Parama Credit Union Limited
A community-based, member-owned financial institution in Ontario.
Overview
Parama Credit Union is a member-owned Ontario credit union founded in 1952 by post-war Lithuanian immigrants, with two Toronto branches and members across Ontario.
No-Fee Chequing Accounts
Free
Available with no minimum balance or monthly usage limits.
Current Rates
GIC Rate Ladder
| Term | Rate |
|---|---|
| 1-Year GIC | 3.20% |
| 3-Year GIC | 3.40% |
| 5-Year GIC | 3.60% |
Pros
- • Deposit insurance up to $250,000 per category through FSRA
- • No-fee chequing with no minimum balance or monthly transaction cap
- • Solid digital banking with mobile app, online banking, and Interac e-Transfer
Cons
- • Digital banking is functional but less polished than top-tier credit unions
- • Small branch network limits in-person banking options outside the home region
Best For
Products & Accounts
Membership Eligibility
Ontario residents; Lithuanian community focus
Parama welcomes all members in-person at either Toronto branch. Rooted in the Lithuanian-Canadian community but open to all Ontario residents. Requires $40 share purchase (refundable).
Deposit Protection
FSRA
Unlimited in registered accounts. $250,000 per category in non-registered.
Financial Services Regulatory Authority of Ontario (FSRA) provides unlimited protection in registered accounts and up to $250,000 per category in non-registered accounts at Ontario credit unions.
Digital & Access
- Mobile App
- Online Banking
- Interac e-Transfer
- ATM NetworkTHE EXCHANGE Network
- Digital Ratingfair
Rate and eligibility data is gathered from official credit union websites and verified comparison sources. Always verify rates directly on the official website before making financial decisions.
Official WebsiteRelated reading
