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Northern Credit Union 1-month 4.00% savings promo
November 24, 2017
10:05 am
Koogie
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Not sure if this will be of interest to anyone but it was mentioned elsewhere, so...

Northern CU is offering a 4.00% savings rate for December... so a very short promo...

https://www.northerncu.com/personal/investments/special-offers/plaid-friday/

PLAID IS THE NEW BLACK!
Lock in your savings during our Plaid Friday Sale and earn 4.00% interest with our High Interest Savings Account until December 31st! It’s time to take your savings to the next level. You have to act fast though, because this rate is only available until November 27.

November 25, 2017
8:37 am
James
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Thanks for this Koogie. I can't take advantage because I'm using Simplii's offer. I did talk to customer service at Norther CU though and the rep was very friendly and helpful. Everything can be set up online. No fees on the account to transfer in, and the first transfer out of the month is free. For each subsequent transfer request per month, there is a $5 fee to transfer out money.

November 25, 2017
10:32 pm
Loonie
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You could certainly make a bit of money on this if you maxed the account at 100K, even for one month, if you don't mind the nuisance factor of opening yet another account. It depends in part on what rate you're getting elsewhere.
I'll pass, but offers of this type could be more attractive in the new year when the Ontario CUs raise their insurance limit to 250K. For 250K and 3 months, I would probably do it, as the margin over the current going maximum of 3% would be over $600 per person before taxes.

November 27, 2017
6:50 am
AlainJF
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They do not seem to be linking accounts with other FI for money transfer. I understand that you could deposit $ by email-$ or do a cheque-deposit via their mobile Apps, but how do you get your money out after ?

If anyone here is customer of this FI, I am currious to understand how you transfer money (easily, not only small amount, and without too much fees).

November 27, 2017
4:05 pm
julio
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I called them, talked to Michelle. She stated, that to repatriate the funds, 1) I can go the one of their branches or 2) they will mail me a cheque. As I see it, option No.1 might not practical and a reliance on a speedy appearance of a cheque in the mail after holidays might by wishful thinking, thus shrinking the profits of a next deployment.

November 27, 2017
5:34 pm
Norman1
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Sounds like they are more of a bricks-and-mortar financial institution than an online one.

I guess one could open a True North Chequing account ($3/month), transfer the funds from the High Interest Savings Account to the chequing account, and pull the funds out of the chequing account from an online financial institution, like Hubert Financial, EQ Bank, or Alterna Bank.

The account comparison page suggests that the High Interest Savings Account can receive direct deposits. But, pre-authorized debits and cheques are not supported.

November 28, 2017
2:16 am
Loonie
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I think this is typical of a lot of the smaller CUs. They are really set up to be the primary "bank" for local members, and they probably do that fairly well.

November 29, 2017
8:46 am
James
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AlainJF said
They do not seem to be linking accounts with other FI for money transfer. I understand that you could deposit $ by email-$ or do a cheque-deposit via their mobile Apps, but how do you get your money out after ?

If anyone here is customer of this FI, I am currious to understand how you transfer money (easily, not only small amount, and without too much fees).  

I am not a customer (yet) but I spoke with customer service and they said they could accommodate a 'pull' from another bank account but you would not be able to 'push' the money from Northern CU. So you could set up a pull from a bank (like Hubert for example) that does not require a cheque to do the link. I'm just trying to figure out how much interest would be lost by waiting for holds to come off the funds before I can transfer back to PCF and I'm not sure if I'd come out ahead by doing this yet (would depend on the length of time involved).

November 29, 2017
10:22 pm
rfdm4g4g9
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Great rate by Northern Credit Union of 4 % , even if its only for 1 month.

People who missed out on Simplii Financial's 3 % rate, because its only on NEW net deposits or people who didn't get the Tangerine lottery promos, can definitely take advantage of this 4 % interest rate from Northern Credit Union.sf-cool

November 29, 2017
10:41 pm
Norman1
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James said

I am not a customer (yet) but I spoke with customer service and they said they could accommodate a 'pull' from another bank account but you would not be able to 'push' the money from Northern CU. So you could set up a pull from a bank (like Hubert for example) that does not require a cheque to do the link. …

Make sure that the Northern HISA will actually take a 'pull' from another financial institution.

Their account comparison page has "NA" for "Cheques Cleared and Pre-Authorized Debits (SS)" on their HISA. Perhaps that should be "NA" for "Cheques Cleared" and "$5.00" for "Pre-Authorized Debits".

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