Northern Bank Direct

Deposits held and insured by Northern Bank

Overview / Commentary
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

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.

Northern Bank Direct 11-Month CD Is New 1-Year CD Rate Leader - Expired - 7/24/2023

Northern Bank Direct (internet bank) has significantly increased its 11-month CD APY to a rate-leading level. $500 minimum opening deposit.

Money Market Has New Higher Rate 4.95% Apy - 7/5/2023

I logged in today and saw the higher rate on the money market account.

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Good Experience

Posted by: |

I opened a online 9 month CD with Northern Direct back in May 2023 when they were paying 5.50. I had zero problems. The application and transfer were simple and easy. I just opened a 11 month CD at 5.60 on Aug 08, 2023. Again I had zero problems. Northern Direct did the two trial deposits to my linked Chase account within 24 hrs and did the funds transfer within 48 hrs. I see some folks had some issues with Northern Direct but that hasn’t been the case with me. So far I’m happy with the service and rate.

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.

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?



Data as of Q1 2023

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

Health Grade Components

FDIC Certificate #18266
Year Established1960
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.57%
Return on Equity - YTD17.61%
Annual Interest Income$44.1MM
Assets and Liabilities
AssetsQ1 2023vs Q1 2022$2.83B$2.77B
LoansQ1 2023vs Q1 2022$2.51B$2.29B
DepositsQ1 2023vs Q1 2022$2.26B$2.36B
Equity CapitalQ1 2023vs Q1 2022$416.9MM$378.3MM
Loan Loss AllowanceQ1 2023vs Q1 2022$47.2MM$41.5MM
Unbacked Noncurrent LoansQ1 2023vs Q1 2022$26.3MM$31.9MM
Real Estate OwnedQ1 2023vs Q1 2022$0$0
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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

4.95%*-$250kMon­ey Mar­ket Pre­mier
OTHER TIERS: 0.25% $250k+

Northern Bank Direct CD Rates

3.75%$500$250k17 Month CD
0.65%$500$250k36 Month CD
0.65%$500$250k48 Month CD
0.65%$500$250k60 Month CD
0.60%$500$250k24 Month CD
0.60%$500$250k30 Month CD
0.55%$500$250k18 Month CD
0.50%$500$250k12 Month CD
0.50%$500$250k15 Month CD
0.40%$500$250k9 Month CD
0.40%$500$250k6 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

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.