Intro – First Northern Credit Union Reviews & Ranking
First Northern Credit Union was recently ranked and reviewed by AdvisoryHQ as a top rated credit union. Firms on our top rated lists were selected after they successfully passed AdvisoryHQ’s groundbreaking, four-step banks and credit unions selection methodology.
Click here for a step-by-step breakdown of the methodology and selection process used during our First Northern Credit Union review: AdvisoryHQ’s Methodology for Selecting Top Banks and Credit Unions.
The review below provides a detailed assessment, including some of the factors used by AdvisoryHQ News in its ranking and selection of First Northern Credit Union.
First Northern Credit Union Review
First Northern Credit Union was established by employees of the Commonwealth Edison Company in 1944. With assets of more than $305 million, a membership of more than 23,000, and additional insurance coverage of $250,000 for all Individual Retirement Accounts (IRAs), in addition to NCUA coverage, First Northern is one of the most stable and established credit unions in Illinois.
Products offered by First Northern include retirement accounts, education savings accounts, loans, traditional checking and savings accounts, money markets, and online products.
Image Source: First Northern Credit Union
Key Factors Leading Us to Rank This Firm as One of This Year’s Top Credit Union Firms
Upon completing our detailed reviews, First Northern Credit Union was included in AdvisoryHQ’s ranking of this year’s best credit unions based on the following factors.
First Northern Credit Union Review: Auto Loan Payment Protection
When you obtain automobile financing at First Northern, whether it’s for a new or used vehicle, you have access to GAP coverage. GAP coverage is designed to cover the difference between the market value of the car purchased and the loan or lease balance minus primary insurance coverage.
What this means for auto buyers who are members of First Northern is that they won’t have to worry about having an insurance payout that’s significantly less than what’s owed on the car.
There’s also credit life & disability insurance, where if a member with an auto loan dies or becomes disabled because of an accident or illness that’s covered, loan payments are either reduced or paid off.
First Northern Credit Union Review: Checking Accounts
There are several checking accounts offered to First Northern members, each of which has its own unique set of benefits designed to meet a wide variety of needs.
The first option is Value Now checking, which offers all of the conveniences of a traditional checking account, and it’s also completely free with no minimum balances or monthly fees.
The Preferred Checking account earns interest, and account holders have access to discounts on auto and home equity loans. Advantage Checking is for members with higher balances. It earns a higher interest rate, and there’s also an annual rebate for ATM surcharges as well as loan discounts.
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First Northern Credit Union Review: Children’s Accounts
First Northern offers savings options and plans for families with children. One option is the Moola Moose account, designed to help children establish their own credit union membership and learn how to manage their finances from a young age.
For teens, there’s the Compass Club account, which requires a small minimum opening deposit, and it provides more in-depth information regarding planning, savings, and making smart financial decisions.
The Coverdell Education Savings Account offers the benefits of a tax-deferred plan to save for future education expenses.
First Northern Credit Union Review: Free Financial Counseling
Free financial counseling is available to members of First Northern Credit Union through the signature CreditSense program. This program helps members understand how they can work to meet their personal financial goals and also achieve certain things such as eliminating debt.
These services are offered by Greenpath, which is a nonprofit organization focusing on helping people establish and maintain financial health. Some of the areas of assistance they can help with include budgeting, better money management, improving credit scores, and how to avoid things like bankruptcy and foreclosure.
In addition to reviewing the above First Northern Credit Union review, you can click on any of the links below to browse exclusive reviews of AdvisoryHQ’s top credit unions:
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