Northern Savings Credit Union

What Northern Savings Credit Union does

Northern Savings Credit Union is a member-owned financial cooperative founded in 1940, headquartered in Prince Rupert, British Columbia, and operating four branches across Northern BC (Masset, Prince Rupert, Daajing Giids, and Terrace) on the traditional territories of the Haida Nation and Ts'msyen Nation. It serves 17,000+ members with a full suite of retail and small-business financial services, including tiered chequing and savings accounts, mortgages, personal and business loans, lines of credit, credit cards, term deposits, RRSPs/RRIFs, TFSAs, RESPs, FHSAs, and mutual funds (delivered via Qtrade and Aviso Wealth partnerships), plus insurance products (auto, home, recreational, travel via TuGo, life, disability, commercial, and group benefits).

The underlying technology stack is conventional credit union infrastructure: a website with online account opening (apply.northsave.com), iOS and Android mobile apps, full online banking with 2-Step Verification, Deposit Anywhere mobile cheque capture, Interac e-Transfer ($3,000 per transaction / $10,000 weekly / $20,000 monthly limits), Small Business Online Banking with dual-signature approval and multi-user access, e-Statements, and 128-bit SSL encryption. Payments are processed through Collabria (credit cards), Paystone/Elavon (merchant services), and THE EXCHANGE/Allpoint ATM networks; payroll services are offered through an ADP Canada partnership.

The business model combines net interest income from lending (mortgages, commercial mortgages, construction financing, personal and business loans), recurring account and transaction fees (e.g., $4-$23/month personal chequing tiers; $7-$75/month business tiers), insurance commissions (home, auto, marine, travel, life, commercial, group benefits), and wealth-management advisory fees from Aviso Wealth and Qtrade product placements. Distribution is primarily community-led and direct-to-consumer via the four-branch physical footprint and digital channels, supplemented by community programs (INSPIRE Fund, Community Fund, Business of the Month, YES Camp, WOW Kid) that function as both marketing and member-acquisition mechanisms.

Name

Northern Savings Credit Union

Legal name

Northern Savings Credit Union

Website

https://northsave.com

Company type

Private

Founded year

1940

Operating status

Operating

Headcount range

51–100 employees

Short description

Northern Savings Credit Union is a member-owned financial cooperative founded in 1940, serving 17,000+ personal and small-business members across four branches in Northern British Columbia with retail banking, lending, wealth, and insurance services.

Ownership category

akta.pro rank

Product category

Community Banking (Credit Union)

NAICS

Credit Unions (52213), Credit Unions (522130), Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

National Commercial Banks (6021), State Commercial Banks (6022), Savings Institution, Federally Chartered (6035), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industries

Cooperative Banks (Member-Owned Commercial/Retail) (FSABAEAF), Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

Keywords

• Credit union services
• Personal banking
• Business banking
• Insurance products
• Wealth management

Headquarters

HQ city

Prince Rupert

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income on Lending Products: Northern Savings Credit Union generates revenue primarily through interest earned on mortgage, loan, and line of credit products extended to personal and business members. The credit union offers mortgages (personal and commercial), personal loans, business loans, lines of credit, and business letters of credit.
2. Account and Transaction Fees: Monthly account fees on personal chequing (Pay As You Go $4/mo, Essential $10/mo, Enhanced $15/mo, Ultimate $23/mo) and business accounts (Business Pay As You Go $7/mo, Business 25 $22/mo, Business 50 $40/mo, Business 75 $55/mo, Business 100 $75/mo), plus per-transaction fees beyond bundled limits, overdraft fees, and draft/cheque fees.
3. Insurance Products and Commissions: Insurance revenue is generated through commissions on home, auto, recreational, marine, travel (via partner TuGo), life, critical illness, disability, group benefits, and commercial insurance products offered through Northern Savings Insurance Services across four locations.
4. Investment Products and Wealth Management: Revenue is generated through term deposits, RRSPs, RRIFs, TFSAs, RESPs, FHSA, and mutual funds offered through the credit union and partner platforms (Qtrade Direct Investing, Aviso Wealth). Advisory fees and commissions on managed portfolio products contribute to revenue.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels9 records

Core offering

Northern Savings Credit Union is a member-owned financial cooperative providing retail banking, borrowing, insurance, and investment products to personal and small business members across Northern British Columbia. It operates four physical branches (Masset, Prince Rupert, Daajing Giids, Terrace) complemented by online and mobile banking, and delivers services including chequing/savings accounts, mortgages, loans, credit cards, term deposits, RRSPs/TFSAs/RESPs, mutual funds, and home/auto/travel/life insurance through partner platforms.

Product overview

Northern Savings Credit Union operates as a full-service financial cooperative offering a comprehensive suite of banking, borrowing, investing, and insurance products. The product portfolio includes personal banking (chequing, savings, youth/student accounts), mortgages and loans, credit cards through Collabria partnership, and investment products including term deposits, RRSPs, TFSAs, RESPs, mutual funds, FHSA, and online investing via Qtrade. Insurance offerings span auto (ICBC), home, recreational, travel (TuGo), and life/disability coverage. Business services encompass commercial accounts, business mortgages, loans, credit cards, group RRSPs, commercial insurance, group benefits, merchant services (Paystone), and payroll solutions (ADP). The institution also provides community programs including the INSPIRE Fund/Community Fund grants, bursaries, and youth initiatives. Digital banking is delivered through online banking and mobile apps with features including Deposit Anywhere, e-Statements, and Small Business Online Banking.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Chequing Accounts Tiered personal transaction accounts (Pay As You Go, Essential, Enhanced, Ultimate, USD Pay As You Go) with varying debit transaction limits and monthly fees for individual members.
• Personal Savings Accounts (Simply Savings) No-monthly-fee personal savings account earning tiered interest with two free debit transactions per month and no penalty for accessing funds.
• Youth Accounts Free chequing accounts designed for youth under 26 to build healthy financial habits early.
• Student Accounts Free chequing for post-secondary students with Classic member discounts available.
• Personal Mortgages Residential mortgage products including 5-year fixed mortgages at 3.99% with bundled bonus line of credit for personal members.
• Personal Loans and Lines of Credit Flexible personal financing with variable or fixed rate options for individual borrowing needs.
• Personal Credit Cards Personal credit cards issued through Collabria, with rewards programs, insurance coverage, and mobile wallet support.
• Term Deposits Guaranteed investment products with 12–60 month terms, competitive interest rates, and early withdrawal options; minimum $500 investment ($100 for youth).
• RRSPs and RRIFs Registered Retirement Savings Plans and Registered Retirement Income Funds for retirement savings and income planning.
• TFSAs Tax-Free Savings Accounts for tax-advantaged savings on investments and interest income.
• RESPs Registered Education Savings Plans for saving toward children's post-secondary education.
• FHSA (First Home Savings Account) First Home Savings Account providing tax-advantaged savings toward purchasing a first home.
• Mutual Funds Professionally managed diversified investment portfolios offered through Aviso Wealth partnership.
• Online Investing Self-directed online brokerage platform through Qtrade Direct Investing for member-managed investments.
• Financial Planning and Wellness Personalized financial planning services with local Financial Advisors covering investment advice, estate planning, and retirement planning.
• Auto Insurance Vehicle insurance through ICBC, including basic mandatory coverage, optional coverage, collision, comprehensive, and motorcycle insurance for personal members.
• Home Insurance Property insurance for residential, condo, tenant, and seasonal properties, with earthquake and overland water coverage options.
• Recreational Insurance Insurance coverage for RVs, marine/watercraft, and travel through the TuGo Insurance partner.
• Travel Insurance Travel insurance products through TuGo, including medical, trip cancellation, interruption, and baggage coverage.
• Life, Disability and Illness Insurance Life insurance, critical illness, and disability insurance for income protection of personal members.
• Business Accounts Tiered business banking accounts (Business Pay As You Go, US Business, Business 25/50/75/100, Business Simply Savings, Community) with varying transaction limits and monthly fees for small businesses and not-for-profits.
• Business and Construction Mortgages Commercial mortgages for multi-family housing, industrial and commercial buildings with amortizations up to 25 years; construction financing with phased advancement for renovation and development projects.
• Business Loans and Lines of Credit Business financing including loans for purchasing and expansion, business letters of credit up to $250,000, and lines of credit for working capital.
• Business Credit Cards

Quantifiable outcome

• 2025 INSPIRE Fund distributed $85,000 to local community initiatives on behalf of members
• +5 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Partnerships

13 partnerships are on record, tiered core, notable and minor.

• Collabria Credit CardscoreTechnology or IntegrationCollabria Credit Cards provides credit card processing and issuance services for Northern Savings members. Northern Savings offers business credit cards (Low Rate Business Mastercard, World Elite Business Mastercard, No Fee Cash Back Mastercard) through Collabria, with features including flexible rewards, insurance coverage, 24/7 fraud monitoring, and mobile wallet support.
• Paystone (Elavon)coreTechnology or IntegrationPaystone, leveraging its relationship with Elavon, provides merchant services to Northern Savings business members. Services include payment terminals (wireless, countertop, smart), e-commerce payment processing, POS systems, virtual terminals, pay-at-the-table solutions, fundraising e-payments, gift card programs, and loyalty programs. Paystone offers 24/7 customer support.
• ADP CanadacoreTechnology or IntegrationADP provides payroll and HR services to Northern Savings business members through a partnership. Services include payroll management, HR management systems, time and labour management, integrated payroll and HR solutions, comprehensive outsourcing services, consulting services, and occupational health and safety services.
• TuGo InsurancecoreChannel Partner/ Reseller/ DistributorTuGo Insurance is the travel insurance partner for Northern Savings. Northern Savings offers TuGo travel insurance products through its website (shop.tugo.com/store/NOR000), including travel medical insurance, trip cancellation, interruption protection, lost baggage, and rental car insurance.
• First Nations Market Housing Fund (FNMHF)coreStrategic or Co-development PartnerThrough the First Nations Market Housing Fund, Northern Savings is able to lend on some First Nations lands where the traditional mortgage relationship is complex. This partnership enables on-reserve lending partnerships with Indigenous communities, supporting economic reconciliation through homeownership.
• Credit Union Deposit Insurance Corporation of BC (CUDIC)coreOthersAll eligible deposits at Northern Savings Credit Union are 100% protected by the Credit Union Deposit Insurance Corporation of BC (CUDIC), a statutory corporation that insures deposits at BC credit unions.
• Youth Excellence Society (YES)notableStrategic or Co-development PartnerNorthern Savings sponsors the YES Camp, operated by the Youth Excellence Society. For over 45 years, YES has provided leadership training to BC youth. Northern Savings pays camp fees and partial travel for up to two campers annually. The camp is open to youth ages 14–18.
• CFTK-TVnotableStrategic or Co-development PartnerCFTK-TV partners with Northern Savings Credit Union and Bulkley Valley Credit Union to present the WOW Kid award program, recognizing deserving youth aged 8–18 in the North Coast and Bulkley Valley regions. Each month, one youth receives $250 from Northern Savings or Bulkley Valley Credit Union.
• Coast Mountain CollegenotableStrategic or Co-development PartnerNorthern Savings provides the Made in the North award ($4,000 annually, four $1,000 awards) to Coast Mountain College students in programs designed for the economic, social, environmental, and cultural needs of the northwest region (Applied Coastal Ecology, Environmental Geoscience, First Nations Arts, Sustainable Communities).
• Credit Union Foundation of BC (CUFBC)notableGTM or Marketing PartnerThe Credit Union Foundation of BC offers the CU of BC Bursary Program to credit union members three times a year (Winter: January 12–February 15; Fall: September 1–October 15), providing financial assistance to undergraduate students with demonstrated financial need. Northern Savings promotes this program to its members.
• Bulkley Valley Credit UnionminorStrategic or Co-development PartnerBulkley Valley Credit Union co-sponsors the WOW Kid award program alongside Northern Savings, alternating monthly $250 awards between the two credit unions for deserving youth in the North Coast and Bulkley Valley regions.
• Qtrade Direct InvestingcoreChannel Partner/ Reseller/ DistributorOnline brokerage services are offered through Qtrade Direct Investing, a division of Aviso Financial Inc. Northern Savings members can access Qtrade for self-directed investing with integrated account access.
• Aviso WealthcoreChannel Partner/ Reseller/ DistributorMutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Northern Savings Financial Advisors provide access to Aviso Wealth investment products. The Switch and Save offer reimburses transfer-out fees for investments of $5,000+ transferred to Northern Savings/Aviso Wealth.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Vancity Credit Union: Vancity is BC's largest credit union, headquartered in the Lower Mainland, with a strong community-mission focus and full banking, lending, and wealth offering. While larger and urban, Vancity competes for the same member-owned cooperative value proposition in the broader BC market.
• First West Credit Union: First West Credit Union is one of BC's largest credit unions, formed through mergers of Valley First, Envision Financial, Island Savings, and Coastal Community. It offers a similar full-service product suite across BC and competes for community-based members, though at significantly greater scale.

Emerging players

• First Nations Bank of Canada: First Nations Bank of Canada is a Schedule I chartered bank focused on Indigenous communities across Canada. It is a relevant peer given Northern Savings' FNMHF on-reserve lending partnership and growing Indigenous banking focus in Northern BC.

Direct peers

• BlueShore Financial: BlueShore Financial is a BC-based credit union offering premium personal banking, wealth management, and lending products under the cooperative model. It serves affluent North Shore and BC members with a similar full-service community-credit union approach.
• Integris Credit Union: Integris Credit Union serves communities across BC's interior and north, including Prince George and surrounding areas, offering personal and business banking, insurance, and wealth services under the credit union cooperative model. Geographic adjacency makes it a relevant Northern BC peer.
• Lakeview Credit Union: Lakeview Credit Union operates as a small BC credit union serving the South Okanagan with personal and business banking, lending, and wealth services. Similar community-scale cooperative structure makes it a peer for benchmarking operations.
• Kootenay Savings Credit Union: Kootenay Savings is a BC interior credit union offering community-based personal and business banking, lending, and investment services. It shares the cooperative governance model and serves a defined regional membership base comparable to Northern Savings' Northern BC footprint.
• Bulkley Valley Credit Union: Bulkley Valley Credit Union is a fellow BC credit union that co-sponsors the WOW Kid youth award with Northern Savings. It serves the Bulkley Valley region of Northern BC with similar community-cooperative banking, lending, and insurance products, making it the most directly comparable peer.
• Nelson & District Credit Union: Nelson & District Credit Union serves the West Kootenay region of BC with full-service personal and business banking, mortgages, and investment products under the credit union model. Similar scale and community focus make it a useful comparable for Northern Savings.
• Coastal Community Credit Union: Coastal Community Credit Union (merged into First West Credit Union in 2022) operates across Vancouver Island and coastal BC, offering the same suite of personal and business banking, lending, and wealth products to member-owners under the credit union cooperative model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/northsave
• LinkedInlinkedin.com/company/northern-savings-credit-union

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Northern Savings Credit Union