Lighthouse Credit Union | Your stories | Discussion forum

Frequently Asked Questions
It is not a promotional rate, nor is it for a limited time, but it still is subject to change at any time. Since we are a fairly new institution and do not yet have all the products/services that larger institutions have – we understand the need to provide immense value in other areas, and this is reflected in our rates. We have not lowered the rates on our saving and chequing accounts in over a year, and we are attempting to keep them outrageously high for as long as we can.

There are no fees on our High Interest Savings Account. Zero fees mean you earn the full 4.25% on your money without any cost to you. You worked hard for your money. You deserve to keep it all. …plus the interest you’ll be earning in your account!

Currently we do not charge any fees for our Chequing Account. Our goal is to keep this account completely free for as long as possible. If one day we need to start charging a small fee for this account, don’t worry, we will be in touch with you first to make sure you are fully informed. We don’t like surprises. In the meantime, you can enjoy unlimited transactions in this zero-fee Chequing account, while also earning 2% on your balance.

To open an account, you must first become a member of our credit union. This can be done online here or at our branch at 2793 Bathurst Street. Once you have become a member of Lighthouse Credit Union, you can open up any accounts you’d like. Currently, the best way to open an account is in person at our branch. If coming into our branch does not work for you, you can also reach out to us and we can setup a video call with you to open your account. We understand life is busy, and that’s why we now offer the option for Lighthouse to come to you. (We are also developing a fast and secure way to open accounts completely online, but this option is still in development and will only be available once it is complete.) All you need is a piece of photo ID to get started.

Simply put, there is no minimum balance required to open any of accounts. Our rates will not decrease or increase based on your account balance.

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Lighthouse Credit Union is dedicated to serving our community. The Jewish community.

Our goal is to provide products and services tailored to meeting our community’s needs. Unlike a bank, a credit union is owned by its customers, who are the members of the union.

Because its members are its owners, a credit union is not solely driven by profits. This means our main focus is on passing along benefits to you, our members. As we grow, we will continue to roll out new products and services that will further benefit our community. As required by law, to access these benefits, our customers must first become members of our credit union. Once a member, you are given entitled access to all products and services that we offer.

Becoming a member of Lighthouse Credit Union is simple. Click the button below to start a very short online membership application. We are required by law to verify each applicants ID, and so we will need you to provide two pieces of ID.

As is customary with credit unions around the world, there is a one-time deposit required from each new member upon signing up.

A Lighthouse membership deposit is $18 per member.

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Do they allow out of province customers?

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What Norman said ⬆️.

Best to 'Walk Away'.

Dean

AltaRed said
I would behoove those remotely interested to first look at the financials. I couldn't find any links to their financials on their website and if not actually there, that is a red flag. However, a Google did find their 2024 Annual Report here https://lighthousecu.ca/wp-content/uploads/2025/04/Annual-Report-2024.pdf

They are tiny, only having only commenced operations in 2022 and only turned profitable in Sept 2024 but they do have good financial ratios at this point. It is hard to imagine this CU succeeding longer term without being swallowed up by others, but they do target the GTA Jewish community, so who knows.  

The financials are on their website under Leadership - the statements are actually not bad at all. Kudos to this CU for becoming profitable after just two years of commencing operations. (That is certainly a lot more than we can say about WealthOne Bank.) Also, the profile of their Board of Directors etc. is quite impressive.
I think they will be successful - not everyone can or wants to be a Meridian - and there are lots of very small CUs that do survive. Competition is always a plus for the customer. FSRA will protect depositors so what is the risk.

Just a thought. Each province has some kind of insurance. Wouldn’t that insurer first offer a “stipend plus” (cheapest way) for another credit union to absorb Lighthouse?

No other credit union would get involved unless what is offered by deposit insurer covers all the deposits that the other credit union would need to assume.

For example, if a failed credit union has $150 million of deposits outstanding and what's left of the loan book is only worth $80 million, then the deposit insurer would need to offer another credit union what's left of the loan book plus at least $70 million cash.

I need to park some cash somewhere, but I don't want to tie it up in a GIC...

The 4.25% interest on their savings account seems enticing, but how can such a small bank/CU with a brick and mortar building offer such a high interest rate?

And if they're legit, how come they're not listed on the HISA chart?

Pythagoras said

The 4.25% interest on their savings account seems enticing...........if they're legit, how come they're not listed on the HISA chart?  

Agreed!
The intent of our Forum should be to inform members of high interest paying opportunities, despite feelings for or against individual FI's.
It's up to each of us to assess if any given FI's offering suits our specific needs.

At this time, Lighthouse non promo is rate beats anything on our current rate chart.

Stephen

Nehpets said

However, they do occasionally offer attractive GIC rates, which can be accessed through deposit brokers, so for the time being, remaining within FSRA limits, GIC's through brokers is the way to go with Lighthouse.

Stephen  

Why would it be preferable to purchase Lighthouse GICs through a broker?
Why not purchase GICs directly through Lighthouse?

Pythagoras asked:
Why would it be preferable to purchase Lighthouse GICs through a broker?
Why not purchase GICs directly through Lighthouse?

GIC rates for Lighthouse purchased through the GIC broker have sometimes been higher than rates posted on Lighthouse website; similar to situation with many other financial institutions. Also, purchasing from a GIC broker is often easier than purchasing directly from the financial institution, as long as minimum required amount is involved.

GIC-Fanatic said

It “may” make sense if you have a DIY brokerage account.
1. Likely a lower rate if through a brokerage though
2. One thing still not covered …. can out of province customers purchase them.
3. Do national brokerages sell non CDIC products? And does the Ontario CU insurance cover non residents?

If you can do through a brokerage, then good it is. If you are a hours drive away, then good it is. Other wise I would forget it and move on.  

I do not know of any brokerage, DIY or otherwise, that would carry GICs from issuers that are NOT CDIC insured, and not I think, nationally available. There could be exceptions but I've not seen them in the big bank brokerages.