Northern Credit Union Review

Northern Credit Union overview

With 70,000 members in 28 communities, Northern Credit Union is the largest credit union in 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 the interest rate increases along with the account balance.
• Northern Lite Savings account: similar to Northern Superior, without free in-branch or self-serve transactions.

Northern Credit Union chequing accounts

• Northern Proud Unlimited Chequing account: unlimited transactions for a fee that ranges from $0 a month to $18.95, depending on the member’s age.
• Northern Complete Chequing account: 60 transactions for a cost of either $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: $1.25 per transaction, $2.00 per Interac e-transfer and bill payment; no monthly fee.
• Northern US Dollar Chequing: no monthly fee; $1.25 USD 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.
• Travel Rewards Gold Visa.
• US Dollar Visa.
• Centra Gold Visa.
• Cash Back Visa.
• Visa Classic.

Northern Credit Union investing accounts

• Tax-Free Savings Account (TFSAs).
• Registered Retirement Savings Plans (RRSPs).
• Registered Retirement Income Funds (RRIFs).
• Registered Disability Savings Plans (RDSPs).
• Registered Education Savings Plans (RESPs).
• Mutual Funds.
• Investment shares in Northern Credit Union itself.

Other Northern Credit Union services

• Mortgages.
• Lines of credit.
• Loans and loan protection.
• Services for small businesses.
• Guaranteed Investment Certificates (GICs).

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-$3
• Dormant account monitoring fee: $6 per month
• Sending wire transfers: $30-$40
• RSP, TFSA or RIF transfer to another institution: $75

Who Northern Credit Union is 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 mortgage and business services on offer.

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 of Northern Credit Union

• Savings products earn higher interest rates than other banks.
• Variety of chequing accounts and investment products.
• Some discounted monthly fees for students and members aged 59 and up.

Cons of Northern Credit Union

• Certain chequing accounts charge numerous transaction and ATM fees.
• Locations tend to be in smaller communities north of the Greater Toronto Area, which could make getting in-person service a hassle.
• Some chequing accounts charge $2 per Interac e-transfer.

How Northern Credit Union compares to other credit unions

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