Northern Credit Union Review
Northern Credit Union at a glance
🏦 Northern Credit Union was founded in 1957 and currently manages $1.6 billion in assets.
Northern Credit Union account options
Savings
Chequing
Visa credit cards
Investing
Other Northern Credit Union services
Mortgages
Loans and lines of credit
Loan protection
Business and agricultural services
Pros and cons of Northern Credit Union
There’s plenty to like about Northern Credit Union, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.
Pros
- Savings products earn higher interest rates than some other banks and credit unions.
- Variety of chequing accounts and investment products.
- Some discounted monthly fees for some members of up to 22 years of age and ages 59 or over.
Cons
- Certain chequing accounts charge numerous transaction and ATM fees.
- Branches are all north of the Greater Toronto Area, which could make it less appealing for those in Southern Ontario.
Northern Credit Union overview
With 70,000 members, Northern Credit Union serves 24 communities across Northern Ontario. Northern offers many of the same products and services you’d find at a traditional bank, including savings accounts, chequing accounts, mortgages and investment products.
Members of Northern Credit Union enjoy competitive interest rates on both savings accounts and loan products, and have the ability to vote on matters that affect the institution.
Online banking capabilities at Northern Credit Union
Getting the most out of a Northern Credit Union membership generally means living close to one of its service areas, but members can also do their banking remotely through Northern’s website (www.northerncu.com) and its mobile banking app. Members can open accounts, pay bills, transfer money and deposit cheques online.
Is my money safe at Northern Credit Union?
Northern Credit Union insures member deposits in the event the institution suddenly becomes insolvent. Deposit insurance coverage is provided through the Financial Services Regulatory Authority of Ontario’s Deposit Insurance Reserve Fund.
Non-registered deposits, like savings and chequing accounts, are insured to a maximum of $250,000. Registered accounts such as registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs) have unlimited coverage.
Northern Credit Union account types
Northern Credit Union offers a full menu of accounts for members to choose from.
Northern Credit Union savings accounts
Northern Superior Savings account: no monthly fee, no minimum balance required and tiered interest based on the account balance. One free transaction per month, and all others cost $5 each.
Northern Lite Savings account: similar to Northern Superior, but transactions can cost $1.25 or $2.00 depending on the type of transaction.
Northern Credit Union chequing accounts
Northern Proud Unlimited Chequing account: unlimited transactions for a fee that ranges from $0 to $18.95 a month, depending on the member’s age. Fee waived with $6,000 minimum balance and discounted for actions like setting up direct deposit.
Northern Complete Chequing account: 60 transactions per month for a cost of $13.95, $4.50 or $0 depending on the member’s age.
Northern Elite Online Chequing account: unlimited self-serve transactions and 10 free Interac e-transfers for either $9.95, $5.50 or $0 per month.
Northern Strong Chequing account: 12 free in-branch or self-serve transactions for $4.00 per month.
Northern Lite Chequing account: $1.25 per transaction, $2.00 per Interac e-transfer and bill payment; no monthly fee.
Northern US Dollar Chequing account: no monthly fee; US$1.25 for in-branch withdrawals and transfers, cleared cheques and pre-authorized debits.
Northern Credit Union credit card accounts
Northern offers a variety of low-rate, no-fee and travel Visa credit cards, including:
Visa Infinite.
US Dollar Visa.
Centra Gold Visa.
Cash Back Visa.
Visa Classic.
Cash Back Visa Infinite.
Northern Credit Union investing accounts
Other Northern Credit Union services
Mortgages.
Loans and loan protection.
Services for small businesses and agricultural clients.
Investment shares in Northern Credit Union itself.
Northern Credit Union fees
Banking fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using Northern’s financial products and services:
Non-sufficient funds: $55
Overdraft (single use): $5
ATM withdrawals outside network: $1.75 to $3
Dormant account monitoring fee: $6 per month
Sending wire transfers: $30 to $50
RRSP, TFSA or RRIF transfer to another institution: $75
Who is Northern Credit Union best for?
Ontarians looking for typical banking products and competitive interest rates who don’t mind paying fees.
Northern Credit Union offers a range of services for individuals and businesses, including a solid range of investment accounts. Members are likely to get more out of dealing with Northern if they live close to a branch, where they can get personalized advice and take full advantage of the mortgages and other services on offer.
How Northern Credit Union compares to other financial institutions
PRIMARY REGION OF SERVICE | MOBILE AND ONLINE BANKING | ARE DEPOSITS INSURED? | |
|---|---|---|---|
Quebec. | Yes. | Yes, by the Canada Deposit Insurance Corporation. | |
Manitoba. | Yes. | Yes, by the Deposit Guarantee Corporation of Manitoba. | |
Northern Ontario. | Yes. | Yes, by the Financial Services Regulatory Authority of Ontario’s Deposit Insurance Reserve Fund. | |
Nova Scotia. | Yes. | Yes, by the Nova Scotia Credit Union Deposit Insurance Corporation. | |
Alberta. | Yes. | Yes, by the Credit Union Deposit Guarantee Corporation. |
» MORE: Explore more Banking Reviews, and see what other Canadian Big Banks, credit unions and online-only banks have to offer.
Frequently asked questions
Can anyone become a member of Northern Credit Union?
Can anyone become a member of Northern Credit Union?
If you’re a resident of Canada you can become a member at Northern Credit Union. However, living close to its service areas could make being a member more convenient and rewarding.
Are credit unions better than banks?
Are credit unions better than banks?
Most credit unions provide the same services offered by traditional banks. They may offer their members higher interest rates on savings products and lower rates on loans and mortgages. They also tend to be focused on their communities and contribute to local organizations and charities.
DIVE EVEN DEEPER
Siddhi Bagwe
Clay Jarvis
Clay Jarvis