Overview / Commentary
275 Mishawum Road
Woburn, MA 01801

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

Northern Direct Bank Ending Special Money Market Rate - 6/19/2018

Due to popular demand, please be advised that the 2.26% APY Money Market account will no longer be available as of 9:00 AM Eastern Standard Time on 6/20/18. Thank you.

Money Market Account - 6/15/2018

Rate of 2.24% guaranteed for 1 year. Opening the account on-line was fast and easy. Initial funding via ACH transfer from external account was credited the next day. I don't know why anyone would place a 1-year CD while this offer is available.

Northern Bank Direct Adds New Money Market - 6/11/2018

Northern Bank Direct is offering a 2.26% APY (up to $250k) on new Money Market Accounts, guaranteed through June 30, 2019. $5k min/$250k max opening deposit.

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Reviews (4)

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.

Limited Availability Of Matured CD Balances

This bank seems to be competing on the national stage for CD accounts. Yet, they have adverse capabilities, compared to major internet banks. Here is what they have to say about getting your money back:
"If you would like to have your funds sent electronically we will need a request to do that two days before the maturity date. The only option we are able to give if the CD has already matured is to send a check to an address on file."

I should note there was no problem funding my CD electronically. And, of course, if you want the proceeds transferred electronically, as referenced above, you must have previously established an external bank account.

Unable To Open Account

Posted by: amal | Jun 11, 2018

Just tried to open money market account but at the end of application, it says "Unfortunately, we couldn't open your account". It gives a phone number and I called for the reason. The CSR told me you will get a letter in the mail but refused to tell me over the phone. I have never been denied an account before. I don't know if others have that experience.

Transfers Limited To $5,000, Useless For An On-Line Bank

Posted by: Jarlath | Jan 18, 2018

There transfers to and from externally linked accounts are limited to $5,000 / day. This is absurd and completely useless for an on-line bank. Oh, and the maximum for an entire month is only $25,000. That's a ridiculous considering there are so many other online banking alternatives that are much better.


Health Grade Components

FDIC Certificate #18266
Year Established1960
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.41%
Return on Equity - YTD14.13%
Annual Interest Income$51.5MM
Assets and Liabilities
AssetsQ2 2018vs Q2 2017$2.11B$1.94B
LoansQ2 2018vs Q2 2017$1.85B$1.69B
DepositsQ2 2018vs Q2 2017$1.78B$1.56B
Equity CapitalQ2 2018vs Q2 2017$210.9MM$192.6MM
Loan Loss AllowanceQ2 2018vs Q2 2017$28.7MM$22.2MM
Unbacked Noncurrent LoansQ2 2018vs Q2 2017$27.1MM$24.9MM
Real Estate OwnedQ2 2018vs Q2 2017$603.00K$603.00K
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Always verify rates and promotions with the bank or credit union. We are not Northern Bank Direct; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Northern Bank Direct Money Market Rates

1.51%*-$250kMoney Market Account
OTHER TIERS: 0.01% $1m+ | 0.75% $250k - $1m

Northern Bank Direct CD Rates

2.57%$500$250k60-month CD
2.56%$500$250k48-month CD
2.55%$500$250k36-month CD
2.00%$500$250k30-month CD
1.75%$500$250k24-month CD
1.50%$500$250k12-month CD

Northern Bank Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 275 Mishawum Road - Woburn, MA 01801

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