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

Rate Leading 15-Month CD, 5.40% APY - 4/15/2024

15-month CD, 5.40% APY, $500 min/$250k max deposit. Available nationwide. Rate recently increased by 90 bps.

Northern Bank Direct Ups 9-Month CD Rate To Near Market-Leading Level - 1/29/2024

Northern Bank Direct (internet bank) recently added 510 bps to its 9-month CD, giving it near rate-leading APY. $500 minimum/$250k maximum opening deposit.

11 Mo 5.60% APY CD Is Gone - 8/24/2023

No mention of the 5.6% 11 mo CD on their website any more. Seems the deal is over.

View all posts from:

12/23/20 - Northern Bank Direct Money Market Rate Drops To 0.50%
10/7/20 - Money Market APY Drops To 0.60%
8/5/20 - Northern Bank Direct's Money Market Drops To 0.9%
7/1/20 - Northern Bank Direct Cuts Money Market Rate To 1.00%
6/2/20 - Northern Bank Direct Cuts Money Market To 1.25% From 1.50% Today
5/1/20 - Northern Bank Direct Money Market Rate Cut To 1.50% APY
4/20/20 - Northern Bank Direct Accepting Applications For Its Money Market
1/6/20 - Northern Bank Direct MM To Go Down To 1.75% APY Effective 1/13/2020
12/31/19 - 2.50% Rate Thru At Least 1/13/20
12/10/19 - Still At 2.5% But...
8/27/19 - Northern Bank Direct's Money Market (2.50% APY) - No Longer Available 8/27/19
6/12/19 - Northern Bank Direct's Money Market (2.50% APY) Available Again
6/11/19 - Northern Bank Direct Increased Their Money Market To 2.50% APY
5/13/19 - Money Market Rate Guarantee Extended To December 31 2019
1/29/19 - Northern Bank Direct Ups Promo Rate On Existing Money Market Accounts
1/28/19 - Rate Increased To 2.50% APY
1/15/19 - Rate Confusion
6/19/18 - Northern Direct Bank Ending Special Money Market Rate
6/15/18 - Money Market Account
6/11/18 - Northern Bank Direct Adds New Money Market
6/2/18 - Northern Bank Direct Adds New 30-Month CD
2/22/18 - Northern Bank Direct Ups Long-Term CD Rates
1/8/18 - Northern Bank Direct Ups Money Market Rate
1/3/18 - Northern Bank Direct Ups 48-Month CD
12/13/17 - Northern Bank Direct's 48-Month CD Rate Raised
7/31/17 - Northern Bank Direct Ups Money Market Account Rate
4/7/17 - Northern Bank Direct Debuts Competitive Money Market and CD Rates

Application In Limbo

Applied online for 9 mo CD at 5.5. Never heard back. Called and was told they were still processing applications. Called again and was told application rejected. "Could someone tell me the reason?" Ginny will get back to you. Crickets.....So I've moved on to another bank who has no issue with our application.

To Many Hoops

Posted by: |

Bought a 9 month and 15 month CD. Nice, competitive rates. Very tough to open a CD. First it would not allow me to add a second person to the account. I had to make it a single person. Thought it would allow me to add them later, no such luck. Ok, Ill add a beneficiary, once again, no such luck. Emailed them and they said, NO you cannot do that. Ok, just let them mature and move the money. About every 2 months I get a letter stating they need a copy of this or that and the account will be frozen until the information is received.
Here is the interesting part. The emails they send you look like they are from scammers. It says we need this information, and you can reply from this email. WHAT??? Nice rates, too many hoops!

Update: I called to make sure the account was not frozen for any reason. Want to get things cleared up before maturity. Everything was ok! I asked why you cannot have a beneficiary. I was told the bank does not like to get in the middle of those things. WHAT!!!!! I asked about adding my wife to the account. I was told that I could add my wife as a second on the account. Nice, after being told 2 other time I could not. After sending new documents to them, my wife was finally added to the account. Now, as long as my wife and I don't a die at the same time, the money will not be locked up.

Avoid This Bank!

Posted by: |

This is the worst bank I have ever dealt with in my life. Customer service is incompetent and their banking practices are unethical. I will be filing complaints with the Better Business Bureau and the Consumer Financial Protection Bureau.
Heed all the negative reviews and avoid this bank.
To make a long story short, after getting fed up with the abysmal customer service, I decided to close my money market account of nearly $250K on February 8, 2024. I was told a check for my balance plus any accrued interest would be sent to me that day via USPS. I told them that because the check was for such a large amount of money and mail is often stolen where I live, could I pay to have my check sent via FedEx or could they ACH my money to the external account I used to fund my Money Market. They refused and said the only option for me to get my money was by check via USPS.Northern did not close my account until February 13, and my check wasn’t mailed until February 14.
I didn’t receive my check until February 20 and I saw that I was never paid any interest from February 1 - 13. When I asked why, they told me that if you close your account before the last day of the month when interest is posted, you do not get any interest at all for that month. That was never disclosed to me when I opened the account nor when I called to close my account. That explains why they intentionally delayed giving me my money for such a long time: So that THEY could keep the several hundred dollars of extra interest that I earned.

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?

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Health
A

Data as of Q4 2023

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

Health Grade Components

Overall
FDIC Certificate #18266
Year Established1960
Employees264
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.04%
Return on Equity - YTD14.22%
Annual Interest Income$196.1MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$3.11B$2.83B
LoansQ4 2023vs Q4 2022$2.69B$2.49B
DepositsQ4 2023vs Q4 2022$2.55B$2.26B
Equity CapitalQ4 2023vs Q4 2022$435.9MM$408.5MM
Loan Loss AllowanceQ4 2023vs Q4 2022$50.7MM$45.7MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$36MM$23.3MM
Real Estate OwnedQ4 2023vs Q4 2022$6MM$0
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
4.95%*-$250kMon­ey Mar­ket Pre­mier
OTHER TIERS: 0.25% $250k+

Northern Bank Direct CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.60%$500$250k12 Month CD
5.40%$500$250k15 Month CD
5.00%$500$250k9 Month CD
5.00%$500$250k6 Month CD
4.50%$500$250k24 Month CD
4.50%$500$250k18 Month CD
4.00%$500$250k36 Month CD
4.00%$500$250k48 Month CD
4.00%$500$250k60 Month CD
4.00%$500$250k30 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.