About company

Northern Savings Credit Union is a financial cooperative established in 1940 in British Columbia. The credit union serves over 17,000 members through its four branches in Masset, Prince Rupert, Daajing Giids (Queen Charlotte), and Terrace.

Features

Northern Savings Credit Union is a financial institution serving both personal and business clients provided by a team of 150 employees.

The credit union is on a mission to deliver trusted financial services to its members and local communities. Following this mission, the credit union invests a portion of its earnings back into the community by financing youth programs, financial literacy sessions, scholarships, and bursaries.

Its vision is reflected in the concept of “Neighbors helping neighbors”.

Northern Savings Credit Union is ruled by a Board of Directors consisting of nine elected members.

Pros and cons

Joining Northern Savings Credit Union has definite advantages:

• A full range of personal and business banking solutions

• Fee-waiver options for student chequing accounts

• Competitive rates for term deposits

• Insurance coverage of eligible deposits guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia

Here are the disadvantages to keep in mind:

• Monthly fees for most chequing accounts

• Relatively low-interest rates for savings accounts compared to other financial institutions

• Only four physical locations

• Availability of products and services to British Columbia residents primarily

Products

Personal members can apply for the following products from Northern Savings Credit Union:

• Chequing accounts for everyday banking with different transaction volumes included

• Savings accounts with no monthly fees and a 0.50% interest rate on all balances

• Registered plans, including RRSPs, RRIFs, RESPs, and TFSAs allowing you to grow your money tax-sheltered

• Term deposits providing the security of your principal investment and a guaranteed return at rates ranging from 0.60% to 6.00% depending on the term

• Personal loans available for terms of one to five and seven years with flexible repayment terms and competitive rates

• EnergySave loans and mortgages providing financing for energy-efficient home improvements at favorable rates 

• RRSP and TFSA loans providing $1,000 and more in financing for optimizing your contributions

• Lines of credit providing access to financing up to a predetermined limit, with interest charged only on the borrowed amount

• Mastercard credit cards with benefits like zero annual fees, low rates, cash back, rewards, and zero foreign currency transaction fees

• Closed and open mortgages with fixed and variable rates ranging from 4.49% to 7.25%

• Insurance products like auto, recreational, home, identity theft, earthquake, overland, and groundwater insurance coverages

For businesses, there are the following products:

• Business chequing accounts with unlimited electronic deposits and a low to an unlimited number of debits and in-branch deposits included

• Savings accounts with no monthly fees, unlimited electronic deposits, two debits included, and interest-earning capabilities

• Business and construction mortgages with up to 25-year amortization terms providing financing for real estate and development projects of your business

• Term loans providing financing for different borrowing needs of your business for terms of one to five years at fixed and variable rates 

• Letters of credit providing assurance of your creditworthiness to third parties

• Lines of credit providing access to the working capital for your business up to an approved credit limit, with interest applied only to the borrowed amount

• Business Mastercard credit cards with benefits like no fees, low rates, and rewards

• Commercial insurance products providing protection for many important aspects of your business including equipment, offices, machinery, bonding, liability, and more

Services 

Individuals can get the following services at Northern Savings Credit Union:

• Financial planning and wellness services providing guidance on the right investments and insurance products to achieve your financial goals at different stages of life

• Access to the Qtrade Direct Investing™ platform enabling you to buy and sell investment securities online with low trading fees

Services for business owners include:

• Merchant services designed to help you collect and process payments from your customers

• Group benefits plans designed to help you attract and retain quality employees

• Payroll services allowing you to speed up your administrative procedures through payroll, human resources, time and labor management, and other solutions

• Access to the Qtrade Direct Investing™ platform for self-directed investing