Credit Union
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.


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About company

Northern Credit Union is a financial cooperative founded in 1957. Being the largest credit union in Northern Ontario, it serves over 70,000 members in 28 communities.


Northern Credit Union offers a range of banking products and services for individuals and business members.

Unlike banks, Northern Credit Union doesn’t have shareholders. Instead, members own the credit union and elect the Board of Directors following the one member, one vote principle.

The credit union reinvests a portion of its profits into local businesses and community programs.

Community-focused activities of Northern Credit Union include creating favorable conditions for local businesses, developing financial literacy programs, raising local donations, and encouraging environmental sustainability initiatives.

Pros and cons

Here are the benefits of being a Northern Credit Union member:

  • A range of personal and business banking products and services

  • Safety of eligible deposits guaranteed by the Financial Services Regulatory Authority of Ontario’s Deposit Insurance Reserve Fund

  • No fees for savings accounts

  • Competitive rates for savings accounts and term deposits (GICs)

  • An online application available 

  • Online, mobile, and telephone banking capabilities

  • A network of over 4,500 surcharge-free ATMs across Canada and abroad

The drawbacks are:

  • Monthly fees for chequing accounts

  • Branches located in smaller communities in Northern Ontario primarily


For individuals, there are the following products at Northern Credit Union:

  • Chequing accounts for your daily banking operations with a zero to an unlimited number of monthly transactions included

  • Savings accounts with no monthly fees and interest rates ranging from 1.65% to 1.70% depending on the balance

  • Credit cards with benefits like no annual fees, low rates, cash back, and reward-earning opportunities as well as prepaid cards

  • Open and closed mortgages with rates ranging from 5.09% to 8.00% depending on the chosen term

  • Personal, student, specialty, and investment loans with flexible repayment schedules with rates starting from 5.70%

  • Lines of credit to get revolving access to a set financing amount at competitive rates based on the Northern Prime rate of 5.95%

  • Registered plans like RRSPs, RDSPs, RESPs, and TFSAs to grow your savings and investment income on a tax-sheltered basis

  • GICs to earn a competitive return and ensure the security of your initial investments

  • Mutual funds to invest in professionally managed portfolios of diverse investment securities

  • Investment shares including Class B Investment Shares and Northern Loyalty Shares to earn a competitive return on investing in Northern’s growth

Business banking products include:

  • Business and agriculture chequing accounts to perform your daily business operations with a zero to an unlimited number of monthly transactions included

  • Business and agriculture savings accounts with no monthly fees to earn interest on the extra cash your company has

  • Community chequing accounts with low monthly fees to help non-profits, charities, sports teams, and sports organizations perform their daily transactions

  • Business mortgages to borrow against the equity in your property to finance the real estate projects of your business

  • Business loans and lines of credit providing the working capital for your business

  • Business credit cards with benefits like low fees, cash back, and reward-earning opportunities


Individuals can reach out to Northern Credit Union for the following services:

  • Investment planning services to come up with the right strategy to meet your financial goals

  • Access to Qtrade to trade investment securities online with low trading fees

The services for business members include:

  • Payment solutions to enhance your cash management and provide customers with convenient ways to pay you

  • Payroll solutions to improve your HR-related processes like payroll and workforce management.

Northern Credit Union


Who owns Northern Credit Union?

Northern Credit Union is a member-owned financial cooperative. After paying a $25 membership fee, members get a right to vote for the Board of Directors based on the one member, one vote principle.

Is Northern Credit Union legitimate?

Through years of operation, Northern Credit Union has earned the trust of over 70,000 members in Northern Ontario. 

The credit union follows the codes of conduct and public commitments, such as the Market Conduct Code and the Code of Conduct for the Credit Card and Debit Card Industry in Canada.

How to become a Northern Credit Union member?

There is no requirement to be an Ontario resident to become a Northern Credit Union member.

To apply for a membership, click the “Become a member” button under the top navigation menu of the site. Then, click the “Join now” button and select the products that interest you most. Next, fill out an online application form by providing your personal information and verifying your identity.

Company documents

Market Conduct Code
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