Northern Bank Direct Review 2024
- Overall bank rating
- Pros and cons
- CD
- Money market account
- How Northern Bank Direct works
- Is Northern Bank Direct trustworthy?
- Northern Bank Direct vs. Ally
- Northern Bank Direct vs. Synchrony
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The bottom line: Northern Bank Direct is a worthwhile option if you want an online money market account that has a high interest rate and easy access to your money with an ATM card and checks. Some of the best money market accounts offer a debit card you can use to make purchases, though. Northern Bank Direct also doesn't offer a checking account.
Compare Northern Bank Direct productsNorthern Bank Direct CD
Northern Bank Direct Money Market Account
Overall bank rating
| Feature | Insider rating (out of 5) |
| CD | 3.25 |
| Money market account | 4 |
| Trustworthiness | 5 |
| Total | 4 |
Pros and cons
| Pros | Cons |
|
|
CD
Northern Bank Direct CD Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)4.00% to 5.00%
Minimum Deposit Amount$500
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive interest rates
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $500 minimum deposit
- con icon Two crossed lines that form an 'X'. High early withdrawal penalties
- con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily
- Online account available nationwide; you can also visit 13 branches in Massachusetts
- Terms range from 6 months to 5 years
- Early withdrawal penalties range from 6 months to 36 months interest
- Interest compounded monthly
- Member FDIC
Northern Bank Direct pays solid interest rates on CDs than most brick-and-mortar banks. But you can find better rates on most terms at other online banks.
Money market account
Northern Bank Direct Money Market Account Start saving Northern Bank Direct, Member FDIC Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)0.25% to 4.95% (depends on balance)
Minimum Deposit Amount$5,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Paper checks
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. ATM card
- con icon Two crossed lines that form an 'X'. $5,000 opening deposit
- con icon Two crossed lines that form an 'X'. $2 out-of-network ATM fee
- con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily
- Online account available nationwide; you can also visit 13 branches in Massachusetts
- Earn 4.95% APY on balances up to $250,000
- Earn 0.25% APY on balances over $250,000
- Free access to ATMs in the SUM network
- Interest compounded monthly
- Member FDIC
The Northern Bank Direct Money Market Account pays a high interest rate and includes both an ATM card and paper checks. It could be a good place to keep your emergency fund, because you can easily access your money if necessary.
How Northern Bank Direct works
Northern Bank Direct is the online platform of Northern Bank. You can open Northern Bank Direct accounts online from anywhere in the US, and you walk into one of 13 branches in Massachusetts if you live nearby.
Northern Bank Direct offers CDs and a money market account, but not traditional checking or savings account. You can open regular checking and savings accounts if you're at a branch, though.
To contact customer support, call Monday through Friday from 8 a.m. to 6 p.m. ET, or Saturday from 8:30 a.m. to 12:30 p.m. ET.
The Northern Bank mobile app doesn't have many customer reviews yet. So far, it has just 1.5 out of 5 stars in the Apple store, and 3.6 out of 5 stars in the Google Play store.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts. This means your money is safe even if Northern Bank shuts down.
Is Northern Bank Direct trustworthy?
Northern Bank Direct does not have any public controversies.
The Better Business Bureau gives Northern Bank an A+ rating, which indicates that the bank responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
Northern Bank Direct vs. Ally
Ally is probably your best bet if you're looking for a full banking experience, because it's the only one of the three that offers a regular checking account. Ally also be better for CDs, since it offers higher interest rates and has a $0 opening deposit.
If you'd like to open a money market account, both banks offer solid options. Northern Bank Direct includes both an ATM card and paper checks. Meanwhile, Ally has a debit card, so you can actually use it to make purchases.
Northern Bank Direct vs. Synchrony
Synchrony will likely be a better choice if you're searching for CDs. You'll earn a higher interest rate at Synchrony regardless of which term you choose.
Both banks have strong money market accounts that offer paper checks and cards, with no monthly fees. The main difference is that Synchrony has a higher interest rate right now.
Laura Grace Tarpley, CEPF Personal Finance Reviews Editor Laura Grace Tarpley (she/her) is a senior editor at Personal Finance Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@businessinsider.com.Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services » Read more Read less Evelyn He Compliance Associate Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber. Read more Read lessncG1vNJzZmivp6x7o8HSoqWeq6Oeu7S1w56pZ5ufonyxsdGspqeZnGKzqrrAp5qeZ56kv7W0xKulZpqRo7husMirnJysXaeyt7XEsA%3D%3D