Detailed information
About company
Diamond North Credit Union is a financial cooperative established in 2006 in Nipawin, Saskatchewan. The credit union offers a full range of banking products and services and serves 15,000 members through its nine branches.
Features
Diamond North Credit Union is a financial institution governed by a member-elected Board of Directors.
As a socially responsible company, Diamond North Credit Union reinvests 3% of its pre-tax profits back into the local communities. In addition, the credit union regularly sponsors local events, makes charitable donations, finances financial literacy and scholarship programs, and encourages volunteering among its staff.
The credit union describes its goal as building financial success for the local community members.
Pros and cons
Here are the benefits of joining Diamond North Credit Union:
A wide range of products and services for both individuals and businesses
Fee-free chequing accounts for students and youth
Competitive interest rates for GICs and select savings accounts
Zero monthly fees for savings accounts
Insurance coverage of eligible deposits guaranteed by the Credit Union Deposit Guarantee Corporation (CUDGC)
Online and mobile banking capabilities
Access to over 1,900 surcharge-free ATMs across Canada
The drawbacks are:
The lack of an online application for membership and most banking products
Availability of products and services to Saskatchewan residents primarily
Products
For personal members, Diamond North Credit Union offers the following products:
Chequing accounts with different transaction volumes included to meet your everyday banking needs
Savings accounts with zero monthly fees and interest rates of up to 1.25%
Youth chequing accounts with zero monthly fees and a low to an unlimited number of monthly transactions included
U.S. Dollar chequing accounts enabling you to save on exchange rate variations
Open and closed mortgages with rates ranging from 5.69% to 6.49%
Loans available for terms of three months to five years at fixed or variable rates
Lines of credit providing access to an approved financing amount, with interest charged only to what you borrow
Student loans providing financing for post-secondary students
Credit cards with benefits like zero annual fees, low rates, cash back, rewards, and zero foreign transaction fees
Dealer financing solutions designed to help you buy a new or used car
GICs ensuring the safety of your initial deposit and providing a competitive return at rates ranging from 0.10% to 4.75%
Mutual funds enabling you to invest in professionally managed diversified investment portfolios
Products for business members include:
Chequing accounts with different transaction volumes included to meet the operational needs of your business
Savings accounts with zero monthly fees and interest-earning capabilities
U.S. Dollar chequing accounts for businesses with operations in the U.S. dollars
Commercial mortgages providing financing for real estate projects of your business at fixed and variable rates
Business loans and lines of credit providing financing for various borrowing needs of your business, with flexible repayment terms
Lease options providing access to the equipment your business needs, with flexible repayment terms
Credit cards with benefits like zero annual fees, low rates, cash back, and rewards
Services
Personal members can apply for the following services from Diamond North Credit Union:
Access to Qtrade Guided Portfolios™ platform providing automated recommendations on the investments
Access to Qtrade Direct Investing™ platform for self-directed investing, with low trading fees
Investment planning services provided by wealth experts to come up with the right investment plan for you
Full-service brokerage services to help you build and protect your wealth
For businesses, Diamond North Credit Union offers the following services:
Payroll services allowing you to deposit payments directly into your payee accounts automatically
Merchant services offered in partnership with Clover enabling you to accept payments from your customers with ease
Government and CRA payment processing services designed to help you set up CRA deposits and make government payments
