Northern Bank Direct:
Online Savings Account - 0.50% APY

• No monthly service charges.
• Minimum of $5,000 to open.
• Electronic transfers.
• Member of the SUM® Program, so it can be avoided ATM surcharges by using participating ATMs.


Fee and Feature Guide

Savings Account
Interest Rate
APY 0.50%
Minimum deposit amount $1.00
Maximum deposit amount $250,000.00
Balance Requirements
Minimum Opening Deposit $5,000.00
Minimum Balance to Avoid Fees $0.00
Minimum Required Balance $0.00
Fees
Monthly Maintenance Fee N/A
Foreign ATM Fees N/A
Insufficient Funds Fee N/A
Incoming Wires N/A
Statements
Paper Statements Yes
Online Statements Yes
Online and Telephone Banking
Online Banking Yes
Telephone Banking Yes
Mobile Banking Yes
Deposit Checks with Mobile Device Yes
Free Bill Pay Yes
Online Bill Payments Required Yes
Account Opening
Open Online Yes
Insured by F.D.I.C.

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!

    | Jul 26, 2021

    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 | Jul 26, 2021

    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 | Jul 26, 2021

    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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