The banking market in The Bahamas has commercial banks (such as Commonwealth Bank, Bank of The Bahamas, RBC, Scotiabank, CIBC and Fidelity) and a credit union movement run through the Bahamas Co-operative League. Many people keep an everyday account with a bank and also belong to a credit union for saving and borrowing. This guide compares the two on fees, deposit rates, loans and mortgages, service and safety.
Commercial banks tend to charge more in account and transaction fees — monthly maintenance, per-transaction charges over a limit, ATM withdrawal fees at other banks, and fees for going below a minimum balance. Credit unions are usually cheaper for everyday saving and often pay a better return, because they are member-owned and pay surpluses back as a dividend on your shares.
Add up your own likely fees rather than the headline. A small bank account paying 1% interest can easily lose money once monthly fees are taken out, whereas a credit union share account typically has no monthly fee.
Commercial banks offer the full range — mortgages, car loans, credit cards, business banking, foreign exchange — and the widest branch and ATM network, plus the better apps. Credit unions lend to members, often at competitive rates and with a more personal assessment, but with a narrower product set.
For a mortgage, compare a commercial bank against a credit union and, if you are a lower- or middle-income first-time buyer, against the Bahamas Mortgage Corporation, which is government-owned and lends on easier terms. The lowest headline rate is not always the best deal once you count fees and insurance requirements.
Bahamian-dollar deposits at a domestic commercial bank are covered by the Deposit Insurance Corporation up to $50,000 per depositor, per bank, regardless of the bank's size. Foreign-currency deposits and the international (offshore) banks are not covered.
Credit unions are not in the DIC. They are regulated separately and covered by their own stabilisation and share-protection arrangements. If deposit protection matters for a large balance, ask the credit union how members' funds are protected, and keep the bulk of a large cash balance where DIC cover applies.
Informational content, not financial, tax or legal advice. Check amounts, limits and current rules directly with the official sources (the National Insurance Board, the Central Bank of The Bahamas, Tax Administration The Bahamas, the Deposit Insurance Corporation) before making a decision.
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