Quantifiable outcome

• Access to 3,000+ surcharge-free ATMs across Canada
• +3 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core, strategic and minor.

• Collabria Financial ServicescoreChannel Partner/ Reseller/ DistributorCollabria provides credit card issuing services for PSCU, offering Mastercard products including Classic, Centra Gold, Cash Back, World, World Elite, and US Dollar variants. PSCU distributes these cards through Collabria's platform with card management available at pscu.mycardinfo.com and rewards redemption at reward-headquarters.com. Business credit cards (Visa Infinite Business, Low Rate Visa Business, No Fee Cash Back Visa Business) also offered through this partnership.
• CUMIS InsurancecoreChannel Partner/ Reseller/ DistributorCUMIS Insurance (underwritten by Co-operators) provides insurance products offered through PSCU including term life insurance, travel insurance (CUMIS Travel Insurance Program), loan insurance, and line of credit insurance. Products are sold with PSCU acting as the distributor to members, with quotes and claims handled through CUMIS platforms.
• Co-operatorscoreChannel Partner/ Reseller/ DistributorCo-operators provides home and auto insurance products distributed through PSCU. Insurance agent contact at https://www.cooperators.ca/en/insurance/home with quotes, claims, and support handled through Co-operators platforms. PSCU offers these products as part of its insurance portfolio to members.
• CUFM (Credit Union Financial Management)strategicStrategic or Co-development PartnerCUFM provides financial planning services in partnership with PSCU. PSCU offers access to CUFM's planning services and tools for members seeking retirement planning, tax planning, investment planning, insurance planning, education planning, and major purchase planning. The partnership includes a bursary program offering four $1,250 bursaries to students in Atlantic Canada.
• Credit Union Deposit Guarantee Corporation (CUDGC)coreOthersCUDGC provides deposit insurance protection for PSCU deposits up to $250,000 per depositor. This is a regulatory requirement for credit unions operating in Newfoundland and Labrador, ensuring member deposits are protected under provincial legislation.
• Sagen (formerly Genworth Canada)minorChannel Partner/ Reseller/ DistributorSagen provides mortgage default insurance for high-ratio mortgages (financing over 80% of property value). PSCU offers financing up to 95% with Sagen insurance, enabling members to purchase homes with smaller down payments.
• Atlantic Central / Atlantic Credit UnionsstrategicStrategic or Co-development PartnerAtlantic Central supports credit unions across Atlantic Canada and PSCU participates in the Atlantic Credit Unions Bursary Program offering 25 $1,000 bursaries to community college students across New Brunswick, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island. Additional awards include The Atlantic Credit Unions Graduate Award in Business, Award in Nursing, and Award in Social Work at Memorial University.
• Memorial University of NewfoundlandminorStrategic or Co-development PartnerPSCU maintains educational partnerships with Memorial University including The Public Service Credit Union Award for Leadership at the Marine Institute ($500 annual award for MATE Competition Team), PSCU Scholarship program, and Memorial Scholarship for Indigenous students. Partner colleges include College of the North Atlantic (CNA), Marine Institute of Memorial University, and Holland College.
• Co-operators InsuranceminorGTM or Marketing PartnerPSCU partners with Co-operators Insurance to award the $1,000 Co-operators Insurance Scholarship to a first-year student at Memorial University. Jenna Keats was the recipient, demonstrating the partnership for community scholarship programs.
• Kids Eat Smart FoundationminorGTM or Marketing PartnerCommunity partner receiving $62,150 in contributions from PSCU since 2012. PSCU supports food security initiatives for children in Newfoundland and Labrador through this partnership.
• Young Adult Cancer Canada NL (YACC)-Shave for the BraveminorGTM or Marketing PartnerCommunity partner receiving $40,000 in contributions from PSCU since 2012. Supports young adults in Newfoundland and Labrador affected by cancer through the Shave for the Brave program.
• Children's Wish Foundation NLminorGTM or Marketing PartnerCommunity partner receiving $34,500 in contributions from PSCU since 2012. Supports children with life-threatening illnesses in Newfoundland and Labrador.

Scale indicators5 records

Recent moves6 records

Direct peers

• Coastal Credit Union: Atlantic Canada-based member-owned credit union serving New Brunswick with a comparable product suite (deposits, lending, credit cards, investments). Closest analog to PSCU in scale, cooperative structure, and Atlantic Canada regional focus.

Broad incumbents

• Desjardins Group: Largest cooperative financial group in Canada operating as a broad credit union federation across Quebec and beyond with overlapping deposits, lending, insurance, and investment products. A vastly larger incumbent with the same cooperative philosophy but materially greater scale and geographic reach.
• RBC Royal Bank: Canada's largest bank with significant Newfoundland and Labrador branch presence offering the full suite of personal and business banking, lending, investments, and insurance products. The dominant competitor in PSCU's home market with broader scale and product capability.
• BMO Bank of Montreal: Major Canadian bank with NL presence providing deposits, mortgages, credit cards, and wealth management. Competes head-to-head with PSCU in personal and small business banking with materially greater scale and product breadth.

Regional players

• Vancity: British Columbia-based member-owned credit union offering comparable deposits, lending, and community-focused banking. Similar cooperative model and product breadth, but BC geography and larger scale versus PSCU's NL focus.
• Meridian Credit Union: Ontario-based member-owned credit union with a similar product suite including chequing, mortgages, lines of credit, and investments. Comparable cooperative structure and multi-product offering, but Ontario geography and materially larger scale.
• Affinity Credit Union: Saskatchewan-based member-owned credit union with similar cooperative structure, deposit and lending products, and community focus. Comparable mid-tier scale and product breadth to PSCU but operating in western Canada.

Emerging players

• Tangerine Bank: Canadian digital-first bank (Scotiabank subsidiary) offering chequing, savings, mortgages, and investments without physical branches. Directly competes with PSCU for deposit and lending customers, especially younger members comfortable with digital-only banking.
• Wealthsimple: Canadian digital wealth management and investing platform offering TFSAs, RRSPs, RESPs, and FHSA accounts. Competes directly with PSCU's investment product line for digitally native members seeking low-fee alternatives to traditional credit union offerings.
• Simplii Financial: CIBC's digital direct bank offering no-fee chequing and savings accounts, mortgages, and investments. Targets the same value-conscious, digitally active member base that PSCU's YOUR account tiers aim to attract.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/CreditPublic
• Facebookfacebook.com/Public-Service-Credit-Union-1188269484571125
• Instagraminstagram.com/pscunl
• LinkedInlinkedin.com/company/public-service-credit-union-ltd

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Public Service Credit Union