Desjardins is Canada’s largest cooperative financial group and the dominant financial institution in Quebec. Founded in 1900 by Alphonse Desjardins in Lévis, Quebec, it has grown to $400 billion in assets and serves 7 million members across more than 200 caisses populaires.
Unlike a bank, Desjardins is owned by its members. Surplus earnings are returned annually as patronage dividends rather than paid to shareholders. This cooperative structure, combined with Desjardins’ deep Quebec roots and bundled insurance offering, makes it the bank of choice for a majority of Quebec households.
Who Is Desjardins For?
Desjardins works best for:
- Quebec residents who want full-service cooperative banking and prefer a local institution with deep provincial roots
- Members who value profit-sharing — patronage dividends return a portion of fees annually
- Bundled banking and insurance buyers — Desjardins is a major P&C insurer, and bundling home, auto, and banking often yields discounts
- Francophones — French-first service throughout, with full English available
Desjardins is less practical for:
- Canadians outside Quebec with limited branch access
- Depositors who require CDIC protection specifically (Desjardins uses AMF/FSRA)
- Digital-only users who can get better interest rates from EQ Bank or Simplii Financial
Chequing Accounts
| Account | Monthly Fee | Waiver Balance | Transactions |
|---|---|---|---|
| Everyday Banking | $0–$4.95 | Varies by caisse | ~12 transactions |
| Unlimited | $12.95 | $4,000 daily balance | Unlimited |
| Premium | $16.95 | $4,000 daily balance | Unlimited + perks |
Important: Fees and fee waivers vary by individual caisse. The figures above are representative of most Desjardins caisses — confirm with your local caisse for exact terms. The cooperative structure means pricing is not fully standardized across all locations.
Savings and GICs
| Product | Rate | Notes |
|---|---|---|
| HISA (standard) | ~2.50–3.50% | Promotional rates available up to 4.00% |
| TFSA savings | ~2.50–3.50% | Tax-free growth |
| RRSP savings | ~2.50–3.50% | Tax-deferred growth |
| GIC — 1 year | ~3.50–4.50% | $500 minimum; non-redeemable available |
| GIC — 5 year | ~3.25–3.75% | Rates vary by term and redemption type |
Promotional savings rates are common at Desjardins and can make it competitive with online banks for short periods. Standard ongoing rates are moderate — below EQ Bank (3.50–4.25% HISA) but above the Big Five.
Deposit Insurance
Desjardins deposits are NOT covered by CDIC.
| Province | Insurer | Limit |
|---|---|---|
| Quebec | AMF (Autorité des marchés financiers) | $100,000 per eligible category |
| Ontario | FSRA (Financial Services Regulatory Authority of Ontario) | $250,000 |
Eligible categories include deposits, TFSAs, RRSPs, RRIFs, and RESPs — each insured separately. For most retail depositors, AMF and FSRA protections are functionally comparable to CDIC. Ontario’s $250,000 FSRA limit is more generous than CDIC’s $100,000 per category.
Patronage Dividends
At year-end, each caisse calculates its surplus and distributes a portion back to members in proportion to their financial activity:
- Fees paid during the year
- Interest paid on loans
- Interest earned on deposits (sometimes)
Dividend rates vary by caisse and are not guaranteed — typically 0.5% to 2% of eligible amounts. For a member who paid $600 in account fees during the year, the dividend might be $3–$12 returned. The amounts are modest individually but reflect the cooperative model: the institution exists for members, not shareholders.
Credit Cards
| Card | Annual Fee | Earn Rate |
|---|---|---|
| Cash Back Visa | $0 | 1% on all purchases |
| Cash Back World Mastercard | $99 | 2% groceries and restaurants; 1% elsewhere |
| Odyssey Visa Infinite | $99 | Bonusdollars rewards; travel insurance included |
| Odyssey World Elite Mastercard | $150 | Premium Bonusdollars; comprehensive travel perks |
Desjardins credit cards are particularly competitive for Quebec residents who combine them with Desjardins banking and insurance relationships.
Insurance
Desjardins is one of Canada’s largest property and casualty insurers, particularly dominant in Quebec. Products include:
- Auto insurance
- Home insurance
- Life insurance
- Travel insurance
- Disability insurance
Bundling Desjardins banking with Desjardins insurance (Desjardins Insurance or La Capitale) often yields discounts of 10–20% on premiums and may reduce banking fees. This integration is unique among Canadian financial institutions.
ATM and Branch Access
| Network | ATMs |
|---|---|
| Desjardins owned | ~600 (primarily Quebec) |
| THE EXCHANGE Network | 3,600+ |
Branch coverage is concentrated in Quebec, with limited presence in Ontario and minimal coverage in Western and Atlantic Canada. THE EXCHANGE Network provides fee-free ATM access nationally at participating credit unions and some retailers.