Northern Bank Direct Unveils Money Market Premier With Top Rate


Deal Summary: Money Market Premier, 3.25% APY on all balances up to $250k, $5k minimum opening deposit.

Availability: Nationwide (internet bank)

A Forum post yesterday, DA reader, TRP, echoed exactly what I was thinking.

Who would have thought that the NBD Money Market Premier
rate would rise to 3.25% APY and become a rate leader?

At first glance, I thought Northern Bank Direct (NBD) had simply boosted the Money Market rate, but I soon realized the new 3.25% APY belonged to a new account – the Money Market Premier. According to CSR, those who have an existing Money Market account can “convert” it to a Money Market Premier account by contacting NBD.

3.25*%-$250kNorthern Bank DirectMoney Market
OTHER TIERS: 0.25% $250k+
Rates as of December 2, 2022.

DA reader, Reader1, pointed out an important rate limitation in a Forum post:

Per their website on 10/19/2022 – Applies to daily balances of less than $250,000 only. Balances of $250,000 or greater earn only 0.25% APY on the ENTIRE balance.

That statement is confirmed in the fine print of the landing page,

If your daily balance is less than $250,000.00, the interest paid on the entire balance of your account will be 3.20% with an annual percentage yield of 3.25%.

If your daily balance is $250,000.00 up to $999,999.99, the interest rate paid on the entire balance in your account will be .25% with an annual percentage yield of .25%.

If your daily balance is $1,000,000.00 and above, the interest rate paid on the entire balance in your account will be .25 % with an annual percentage yield of .25%.

NBD has a FAQs page, which has information about their ACH transfer system including,

If you initiate the electronic transfer from your Northern Bank Direct account, there is a maximum daily limit of $5,000.00 (or the available balance in your account, whichever is less) for Interbank (external) transfers per transaction; $5,000 in aggregate per day; and $25,000 in aggregate per calendar month.

The maximum number of transfers is 10 per day and 100 transfers to your account per calendar month.

Given the maximum daily limits, using another bank’s ACH transfer service to get money in or out of a Money Market Premier account is probably a better option.

In addition to ACH transfers (which usually take 3 business days), you can make deposits by wire transfer, direct deposit, mailing a check, or mobile check deposit.

As stated in the Personal Deposit Account Agreement disclosure,

You can make a withdrawal from any money market account by writing a check, in person using our withdrawal slip, making withdrawals or transfers at ATMs, or through other electronic means.

According the FAQs, NBD continues to honor the Fed’s pause of Regulation D, allowing NBD customers “to make more than six convenient transfers and withdrawals per month from their savings and money market accounts” without an excess transaction fee.

NBD also participate in the SUM ATM network, giving NDB account owners access to thousands of surcharge-free ATMs throughout the country.


Launched in 2017 as the internet division of Massachusetts-based Northern Bank, Northern Bank Direct offers its product line nationwide through its online banking platform. Individual and joint accounts can be opened, but trust accounts are not permitted. Surprisingly, beneficiaries cannot be designated on any NBD account.

Opening a Money Market Premier account can only be done using the NBD online application. According to the FAQs,

Can I open a Northern Bank Direct account at a Northern Bank branch?

    Northern Bank Direct accounts can only be opened online.


Can I visit my local Northern Bank branch to transact on this account?

    Yes, you may visit any Northern Bank branch to conduct a transaction on a Northern Bank Direct account.

Northern Bank has 13 full-service branches located in northeast Massachusetts.

Bank Overview

NBD operates under Northern Bank’s FDIC Certificate and shares its financial history. NBD deposits are considered to be held by Northern Bank and will be combined with other accounts held by the depositor at Northern Bank for purposes of FDIC deposit insurance.

Northern Bank/Northern Bank Direct has an overall health grade of “A” at, with a Texas Ratio of 4.77% (excellent), based on June 30, 2022 data. In the past year, the Bank has increased its total non-brokered deposits by $187.81 million, an excellent annual growth rate of 9.04%. Please refer to our financial overview of Northern Bank/Northern Bank Direct (FDIC Certificate # 18266) for more details.

While Northern Bank Direct is a relatively new institution, Northern Bank is not. Established in 1960 by brothers Jim and Thomas Mawn, it is the largest privately-held, family-run, full-service bank in Massachusetts. In 62 years, Northern Bank has grown to become the 19th largest bank in the state, with assets in excess of $2.7 billion and more than 59,000 customer accounts. From 2010 to 2017, Northern Bank was rated by the S&P Global Market Intelligence Ratings as the top New England bank with assets of $500 million to $5 billion.

How the Money Market Premier Compares

When compared to the nationally available Money Market Accounts and Savings Accounts tracked by that do not require large balances, have activity requirements, or have small balance caps, the Northern Bank Direct Money Market Premier currently tops the list.

The above information and rates are accurate as of 10/20/2022.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.

Related Pages: money market accounts, nationwide deals, Internet banks

  |     |   Comment #1
If they would offer a rate guarantee like they have in the past I would consider opening an account.
  |     |   Comment #16
Actually in a rising interest rate environment I see a rate guarantee as a negative since it usually means they do not intend on keeping up with interest rate hikes and the rate is pretty much guaranteed to drop after the guaranteed period ends. Now a rate guarantee in a declining interest rate environment is very useful and I have opened several accounts for that reason.
  |     |   Comment #2
My feeling is that this is just a one time thing to attract new money and then they wont keep up with the dates like lot of other similar banks do.
  |     |   Comment #3
Will they keep up with the rates?
  |     |   Comment #4
weird, my comment isnt showing up
  |     |   Comment #5
There's another 0.75% rate hike in two weeks, so some other bank will blow by the 3.25%
  |     |   Comment #10
Whe I find a bank that is paying .25% more than my current savings account and does not have terms I find unacceptable, I will move my money to that a account.
  |     |   Comment #6
Folks, as I’ve been preaching for months, consider purchasing the better paying  4 or 8 week Treasury bills to buy yourself some time. Then, come back in a month or two to revisit the issue. And if you want to jump on one of these “Look, over here, 3.25%!!!, I’m the highest rate today” offers then at least get one with a rate guarantee. By doing that you can jump in and out of the Treasury until their rates for bills start to stabilize and then decline.
  |     |   Comment #7
Perfect advice, and I have been purchasing 4 and 8 week treasuries over the past few months. I just bought some today before today’s auction this morning.
  |     |   Comment #8
I took a slightly different tack and bought a 2yr floating rate treasury note that matures 7/24. It resets weekly off the 3mo bill auction results. Last reset was ~3.90%; next one likely above 4%. It should rise much quicker than bank or broker money funds, but it will come down quicker as well. This one is now an $80 billion issue, so liquidity should be very good.
  |     |   Comment #13
I am new to buying Treasury’s but have been doing the same for a month or two now. Laddering a bit with Treasuries and CDs, primarily non-callable. Keeping plenty of cash liquid to keep buying as we move up.
  |     |   Comment #15
You’re doing an excellent job. Watch those rates like a hawk. I predict that when Treasury rates start to fall it will be much quicker than the ascent. Always have some spare cash available to lock in a good 1 yr bill or longer at that point.

Same applies to Ibond purchases - they’re great now, but when inflation subsides be ready to bail. Remind yourself to factor in a 3 month penalty of low interest if your 5 years since purchase hasn’t yet passed.
  |     |   Comment #9
Despite the FAQs, I was told yesterday by an NBD CSR that the ACH limit, for transfers initiated at NBD, is $20k daily / $40k monthly. This is consistent with notes I made several years back, when NBD's rates were higher (as was my balance there, then).

I'm happy to report that I ran into no problems setting up a $20k transfer this morning. And that a friend's transfer, initiated yesterday, already went through today. (Perhaps those FAQs need an update?)

As a precaution, I've linked my NBD Premier Money Market to my brokerage, as well as to a powerful hub account (at Customers), both of which seem to have no practical limits for either pushing or pulling large sums via ACH. (They can certainly handle more than $40k/month).

I'm plan to enjoy my ride at NBD; my contentment derives, in part, from having a quick exit strategy in place!
  |     |   Comment #22
Well I tried doing a 10k transfer from NBD and it didn't allow it but it did allow 2 5k transfers on the same day so it seems those 5k transfer caps are still in place for me.
  |     |   Comment #23
How strange! I wonder if the NBD system would allow you to schedule four 5k transfers (total: $20k) for the same day . . .

I've already maxed out my $40k for October (more to come early next month), and was able to do so in two unproblematic $20k swoops. As was my friend. All initiated at NBD.

Something more to deplore?
  |     |   Comment #24
Well only one of the 5k transfers went through. I had to set up another 5k transfer for the next day. So I'm capped at 5k per day for sure. : (
  |     |   Comment #25
I count myself lucky, then, to be among the grandfathered, with legacy $20k-per-day transfer limits.

Although, peculiarly enough, after reactivating my account with NBD last week (which I had let go to seed in the face of their once appealing, subsequently appalling rates) I received a signature card in the mail a few days ago, to return to them as if I were starting afresh.

I suppose there's a setting stuck in their system somewhere . . .
  |     |   Comment #11
Well the rate may not last but at least they allow outside ACH debits unlike that other bank (I think it's Dollar?) How ridiculous.......I don't care what the rate is I would never go with that one.
  |     |   Comment #12
NBD's Mon­ey Mar­ket Pre­mier @ 3.25% exceeds most Reward Checking Accounts without having you to fulfill the monthly requirements required by Reward Checking Accounts such as minimum number of debit card transactions. Certainly a better alternative for most Reward Checking Accounts holders for now.
  |     |   Comment #14
Does anyone know what the rate is on the old Money Market account?
  |     |   Comment #17
Looks pretty useless. No beneficiary and super low ACH limits. The main question is will it keep up with the rates?
  |     |   Comment #19
Well you can use 3rd party ACH to get around limits, it has the highest rate for FDIC liquid cash at the moment and you can link up to 10 accounts for external ACH transfers so it's far from useless. I use this as a secondary HUB along with Redneck so $0 in lost interest while transferring funds around.
  |     |   Comment #20
May I ask what do you mean by $0 lost interest? Does Northern or Redneck offer same day or next day ACH? thanks
  |     |   Comment #21
Well not exactly more like 1-2 days in my experience but with interest rates of 3.05% - 3.25% say you are moving funds from another FI with a 3% rate like GM right notes for example you will be earning 3% at one FI right up until the money gets transferred to the next FI so maybe you lose at most one day of interest if that while moving money around.
  |     |   Comment #18
I had an acct with these guys in the past but after years of not being competitive I closed it
  |     |   Comment #26
This bank also has a hold (five business days) on ACH deposit from external FI, FYSA.

Just my experience without retribution.
Northern Bank Direct Accepting Applications For Its Money Market
Deal Summary: Money Market Account, 1.75% APY on all balances up to $250k, $5k minimum opening deposit.

Availability: Nationwide (internet bank)

In June 2018 and 2019, Northern Bank Direct (NBD) offered a promotional rate on its Money Market Account (MMA) that also came with a rate guarantee. The June 2018 offer was only available for ten days, while the June 2019 promotion lasted into August. (The MMA was removed from DA's bi-weekly Liquid Summary in August 2019, since new accounts could no longer be opened.) The rate guarantee...

Continue Reading
Northern Bank Direct's Money Market (2.50% APY) Available Again
Deal Summary: Money Market Account, 2.50% APY on all balances up to $250k, rate guaranteed through December 31, 2019.

Availability: Nationwide (internet bank)

Remember Northern Bank Direct’s (NBD) Money Market Account promotion from last year? For ten days last June, newly opened MMAs were guaranteed to earn 2.26% APY on balances up to $250k through the end of June 2019. That deal was sweetened in January when the APY on existing MMAs was raised to 2.50% APY.

As DA reader, AnnO, noted in a Forum post yesterday,

Continue Reading
Northern Bank Direct Ups Promo Rate On Existing Money Market Accounts
Deal Summary: Existing promotional Money Market Accounts, 2.50% APY on all balances up to $250k, rate guaranteed through June 30, 2019.

Availability: Nationwide (internet bank)

Good news for those who took advantage of Northern Bank Direct’s (NBD) Money Market Account promotion last June: balances up to $250k now earn 2.50% APY, with a rate guarantee through June 30, 2019.

If you missed last June’s offering, here’s a brief synopsis: new Money Market Accounts opened between June 8 and 18, 2018 ($5k minimum deposit) were guaranteed to earn 2.26%...

Continue Reading
Northern Bank Direct Adds New Money Market

UPDATE 6/19/18: According to an alert on the bank's website "the promotional Money Market APY of 2.26% will no longer be available for new accounts as of 9:00 AM Eastern Standard Time on 6/20/18."

Deal Summary: Money Market Account, 2.26% APY on all balances up to $250k, rate guaranteed through June 30, 2019, $5k min/$250k max opening deposit.

Availability: Nationwide (internet bank)

There’s no need for a wordy introduction about Northern Bank Direct’s (NBD) promotional Money Market Account: 2.26% APY (up to $250k), guaranteed through June 30, 2019....

Continue Reading
Northern Bank Direct Adds New 30-Month CD
Deal Summary: 30-month CD (3.01% APY), $500 minimum deposit

Availability: Nationwide (internet bank)

Northern Bank Direct (NBD) has started the new month by introducing a new product: a 30-month CD earning 3.01% APY. The 30-month CD can be opened with a $500 minimum deposit and while there is no stated balance cap, the FAQs page states, “The maximum amount you can initially fund your account with is $500,000.”

NBD made its debut about 16 months ago, featuring five competitive CDs. Rates at new internet banks...

Continue Reading

More Past Offers

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.