CHIP Banking

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CHIP stands for ‘Co-op Housing Investment Program’. It is a banking program that enables housing co-ops to earn interest and receive additional benefits on their current operating accounts. Interest is paid into each co-op’s account according to the amount of the co-op’s own deposit – with a preferred interest rate. Each co-op has its own separate account, and only the co-op receives and sees its own account statements. The co-op’s own operating account is held at any branch of one of the credit unions listed below that the co-op chooses. Each co-op’s deposit is insured, just as it would be in any other bank or credit union account.

There is a CHIP program offered for co-ops in Waterloo, Kitchener, Cambridge, and Brantford with Alterna Savings and Your Neighbourhood Credit Union. The CHIP program for co-ops in Guelph is offered with Meridian Credit Union and Alterna Savings. All COCHF member co-ops in any municipality have an additional option of a program with Alterna Savings Credit Union.

Contact COCHF to find out the contact information for opening a new CHIP account at the Credit Union in which the co-op is interested.


  • highest available interest rate on term deposits
  • electronic deposit of monthly housing charges
  • automated telephone banking
  • inter-branch transfers
  • certified cheques
  • utility payments
  • stop payment orders
  • mail deposits
  • courier between all branches of the credit union