Insider’s experts select the best products and services for you to make smart financial decisions.here’s how). Sometimes, we may be paid a commission by our clients Our partnersHowever, these opinions are not necessarily those of the company. These offers are subject to terms.
Rating overall
Both pros and cons
CD
Northern Bank Direct Certificate for Deposit
Annual Percentage Yield
0.40% – 0.65% APY
Minimum Deposit Amount
$500
Northern Bank Direct Certificate for Deposit
Annual Percentage Yield
0.40% – 0.65% APY
Minimum Deposit Amount
$500
Northern Bank Direct’s Website
Deposit Details
Annual Percentage Yield
0.40% – 0.65% APY
Minimum Deposit Amount
$500
Pros & Cons
Highlights
Additional Reading
Northern Bank DirectThe CD bank offers solid interest rates, which is better than the brick-and mortar banks. You can get better rates on many terms. Other online banks.
Money market account
Northern Bank Direct Money Market account
Annual Percentage Yield
Depending on your balance, 0.25% to 3.25 APY
Minimum Deposit Amount
$5,000
Northern Bank Direct Money Market account
Annual Percentage Yield
0.25% to 3.25 APY depending on your balance
Minimum Deposit Amount
$5,000
Northern Bank Direct’s Website
Deposit Details
Annual Percentage Yield
Based on the balance, 0.25% to 32.55% APY
Minimum Deposit Amount
$5,000
Pros & Cons
Highlights
Additional Reading
The Northern Bank Direct Money Market accountYou can pay a High interest rateThis includes both an ATM card, as well as paper checks. This could be a great place to store your emergency fund as you can access it easily if needed.
Northern Bank Direct – How it Works
Northern Bank DirectNorthern Bank Online Platform. Northern Bank Direct accounts can be opened online from any part of the US. You can also visit one of the 13 branches located in Massachusetts, if you’re nearby.
Northern Bank Direct offers CDs, a money-market account and traditional checking and savings accounts. However, regular savings or checking accounts can be opened at any branch.
Call Monday to Friday, 8 a.m. – 6 p.m. for customer support ET or Saturday between 8:30 a.m. and 12:30 p.m. ET.
The Northern Bank app for mobile is still in beta. It has received 1.5 stars from the Apple Store and 3.6 stars from the Google Play Store so far.
Deposits are FDIC insuredFor joint accounts, you can get up to $500,000 or $250,000. This ensures that your money is protected even if Northern Bank goes out of business.
Is Northern Bank Direct reliable and trustworthy?
Northern Bank DirectThere are no public controversies.
Northern Bank is a member of the Better Business Bureau Rating A+The bank’s response to customer complaints is effective, it advertises honestly and is transparent about its business practices.
However, a high BBB rating does not guarantee that you will have a good relationship with the company. Ask your family and friends about their experience with Northern Bank Direct or look online for customer reviews.
Northern Bank Direct vs. Ally
AllyIf you are looking for full banking services, Ally is your best choice. It’s the only bank that offers a regular checking and savings account. Ally also be better for CDs, since it offers higher interest rates and has a $0 opening deposit.
Both banks have solid options if you want to open a money-market account. Northern Bank Direct has both an ATM card, and paper checks. Ally offers a debit credit card so that you can make purchases.
Northern Bank Direct vs. Synchrony
SynchronyIf you’re looking for CDs then Synchrony will be the better choice. No matter what term you choose, Synchrony will offer a higher interest rate.
Both banks offer strong money market accounts with no monthly fees that offer paper checks or cards. Synchrony currently has a higher interest-rate.
