Servus Credit Union Mortgages, Explained

Servus is Canada’s largest credit union and a true Alberta institution — member-owned, community-rooted, and known for sharing profits back with members. Here’s how a Servus mortgage works, the honest truth about credit unions and the stress test, and how we help you compare.

Quick answer: Servus Credit Union is Canada’s largest credit union, member-owned and based in Alberta, with roughly 380,000 members and about 100 branches. As a member-owned co-operative it returns profits through its annual Profit Share program. Good news for you: Servus works with mortgage brokers, so we can place your Servus mortgage and compare it against 30+ other lenders at the same time. One myth to retire: credit unions like Servus generally still qualify you under the same federal mortgage guidelines as the banks — don’t count on one to skip the stress test.

Largest credit union in Canada

1938

Serving Albertans since

~380k

Member-owners

Profit Share

Profits returned to members

Who is Servus Credit Union?

Founded in 1938, Servus Credit Union is Alberta’s largest credit union and, as of 2025, the largest in Canada by assets. It’s a full-service, member-owned financial co-operative with around 100 branches across the province and roughly 380,000 members. In May 2024 Servus merged with Connect First Credit Union to form Connect First and Servus Credit Union Ltd., with both brands continuing to serve Albertans.

What makes a credit union different?

Member-owned, not shareholder-owned. Profits flow back to members — Servus does this through its Profit Share program rather than to outside investors.
Provincially regulated. Alberta credit unions are overseen provincially, and member deposits are 100% guaranteed by the Credit Union Deposit Guarantee Corporation.
Community-rooted. Decisions and relationships tend to be local, which some borrowers value.

Do credit unions like Servus skip the mortgage stress test?

This is the big misconception, so let’s be straight about it. Because Alberta credit unions are provincially regulated, they aren’t directly bound by the federal (OSFI) stress test the way the big banks are. In practice, though, they generally apply the same qualifying standards — because they fund and de-risk their mortgages through federally regulated channels, such as securitizing through regulated programs or insuring with regulated insurers like CMHC. So going to a credit union is not a reliable way around the stress test. Qualify you well, treat you fairly, share profits — yes. Sidestep federal guidelines — generally no.

Servus’s mortgage options

Typical credit-union mortgage products

Product	What it is	Best for
Fixed-rate mortgage	Rate locked for the whole term	Predictable payments
Variable-rate mortgage	Rate moves with prime	Comfort with some rate movement
Home equity line of credit	Revolving credit secured on your home	Tapping equity over time
Profit Share	An annual member payout when the credit union does well	Members who bank where they borrow

How a Calgary mortgage broker helps

A credit union can be a great fit — but it’s one option among many. Here’s what an independent broker adds:

We can place your Servus mortgage and put it head-to-head against 30+ other lenders — banks, monolines and credit unions — at the same time.
We weigh rate, penalty structure and prepayment terms, not just the headline number.
We tell you honestly when a credit union is your best fit — and when it isn’t.
It’s free, with no credit hit to start and no obligation.

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Frequently asked questions

Is Servus the largest credit union in Canada?

Yes. As of 2025 Servus Credit Union is the largest credit union in Canada by assets. It was founded in Alberta in 1938 and is member-owned.

Did Servus merge with Connect First?

Yes. Servus and Connect First merged on May 1, 2024 to form Connect First and Servus Credit Union Ltd. Both brands continue to operate across Alberta.

Do credit unions like Servus require the mortgage stress test?

Generally yes, in practice. Alberta credit unions are provincially regulated and not directly bound by the federal stress test, but they typically apply the same qualifying standards because they fund and insure mortgages through federally regulated channels. A credit union is not a reliable way around the stress test.

What is Servus Profit Share?

Profit Share is Servus’s program for returning profits to its members each year when the credit union performs well. It reflects the member-owned, co-operative model, where profits benefit members rather than outside shareholders.

Considering a credit-union mortgage? Let’s compare it

We’ll place your Servus mortgage and benchmark it against 30+ lenders so you can choose with the full picture. Apply online in about two minutes, or book a no-pressure discovery call.

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Free · No credit check to start · No obligation

This article is general information, not financial, mortgage or legal advice. Lender products, rates, features and penalty structures vary, are subject to change and depend on lender approval. Servus Credit Union is not affiliated with Mortgages for Less and no endorsement is implied. Please speak with a licensed mortgage professional about your specific circumstances. Mortgages for Less with INDI Mortgage.