Northern Bank Direct

Deposits held and insured by Northern Bank

Overview / Commentary
844-348-8996
275 Mishawum Road
Woburn, MA 01801
Deposits held and insured by Northern Bank

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 Bank Direct Cuts Money Market Rate To 1.00% - 7/1/2020

Just changed effective July 1, 2020

Northern Bank Direct Cuts Money Market To 1.25% From 1.50% Today - 6/2/2020

Its website shows new Money Market rate @ 1.25% today. It was 1.50% yesterday.

Northern Bank Direct Money Market Rate Cut To 1.50% APY - 5/1/2020

With this rate cut, other than Fitness Bank with its daily step requirement and Patriot Bank with a promotional rate only until 6/30, the only FI still paying 1.75% is First Foundation Bank. 

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Rate Reduced To 1.5% 5/1/20

Posted by: |

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!

Posted by: |

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

Posted by: |

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.

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Health
A+

Data as of Q4 2019

Data displayed below is for insuring bank: Northern Bank
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #18266
Year Established1960
Employees227
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.69%
Return on Equity - YTD15.15%
Annual Interest Income$119.3MM
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$2.23B$2.16B
LoansQ4 2019vs Q4 2018$1.89B$1.89B
DepositsQ4 2019vs Q4 2018$1.91B$1.79B
Equity CapitalQ4 2019vs Q4 2018$262.1MM$226.3MM
Loan Loss AllowanceQ4 2019vs Q4 2018$26.3MM$24.2MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$4.3MM$41.5MM
Real Estate OwnedQ4 2019vs Q4 2018$0$603.00K
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Northern Bank Direct Cuts Money Market Rate To 1.00%

  |  
Just changed effective July 1, 2020

Northern Bank Direct Cuts Money Market To 1.25% From 1.50% Today

  |  
Its website shows new Money Market rate @ 1.25% today. It was 1.50% yesterday.

Northern Bank Direct Money Market Rate Cut To 1.50% APY

  |  
With this rate cut, other than Fitness Bank with its daily step requirement and Patriot Bank with a promotional rate only until 6/30, the only FI still paying 1.75% is First Foundation Bank. 

Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%*$5k*$250kMoney Market
OTHER TIERS: 0.25% $1m+ | 0.50% $250k - $1m

Northern Bank Direct CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.65%$500$250k24 Month CD
0.60%$500-18 Month CD
0.55%$500-15 Month CD
0.50%$500$250k12 Month CD
0.40%$500-9 Month CD
Locations

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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.