Is Desjardins a bank or credit union?

Desjardins is a credit union cooperative (caisse populaire), not a bank. It is the largest cooperative financial group in Canada with over 7 million members. Members are part-owners and can vote at annual meetings.

Can I join Desjardins if I don't live in Quebec?

Yes. Desjardins has caisses in Ontario and serves members across Canada online. However, branch access outside Quebec and Ontario is limited. You can open accounts online regardless of province.

Is my money safe at Desjardins?

Yes. Desjardins deposits are protected by the Autorité des marchés financiers (AMF) in Quebec and the Financial Services Regulatory Authority (FSRA) in Ontario. Coverage is typically $100,000 per category.

Does Desjardins have good interest rates?

Desjardins offers competitive rates for a credit union, though online banks like EQ Bank often beat them for savings. Desjardins excels at mortgage rates, personal loans, and GICs. Their credit cards and insurance are strong.

Desjardins Review Canada (2026): Accounts, Rates & Is It Worth It?

Desjardins is Canada’s largest credit union cooperative with deep roots in Quebec. Here’s everything you need to know about banking with Desjardins.

Desjardins Overview

Feature	Details
Founded	1900
Type	Credit union cooperative (caisse populaire)
Members	7+ million
Branches	800+ (primarily Quebec and Ontario)
ATMs	600+ Desjardins + free access to others
Best for	Quebec residents, bilingual service, member benefits

Desjardins Savings Accounts

High Interest Savings Account

Feature	Details
Interest rate	2.50-4.00% (varies by promotion)
Minimum balance	None
Monthly fee	$0
Transactions	Unlimited free
Online access	Yes

Comparison with Online Banks

Bank	Savings Rate	CDIC Insured
Desjardins	2.50-3.50%	Yes (AMF in QC)
EQ Bank	2.50-3.00%	Yes
Tangerine	2.50% (promo varies)	Yes
Wealthsimple Cash	3.50-4.00%	Yes

Desjardins Chequing Accounts

Personal Account Options

Account	Monthly Fee	Fee Waiver	Transactions	Best For
Everyday Banking	$0-$4.95	Min balance	12/month	Light users
Unlimited	$12.95	$4,000 min	Unlimited	Regular users
Premium	$16.95	$6,000 min	Unlimited + extras	Heavy users

Account Features

Feature	Basic	Unlimited	Premium
Free Interac e-Transfers	Limited	Unlimited	Unlimited
Debit card	Yes	Yes	Yes
Overdraft available	Yes	Yes	Yes
Savings account bonus	No	Yes	Yes
Credit card fee waiver	No	No	Yes

Desjardins GICs

Term	Rate Range	Minimum
1 year	3.50-4.50%	$500
2 years	3.75-4.25%	$500
3 years	3.50-4.00%	$500
5 years	3.50-4.00%	$500

GIC Options

Type	Feature
Non-redeemable	Highest rate
Redeemable	Can withdraw early
Market-linked	Returns tied to markets
TFSA/RRSP GIC	Tax-advantaged

Desjardins Mortgages

Rate Type	Current Rate Range
5-year fixed	4.49-5.49%
5-year variable	5.25-6.25%
3-year fixed	4.69-5.39%
1-year fixed	5.49-6.49%

Mortgage Features

Feature	Desjardins	Big 5 Banks
Down payment	5% minimum	5% minimum
Pre-approval hold	90-120 days	90-120 days
Portable	Yes	Varies
Prepayment	15-20%/year	15-20%/year
Quebec-specific products	Yes	Limited

Strength: Desjardins often offers competitive mortgage rates in Quebec, especially for members with existing relationships.

Desjardins Credit Cards

Popular Credit Card Options

Card	Annual Fee	Rewards	Best For
Cash Back Visa	$0	1% cash back	No-fee option
Cash Back World Mastercard	$99	2% groceries, 1.5% gas	Cash back seekers
Odyssey Visa Infinite	$99	2pt/$1 travel	Travel rewards
Odyssey World Elite	$150	2pt/$1 travel	Premium travel

Bonus$ (Desjardins Rewards)

Redemption	Value
Travel	Often best value
Gift cards	Good value
Merchandise	Variable value
Cash back	Fixed value

Desjardins Insurance

Desjardins is one of Canada’s largest insurers:

Product	Competitive?
Auto insurance	Yes (Quebec leader)
Home insurance	Yes
Life insurance	Yes
Travel insurance	Yes

Bundle benefit: Members often get discounts bundling banking and insurance.

Online and Mobile Banking

Feature	Available
Mobile app	Yes (iOS, Android)
Mobile cheque deposit	Yes
Interac e-Transfer	Yes
Bill payments	Yes
Apple Pay/Google Pay	Yes
International transfers	Yes

App Quality

Aspect	Rating
User interface	Good (French-first design)
Features	Comprehensive
Customer reviews	4.0-4.5 stars
English support	Yes, but French-optimized

Member Benefits

As a credit union, Desjardins offers unique member perks:

Benefit	Details
Member dividends	Annual patronage dividend based on usage
Voting rights	Vote at annual meetings
Community investment	Profits support local communities
Financial education	Free resources for members

Patronage Dividends

Year	Approximate Dividend
2023	Varies by caisse
Typical	0.5-2% of fees/interest

Dividends vary by local caisse and depend on profitability.

Desjardins Pros and Cons

Pros

Advantage	Why It Matters
Large branch network	800+ locations, mostly QC/ON
Member ownership	Profit sharing, voting rights
Competitive mortgages	Often best rates in Quebec
Insurance integration	One-stop shop
Community focus	Local support
Bilingual service	French and English

Cons

Disadvantage	Impact
Limited outside QC/ON	Few branches elsewhere
Savings rates lag online banks	EQ Bank, Wealthsimple often higher
French-first design	English users may find navigation harder
Some fees	Account fees unless waived
Complex product lineup	Many products, can be confusing

Who Should Bank with Desjardins?

Good Fit

Profile	Why
Quebec residents	Best branch network, local service
Francophones	French-first experience
Members wanting insurance bundle	Competitive auto/home insurance
Mortgage shoppers in QC	Often competitive rates
Values-based bankers	Credit union cooperative model

Better Alternatives

Profile	Alternative
Best savings rates	EQ Bank, Wealthsimple Cash
No-fee banking outside QC	Simplii, Tangerine
Branch access nationwide	TD, RBC, BMO
Tech-forward banking	Wealthsimple, KOHO

How to Join Desjardins

Step	Action
1	Visit desjardins.com or a branch
2	Choose your local caisse (or join online)
3	Purchase member share (~$5)
4	Open accounts
5	Set up online/mobile banking

Membership Requirements

Requirement	Details
Membership share	~$5 (refundable if you leave)
ID	Valid government ID
Residency	Canadian resident
Province restriction	None (but service best in QC/ON)

Desjardins vs Banks

Factor	Desjardins	Big 5 Banks
Ownership	Member-owned	Shareholder-owned
Profit distribution	Member dividends	Shareholder dividends
Branch network	QC/ON strong	National
Savings rates	Moderate	Low
Mortgage rates	Competitive	Moderate
Insurance	Integrated	Partnerships
Community focus	High	Varies

Desjardins vs Tangerine (No-Fee Bank)

Factor	Desjardins	Tangerine
Monthly fees	$0-$17	$0
Branches	800+	None
Savings rate	2.50-3.50%	2.50-5.00% (promo)
Credit cards	Many options	2 options
Insurance	Full suite	Via Scotiabank

Frequently Asked Questions

Is Desjardins federally regulated?

Desjardins caisses in Quebec are provincially regulated by AMF. Caisses in Ontario are regulated by FSRA. Some federal products exist. Deposit insurance varies by province.

Can I use Desjardins ATMs across Canada?

Yes. Desjardins ATMs are free for members. Plus, the THE EXCHANGE network provides fee-free access at 3,600+ ATMs across Canada.

Does Desjardins offer business accounts?

Yes. Desjardins has comprehensive business banking including chequing, savings, loans, merchant services, and commercial mortgages.

Your membership share (~$5) is refunded when you close your account and end your membership.

Is Desjardins good for investments?

Desjardins offers mutual funds, GICs, and wealth management. For self-directed investing, robo-advisors and discount brokerages often offer lower fees.