Northern Bank (New England) Ups 24-month CD
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.
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.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.50% | $500 | $250k | Northern Bank Direct | 24 Month CD | |
| 3.50% | $500 | $250k | Northern Bank Direct | 48 Month CD |
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.
