Parama Credit Union Limited
A community-based, member-owned financial institution in Ontario.
Overview
No detailed description available.
Founded
1952
Members
6000
Assets
$592 million
Branches
2
Current Rates
Verified (Official Source)· Last checked Apr 16, 2026 (2d ago)
High Interest Savings2.50%up to
1-Year GIC3.20%
3-Year GIC3.40%
5-Year Fixed Mortgage4.59%
GIC Rate Ladder
| Term | Rate |
|---|---|
| 1-Year GIC | 3.20% |
| 3-Year GIC | 3.40% |
| 5-Year GIC | 3.60% |
Pros
- • High-interest savings rate of 2.5% — competitive nationally
- • Competitive GIC rates (3.2% on 1-year terms)
- • Surcharge-free ATM access through THE EXCHANGE Network
Cons
- • Limited digital banking features compared to larger institutions
- • Limited branch presence (2 locations)
Best For
Residents of ON looking for a local banking alternativeSavers seeking above-average deposit rates
Products & Accounts
Chequing
Savings
GICs
RRSP
TFSA
Mortgages
Personal Loans
Membership Eligibility
StatusRestricted
Requirements:
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).
Membership Share (Fee)$40 share purchase (refundable)
Deposit Protection
Insuring Body
FSRA
Coverage Limit
$250,000 per category
Financial Services Regulatory Authority of Ontario (FSRA) insures eligible deposits up to $250,000 per category at Ontario credit unions.
Digital & Access
- Mobile App
- Online Banking
- Interac e-Transfer
- ATM NetworkTHE EXCHANGE Network
- Digital Ratingfair
About This Data
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 Website