Northern Bank Direct
Headquartered in Woburn, MA, Northern Bank Direct is an online division of Northern Bank, which was founded in 1960. This internet-only bank offers certificates of deposit (CDs) and money market accounts to its banking customers. The bank’s CDs yield higher interest rates for longer terms (terms range from 12 to 60 months). Money market accounts offer access to funds through ATM, electronic transfer, wire, and limited check writing.
Northern Bank Direct offers its customers convenient and secure access to online and mobile banking. Although accounts must be opened online, transactions can be made at any Northern Bank branch location. At the time of this writing, deposits made with Northern Bank Direct are insured by the FDIC (up to applicable limits) through Northern Bank.
Related Posts
10/7 - Money Market APY Drops To 0.60%
9/1 - Money Market Rate Is Lowered To .75%
8/5 - Northern Bank Direct's Money Market Drops To 0.9%
7/1 - Northern Bank Direct Cuts Money Market Rate To 1.00%
6/2 - Northern Bank Direct Cuts Money Market To 1.25% From 1.50% Today
5/1 - Northern Bank Direct Money Market Rate Cut To 1.50% APY
4/20 - Northern Bank Direct Accepting Applications For Its Money Market
1/6 - Northern Bank Direct MM To Go Down To 1.75% APY Effective 1/13/2020
12/10 - Still At 2.5% But...
8/27 - Northern Bank Direct's Money Market (2.50% APY) - No Longer Available 8/27/19
6/12 - Northern Bank Direct's Money Market (2.50% APY) Available Again
6/11 - Northern Bank Direct Increased Their Money Market To 2.50% APY
5/13 - Money Market Rate Guarantee Extended To December 31 2019
1/29 - Northern Bank Direct Ups Promo Rate On Existing Money Market Accounts
1/28 - Rate Increased To 2.50% APY
1/15 - Rate Confusion
6/15 - Money Market Account
6/11 - Northern Bank Direct Adds New Money Market
6/2 - Northern Bank Direct Adds New 30-Month CD
2/22 - Northern Bank Direct Ups Long-Term CD Rates
1/8 - Northern Bank Direct Ups Money Market Rate
1/3 - Northern Bank Direct Ups 48-Month CD
Rate Reduced To 1.5% 5/1/20
The 1.75% rate which was in place since January after last year’s 2.5% has just been lowered to 1.5%.
Limiting Inbound Transfers To $5000 Is Just Bad Policy!
Why would any bank limit a customer to an inbound transfer of 5,000 per day and 25,000 per month? What a very stupid move. Isn’t the objective of a bank to gather deposits and make it as convenient for a customer as possible in that respect? Now I know you can transfer from another bank without these limitations, but if they are so concerned about security, they should just put a hold on the funds until they clear like every other NORMAL bank does. Good banks are innovative and not limiting... maybe management should listen to their customers for once. Here’s an idea... now that same day ACH is possible, why don’t you implement a feature to transfer to another bank in the same day. There you go!
Just Signed Up
But did not make a transfer yet. Looks to me like they are still honoring the 2.5% rate through Dec 31? Too good to pass up. Anyone know for sure?
Great Rates, Great Service
This bank does a great job of providing really competitive rates on Money Market and CDs (I like that they have bumped up the rate on my money market to keep it near the top of the market). Customer service has been very friendly when I have needed it. Mobile app makes it easy to monitor my accounts. And, I like that they are private/family-owned and operated vs big corporate.
Data as of Q4 2020
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 18266 |
| Year Established | 1960 |
| Employees | 216 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.75% |
| Return on Equity - YTD | 15.29% |
| Annual Interest Income | $124.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $2.58B$2.23B |
| Loans | Q4 2020vs Q4 2019 | $2.16B$1.89B |
| Deposits | Q4 2020vs Q4 2019 | $2.24B$1.91B |
| Equity Capital | Q4 2020vs Q4 2019 | $306.2MM$262.1MM |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $37.7MM$26.3MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $14.0MM$4.3MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $0$0 |