Compound Interest Calculator
Money Market Account from Northern Bank Direct with 3.50% APY and $1 minimum deposit
Use or Change These Amounts and Rates
The product Money Market Account from Northern Bank Direct with 3.50% APY and $1 minimum deposit and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $28,212. The interest earned would be $8,212 and the tax amount on the interest earned would be approximately $2,464.
Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.
The Results for Northern Bank Direct
Savings Boost of
$5,417 over 10 years
$5,417 over 10 years
Cash Savings
$20,000
Average Interest Earned
$331
Northern Bank Direct Interest Earned
$5,748
See comparison detail table
This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.
Comparison Detail Table Close X
Average Rate Scenario
| Rate: 0.23% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 47 | 33 |
| 2 | 20,047 | 47 | 33 |
| 3 | 20,094 | 47 | 33 |
| 4 | 20,141 | 47 | 33 |
| 5 | 20,188 | 47 | 33 |
| 6 | 20,235 | 47 | 33 |
| 7 | 20,282 | 47 | 33 |
| 8 | 20,330 | 48 | 33 |
| 9 | 20,377 | 48 | 33 |
| 10 | 20,425 | 48 | 33 |
| TOTAL: | $473 | $331 |
Northern Bank Direct Scenario
| Rate: 3.50% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 700 | 490 |
| 2 | 20,700 | 725 | 507 |
| 3 | 21,425 | 750 | 525 |
| 4 | 22,174 | 776 | 543 |
| 5 | 22,950 | 803 | 562 |
| 6 | 23,754 | 831 | 582 |
| 7 | 24,585 | 860 | 602 |
| 8 | 25,446 | 891 | 623 |
| 9 | 26,336 | 922 | 645 |
| 10 | 27,258 | 954 | 668 |
| TOTAL: | $8,212 | $5,748 |
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The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.
Recent Rate Changes
| Date | APY |
|---|---|
| March 31, 2026 | 3.50% |
| March 9, 2026 | 3.75% |
| February 16, 2026 | 4.00% |
| December 22, 2025 | 3.40% |
| November 10, 2025 | 3.50% |
| September 29, 2025 | 3.60% |
| September 15, 2025 | 3.75% |
| March 24, 2025 | 4.00% |
| January 18, 2025 | 4.25% |
| January 2, 2025 | 4.50% |
| November 17, 2024 | 4.75% |
| September 25, 2024 | 4.85% |
| August 20, 2023 | 4.95% |
Featured CD Rates
Advertiser Disclosure| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
4.50% | $100,000 |
Learn More on the North American Savings Bank, F.S.B. website |
|
|
Take your savings to the next level with our 12-month online CD special! 12-Month |
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|
|
4.95% |
$10,000 |
Learn More | |
|
Last change: ↑0.45% on October 1. |
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|
|
4.85% |
$10,000 |
Learn More | |
|
Last change: ↑0.35% on October 1. |
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|
|
4.80% |
$10,000 |
Learn More | |
|
Last change: ↑0.30% on October 1. |
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|
|
4.65% |
$1,000 |
Learn More | |
|
Last change: ↑0.35% on September 25. |
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Customer Reviews for Northern Bank Direct (12)
2.9 out of 5 based on 7 ratings
Mike Brown
July 6, 2023
This is an example of a bad bank. Their online process for purchasing a CD is horrible. You fill it out and it rejects it after all of your private information is disclosed. They there customer service is bottom of the barrel they contact you will an automated email unacceptable and 29 days late. That same day they took my information and rejected application. I opened a new CD with Forbright Bank the process was smooth and it took about 12 minutes. I would not recommend anyone to give out their information or try to process anything through northern bank, direct as their service is unacceptable and junk.
Is this review helpful? Yes:5 / No: 0
Leder
February 8, 2023 |
Here is your 1 star
Is this review helpful? Yes:4 / No: 3
Leder
February 8, 2023
Just another corksoaker playing games! This rate is for new accounts, look for other winners..........................
Is this review helpful? Yes:5 / No: 0
Jason
June 20, 2018 | | Replies 1
Their website says the offer is going away tomorrow at 9AM EST. Hurry!
Is this review helpful? Yes:2 / No: 1
| Jun 20, 2018
great find Jason, looks like this really was a to good to be true rate
raoul
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
Is this review helpful? Yes:2 / No: 1
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