Northern Bank Direct


Overview / Commentary
844-348-8996
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

Money Market Rate Guarantee Extended To December 31 2019 - 5/13/2019

I just called a CSR at Northern Bank Direct to find out what the new interest rate will be on the MM account that had a rate guarantee to June of this year. She said they are extending the rate guarantee to December 31, 2019 and that all account holders will get an email notification of the extension.

Northern Bank Direct Ups Promo Rate On Existing Money Market Accounts - 1/29/2019

Northern Bank Direct (internet bank) has increased the promo rate on existing Money Market Accounts to 2.50% APY on balances up to $250k. Guaranteed through 6/31/2019.

Rate Increased To 2.50% APY - 1/28/2019

Received an email today Northern Bank Direct increased their Interest rate: Is there anything better than watching your Northern Bank Direct Money Market Account grow? What about an increased interest rate? Well, we're giving you both! Because you're a valued and loyal customer, we have increased your interest rate to 2.47% with a 2.50% APY for balances up to $250,000.00*. *Money Market average daily balances from $.01 to $250,000.00 earn the advertised 2.47% interest rate with an Annual Percentage Yield (APY) of 2.50%. Money Market average daily balances between $250,000.01 and $1,000,000.00 earn an interest rate of 0.75% resulting in a blended APY between 2.50% and 1.19%. Money Market average daily balances greater than $1,000,000.00 earn an interest rate of 0.01%, resulting in a blended APY between 1.19% (for average daily balances just over $1,000,000.00) and 0.25% (for an average daily deposit balance of $5,000,000.00). Your interest rate and APY are accurate as of January 28,

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Reviews (5)

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.

Average At Best Banking Experience

Posted by: jaycapz | Jan 23, 2019

I primarily use their high yield online savings/money market account due to a promo rate they were running. The customer service is primarily e-mail, the phone service is not so great. You will typically get bounced around and then asked to send an e-mail via online portal. The portal is vanilla and looks like most other banking platforms like TIAA, but does have the majority of features you will need. What will make me move on is not just slow customer service, but the $5K money move limitation and the fact they are the last to send my 1099's. I think its absurd they mail them and do not offer an online option with tax documents for those who file early. I also did not receive a communication about the timing, at the least post it in your portal. Once promo rate is up I will most likely move on.

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
B+

Health Grade Components

Overall
FDIC Certificate #18266
Year Established1960
Employees200
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.47%
Return on Equity - YTD14.62%
Annual Interest Income$107.6MM
Assets and Liabilities
AssetsQ4 2018vs Q4 2017$2.16B$2.07B
LoansQ4 2018vs Q4 2017$1.89B$1.81B
DepositsQ4 2018vs Q4 2017$1.79B$1.67B
Equity CapitalQ4 2018vs Q4 2017$226.3MM$202.5MM
Loan Loss AllowanceQ4 2018vs Q4 2017$24.2MM$23.2MM
Unbacked Noncurrent LoansQ4 2018vs Q4 2017$41.5MM$24.8MM
Real Estate OwnedQ4 2018vs Q4 2017$603.00K$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.

Money Market Rate Guarantee Extended To December 31 2019

silvercitylaura   |  
I just called a CSR at Northern Bank Direct to find out what the new interest rate will be on the MM account that had a rate guarantee to June of this year. She said they are extending the rate guarantee to December 31, 2019 and that all account holders will get an email notification of the extension.

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.

Northern Bank Direct CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.76%$500-18 Month CD
2.55%$500$250k36 Month CD
2.50%$500$250k48 Month CD
2.41%$500$250k24 Month CD
2.40%$500$250k30 Month CD
1.76%$500$250k12 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.