Northern Bank (New England) Ups 24-month CD

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Deal Summary: 24-month CD (2.25% APY), 48-month CD (2.50% APY), $500 minimum deposit

Availability: Market area covers all of New England.

Just before Christmas, Massachusetts-based Northern Bank raised the rates on its 24-month CD (2.25% APY) and 48-month CD (2.50% APY). The minimum deposit is $500, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.56%$500-Northern Bank48 Month CD
2.56%$500-Northern Bank48 Month IRA (Traditional, Roth, CESA, SEP)
1.75%$500-Northern Bank24 Month CD
1.75%$500-Northern Bank24 Month IRA (Traditional, Roth, CESA, SEP)
Rates as of September 25, 2018.

Both CDs are also available as IRAs (Traditional, Roth, CESA, SEP), earning the same APYs with the same funding requirements.

In the past eight months, I’ve written about the CDs offered by Northern Bank Direct (the new internet division of Northern Bank), including their 24- and 48-month CDs. Both these nationally available CDs have APYs 25 bps lower than what is currently being offered by Northern Bank.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.56%$500$250kNorthern Bank Direct48-month CD
1.75%$500$250kNorthern Bank Direct24-month CD
Rates as of September 25, 2018.

According to CSR, the Early Withdrawal Penalty is as follows:

    Term of 12-35 months: 12 months interest

    Term of 48 months or greater: 36 months interest

Availability

Headquartered in Woburn, Massachusetts, Northern Bank offers it services and product line to “U.S. Residents of the New England States.” That includes Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.

Opening a CD can be done online, or at any of 12 Massachusetts branches located in Acton, Billerica, Burlington, Chelmsford, Littleton, Melrose, Reading, Sudbury, Westford, and Woburn (3).

Bank Overview

Northern Bank has an overall health grade of “B+” at DepositAccounts.com, with a Texas Ratio of 11.32% (above average), based on September 30, 2017 data. In the past year, Northern Bank has increased its total non-brokered deposits by $196.91 million, an excellent annual growth rate of 20.67%. Please refer to our financial overview of Northern Bank (FDIC Certificate # 18266) for more details.

Established in 1960 by brothers Jim and Thomas Mawn, Northern Bank is the largest privately-held, family-run, full-service bank in Massachusetts. In 57 years, Northern Bank has grown to become 21st largest bank in the state, with assets in excess of $2.06 billion and more than 29,600 customer accounts.

How the CD Compares

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, Northern Bank's 24-month CD APY currently shares the top spot with Fort Knox Federal Credit Union’s 22-month CD Special APY.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, Northern Bank's 48-month CD APY currently ranks first.

To find the best CD rates, both nationwide and state specific, please refer to our CD rates table.

The above rates are accurate as of 12/28/2017.

Related Pages: Boston CD rates, 5-year CD rates

Comments
New Top 3-Year CD Rate at Northern Bank & Trust Company

Northern Bank & Trust Company made a big change to its CD rates yesterday. I reported on this bank last month when it was offering a 1.15% APY 18-month CD. That rate has fallen to 0.75%, but its 3-year CD rate went way up to a very competitive level. The new 3-year CD yield is 1.50%. The 5-year CD rate also went up, but it’s not quite as competitive. The new 5-year CD yield is 1.75%. These rates are listed at the bank’s deposit rates page as of 7/9/2013.

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Top 18-Month CD Rate at Northern Bank & Trust Company - Online Application

Northern Bank & Trust Company is offering an 18-month CD and IRA CD with a 1.15% APY. Minimum deposit is $500, and the maximum is $500,000. This can be opened online and is available for personal and business accounts. This special CD is listed in this bank’s promotion page as of 6/17/2013.

The CD can be opened online, and according to the bank’s online account FAQs, U.S. residents are eligible to apply. Links to and information on the online application are available at this bank page.

The CDs can also be opened...

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17-Month CD Special at Northern Bank & Trust Company - Online Application

Northern Bank & Trust Company is having two deposit specials. The first is a 17-month CD with a 1.25% APY. Minimum deposit is $500, and the maximum is $500,000. This can be opened online and is available for personal and business accounts. The second special is just for business accounts. It's a business savings account with a 1.00% APY guaranteed for up to $250,000 until 6/30/2013. These specials and rates are listed in the bank's deposit specials page as of 1/11/2013. I was told by a bank CSR that these...

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Competitive 18-Month CD Special at Northern Bank & Trust Company in MA - Local Only

Northern Bank & Trust Company is advertising a 2.00% APY 18-month CD special. Minimum deposit is $500. This special doesn't seem to be listed at the bank's website. It was advertised in the 1/21/10 edition of the Wicked Local News. The ad is available online here.

It appears a branch visit is required to open an account. Branches are located in the Boston suburbs of Acton, Billerica, Burlington, Chelmsford, Littleton, Melrose, Woburn and Westford.

The bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial and 3...



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