COVID 19 - Financial Assistance
We're Here to Help.
Here at Northern Savings Credit Union we understand that members may be impacted by COVID-19 from both a health and economical perspective and we're here to help.- For members with mortgages and other loans, we will be offering a deferral program for a term of up to six months on a case-by-case basis
- We will be postponing our service fee changes (originally set to go live on April 1)
- We have launched the Canada Business Emergency Account (CEBA) application for our business members
- Following recent rate cuts from the government, we have reduced our Prime rate three times, which currently sits at 2.45%
- As a credit union member, you receive unlimited depositor protection from the Credit Union Deposit Insurance Corporation of British Columbia. Learn more >
If you are an impacted member, please call your branch or send us an email at info@northsave.com to discuss what options are available to support you, personally.
Government Relief
We encourage members to keep up-to-date on government relief measures for those impacted by COVID-19, including the Canadian Emergency Response Benefit (CERB), at these trusted websites:Government of Canada >
BC Government >
Get Your CRA Deposits Faster
Our members can access CRA direct deposit enrollment online through our website. Sign up now to get payments from the CRA deposited directly into your account! Learn more >Collabria Credit Card Relief Measures
- Emergency Temporary Credit Limit Increases
Emergency credit limit increases to cover airfare, car rentals, food, shelter, medical supplies, medications and other expenses. - Increased Contactless Transaction Limits
Increase in maximum contactless transaction limits to $250 across all merchant categories. - Minimum Payment Deferral
Deferral of Minimum Payments and the Promotional Interest Rate bundle will be approved for up to 3 months at a time. Cardholders can call in after 3 months and can be extended to 6 months, if needed - Reduced Interest Rate of 10.9%
Cardholders will have their interest rate reduced to 10.9% for up to 6 months when cardholders contact Collabria and request financial relief due to COVID-19 impacts.
Note: Reduced Interest Rate and Minimum Payment Deferrals are provided as a bundled relief measure to cardholders. - Balance Transfers
Provides members the ability to consolidate higher interest rate loans and credit card balance.
1) Low Rate Product Acquisition Program: 3.9% balance transfer for 6 months on new accounts.
2) 5.9% Balance Transfers for a period of 6 months for all cardholders - Discontinued Outbound Collections Calls
Collection agencies will continue to provide support on a case by case basis for all inbound calls, however outbound collection calls have been paused.
