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The bottom line: Northern Bank Direct Northern Bank Direct Money Market Account 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.
Overall Bank Rating
| Feature | Insider rating (out of 5) |
| CD | 3.5 |
| Money market account | 4 |
| Trustworthiness | 5 |
| Total | 4 |
Northern Bank DirectPros and Cons
| Pros | Cons |
|
|
Northern Bank Direct CD
3.50% to 4.75%
$500
- Competitive interest rates
- $500 minimum deposit
- High early withdrawal penalties
- 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 Northern Bank Direct CD 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.
Northern Bank Direct Money Market Account
no monthly service fee
0.25% to 4.50% (depends on balance)
$5,000
- High APY
- No monthly service fee
- Paper checks
- ATM card
- $5,000 opening deposit
- $2 out-of-network ATM fee
- Interest compounds monthly, not daily
- Online account available nationwide; you can also visit 13 branches in Massachusetts
- Earn 4.50% 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 Northern Bank Direct Money Market Account 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.
Why You Should Trust Us: How We Rated Northern Bank Direct
We rate bank accounts on a scale from one to five stars. For Northern Bank Direct's money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at account accessibility for money market accounts.
For Northern Bank Direct's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
