Northern Bank Direct

Deposit Rates APY Vs.Others
Savings N.A. 4.08% →
1-Year CD 0.50% 4.71% →
2-Year CD 0.60% 4.73% →
3-Year CD N.A. 4.60% →
4-Year CD N.A. 4.65% →
5-Year CD N.A. 4.75% →

2022 Overview

General Online Bank Information

Money that you deposit is held by Northern Bank & Trust Company. Northern Bank & Trust Company is an FDIC insured institution founded in 1960. It has approximately $2.79 billion in assets.

Deposits FDIC Insured Yes
Insured Bank Northern Bank & Trust Company
FDIC Certificate # 18266
Date Established 1960
Assets $2.79 billion
Loans $2.35 billion
Deposits $2.32 billion
Capital $0.39 billion

For a more detailed analysis of Northern Bank & Trust Company's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - December 4, 2022

Online CD Rates
Online CD Rates APY MIN MAX
12 Month CD
0.50% $500 - Learn More
18 Month CD
0.55% $500 - Learn More
24 Month CD
0.60% $500 - Learn More


Bank Offers

Northern Bank Direct Makes Its Savings Rate Disappear
Sep 2, 2019

There is a risk in opening an online savings account with a bank you've never heard of, even if you it is offering 2.50% APY.  You could just wake up one Labor Day morning and find that the offer and the account has entirely disappeared from that bank's website!   

Climate Initiatives

Northern Bank Direct is encouraged to provide us with this information. When we receive this information from the online bank, we will provide it here.

Customer Reviews for Northern Bank Direct (9)

  • June 20, 2018 | | Replies 1

    Their website says the offer is going away tomorrow at 9AM EST. Hurry!

    | Dec 4, 2022

    great find Jason, looks like this really was a to good to be true rate

  • June 19, 2018 |

    Thanks FP, I have done some research and your correct.
    1. "If you initiate the electronic transfer from your other financial institution, Northern Bank Direct does not impose a limit on the amount of the transfer. However, you should check with your other financial institution to see what their limits are." 2. "There is no limit on the number of financial institutions located in the US that you may link to your Northern Bank Direct account" its all in the FAQ, the rate blows everyone away

  • June 18, 2018 | | Replies 2

    I like the rate and looked at it. I'd rather open a 1-year CD with my wife and I's $500,000. I can get 2.30% and get out of it and all of it at any time with a 3 month penalty. This thing will limit me to $25,000 per month and I am not even mentioning the $5,000 per day and that seems to be the case even if they drop their rates to zero. It could take 2 years to get out of this! So, I one year cd would be better but I will stick with Purepoint or another savings account without these limitations.

    Me | Dec 4, 2022

    Death Knell - You cannot put a half mil in a joint account with your wife because they cap this at $250,000. I suppose you can open two separate individual accounts, but in that case you will be out in 11 months, not two years. Your point is nonetheless well taken.

    FP | Dec 4, 2022

    WOW! You need to read........ First, the rate is guaranteed for a year, Second, forget about using the Northern account for in and out. You need to use another like Marcus, etc to fund with a million dollar limit in and out. So far so good for me.

  • June 17, 2018 |

    Inbound ACH transfers from your bank to Northern do not have the $5000 limit, Any ACH request from the Northern side has a limit of $5000. Opening the account was a breeze but the $5000 limit can be a deal breaker for some. ARE YOU LISTENING NORTHERN BANK ?

  • June 14, 2018 |

    The rate caught my attention so I did a little due diligence by calling and confirming the prior user review. The 6 inbound and outbound withdrawals per month limitation isn't surprising. The cap on inbound and outbound transfers is. That turns this from a money market to something more like a CD. Look for something in savings/MMA that gives you access to your cash. Marcus, Purepoint, Ally are fine. This isn't.

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