Teacher credit unions offer a combination of old fashioned personal attention, with modern financial services. There are a number of advantages to using credit unions in general and for teachers specifically.
Credit unions commonly pay a higher rate of return on savings accounts; GIC’s then other financial institutions. Minimum balances and service fees seem to be lower at credit unions. You might even be able to find a no fee account.
Credit cards from credit unions also have lower interest rates than traditional credit cards. Just be careful, some credit unions charge interest on the date you make your purchase. Interest rates on personal loans and even mortgages might warrant a look at the rates at your local credit union.
Even lines of credit can be lower than in other financial institutions. Often you can find rates posted on the credit unions web site. Teacher credit unions seem to be more flexible around issues relating to job actions. They are often willing to work out a skipping a payment or even providing a low cost loan during work stoppages.
If the credit union is directly linked with your school board you might be able to take advantage of loan or mortgage payments that are deducted right from your paycheck. Credit unions funds are guaranteed by provincial guarantee corporations, although amounts vary from province to province. Some of these guarantees are higher than those available in your traditional bank.
Ask other teachers about credit unions in your area and be sure to take a good look at what is available. You never know where you are going to save some money.