Deal Summary
Northern Bank Direct (NBD), an internet division of Massachusetts-based Northern Bank, has recently raised the APY of its 9-month CD to a competitive 4.00%.
This offer requires a minimum opening deposit of $500 and caps at $250,000, available nationwide.
READ MORE: SEE THE BEST CD RATES HERE
Northern Bank Direct 9-Month CD Offer
The NBD 9-month CD now offers an APY of 4.00%, marking a significant increase from its previous rate of 0.40%.
This rate change, reminiscent of a similar brief spike nine months ago, indicates that this attractive rate may not last long.
Customers interested in opening an NBD CD should be vigilant about potential rate drops to avoid being auto-renewed into a lower-rate CD.
APY last updated November 25, 2024
Trending Checking Account Deal:
Early Withdrawal Penalties and Account Closure Fees
NBD’s Early Withdrawal Penalties (EWP) vary depending on the term of the CD:
- Less than 12 months: 6 months’ interest.
- 12 to 35 months: 12 months’ interest.
- 36 to 47 months: 24 months’ interest.
- 48 months or more: 36 months’ interest.
Additionally, there is a $25 fee for closing a new account within the first 120 days. Partial withdrawals are not allowed, and the principal is not protected from penalties.
Availability and Account Opening
NBD, launched in 2017, offers its products nationally through its online platform. Accounts can be opened as individual, joint, or trust accounts, although trusts require approval before opening a CD. Beneficiaries are not allowed on any NBD account.
CDs and MMP accounts must be opened online. While transactions can be conducted at Northern Bank branches, account openings are exclusively online.
Funding and Other Details
Funding options include ACH (with a next business day availability for existing customers), wire, check, or internal transfer, with a 14-day window for funding after opening. Interest is compounded daily and credited monthly, and can be transferred penalty-free to an NBD liquid account, via ACH to an external account, or by check. Upon maturity, funds can be transferred via ACH, wire, cashier’s check, or internally to an NBD MMP account.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
TRENDING DEAL:
Disclaimers:
The Annual Percentage Yield (APY) is accurate as of 2/2/2026. The base and promotional interest rate and corresponding APY for Axos ONE® Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE® Savings is variable and is set at our discretion. Axos ONE® Savings is a tiered variable rate account. Axos ONE® Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below.The Axos ONE® Checking account will earn a base rate of 0.00% APY. The Axos ONE® Savings account will earn a base rate of up to 1.00% APY.Axos ONE® accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE® Checking and Axos ONE® Savings, the Axos ONE® Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period:Option 1Your Axos ONE® Checking account has received monthly qualifying direct deposits of at least $1,500 in total.The average daily balance of your Axos ONE® Checking account is at least $1,500.Option 2Your Axos ONE® Checking account has received monthly qualifying deposits of at least $5,000 in total.The average daily balance of your Axos ONE® Checking account is at least $5,000.If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:The Axos ONE® Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.The Axos ONE® Savings account will earn a promotional rate of up to 4.21% APY for the statement cycle in which the requirements are met.The Qualification Period begins on the first business day of the month and runs through the 25th of the month. If the 25th of the month is followed by a non-business day, the average daily balance will be calculated including the following non-business day(s). Any qualifying deposits or qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. The Qualification Period for new accounts will begin on the day the account is approved. New accounts opened on or after the 25th of the month will be eligible to earn the promotional APY starting in the following month.A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. International paychecks, international government benefits, other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.), or person-to-person payments are not considered a direct deposit.Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder’s Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds.Both accounts must be in an open and active status on the 25th of the month and on the date the interest is paid to receive the promotional APY for that statement cycle. If either account closes during the Qualification Period, neither account will be eligible to earn the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account. Show Less
Bank Overview
NBD operates under Northern Bank’s FDIC Certificate and shares its financial history.
Northern Bank, established in 1960, is a family-run bank and is currently the 19th largest bank in Massachusetts, with over $2.4 billion in deposits and more than 36,000 customer accounts.
READ MORE: SEE THE BEST CD RATES HERE
Frequently Asked Questions
Q: How long will the 4.75% APY on the 9-month CD be available?
A: The duration of the 4.75% APY offer is uncertain. Based on NBD’s history, the rate may change, so it’s advisable to act quickly if interested.
Q: Can I make partial withdrawals from the 9-month CD?
A: No, partial withdrawals are not allowed. Early closure of the CD involves penalties and the entire principal must be withdrawn.
Q: Is there a fee for closing a new NBD account early?
A: Yes, there’s a $25 fee for closing an account within the first 120 days, in addition to the applicable early withdrawal penalties.
Q: Can accounts be opened at Northern Bank branches?
A: No, Northern Bank Direct accounts can only be opened online, although transactions can be conducted at Northern Bank branches.
Q: Are beneficiaries allowed on Northern Bank Direct accounts?
A: No, beneficiaries are not permitted on any Northern Bank Direct account.
Q: How does the interest for the 9-month CD get credited?
A: The interest is compounded daily and credited monthly. It can be transferred without penalty to an NBD liquid account, an external account via ACH, or by check.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
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