- Update 11/8/2023; Rate remain strong at 4.95%. You might also want to consider this one from CIT Bank.
- Update 7/13/2023: Rate increased from 4.75% to 4.95% APY on balances up to $250,000.
- Update 3/29/2023: Their APY increased from 4.25% to 4.75% on balances up to $250K.
- Update 2/7/2023: Their APY increased from 3.25% to 4.35% on balances up to $250K.
Northern Bank Direct is the online division of Northern Bank, which is headquartered in Woburn, MA and was established in 1960. Being available online only, the accounts from Northern Bank Direct are going to be much better than traditional banks.
Accounts must be opened online with Northern Bank Direct, but you can actually make transactions at any of the physical Northern Bank branch locations.
Northern Bank Direct Money Market Details
There is no minimum to open and there are no monthly service fees.
- Member of the SUM Program, so you can avoid ATM surcharges by using participating ATMs
- Minimum of $0 to open
- Average daily balances up to $250,000 will earn the highest stated APY
- No monthly service charges
- Minimum of $5,000 to open
- Complimentary standard checks
- Money Market Premier is an account designed for savings purposes.
- Northern Bank Direct offers higher rates compared to other banks.
- Convenient online and mobile banking services are available.
- Membership in the SUM® Program allows for ATM surcharge avoidance at participating ATMs.
- Electronic transfers are supported.
- A minimum deposit of $5,000 is required to open the account.
- There are no monthly service charges associated with the account.
Good rates but better can be found with the competition here.