Northern Bank Direct
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.51% | Money Market | Money Market Account 1.00% - Ally Bank Money Market Account |
| 2.56% | 4-year CD | 48-month CD |
| 1.75% | 2-year CD | 24-month CD 2.25% - Synchrony Bank 24 Month CD |
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.
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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.
Transfers Limited To $5,000, Useless For An On-Line Bank
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.
Data as of Q4 2017
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 18266 |
| Year Established | 1960 |
| Employees | 175 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.26% |
| Return on Equity - YTD | 12.64% |
| Annual Interest Income | $93.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2017vs Q4 2016 | $2.07B$1.69B |
| Loans | Q4 2017vs Q4 2016 | $1.81B$1.48B |
| Deposits | Q4 2017vs Q4 2016 | $1.67B$1.34B |
| Equity Capital | Q4 2017vs Q4 2016 | $202.5MM$179.3MM |
| Loan Loss Allowance | Q4 2017vs Q4 2016 | $23.2MM$21.0MM |
| Unbacked Noncurrent Loans | Q4 2017vs Q4 2016 | $25.2MM$2.4MM |
| Real Estate Owned | Q4 2017vs Q4 2016 | $603.00K$0 |
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
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.51%* | - | $250k | Money Market Account | ||
| OTHER TIERS: 0.01% → $1mm+ | 0.75% → $250k - $1mm | |||||
Northern Bank Direct CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.57% | $500 | - | 60-month CD | |
| 2.56% | $500 | - | 48-month CD | |
| 2.55% | $500 | - | 36-month CD | |
| 1.75% | $500 | - | 24-month CD | |
| 1.50% | $500 | - | 12-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