Available nationwide, Northern Bank Direct Money Market is offering a competitive 0.50% APY Rate. Continue reading below to learn everything you need to know about Northern Bank Direct.
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About Northern Bank Direct Money Market
Northern Bank Direct is an online division of Northern Bank, which was founded in 1960. This internet-only bank offers money market accounts and CDs. Money market accounts offer access to funds through ATM, electronic transfer, wire, and limited check writing.
This online bank offers customers a convenient way to bank online or through mobile banking. Although accounts must be opened online, transactions can be made at any Northern Bank branch location.
I’ll review Northern Bank Direct below.
Northern Bank Direct Money Market Rate
This account currently doesn’t make it onto our Best Bank Rates & Savings Accounts for February 2021.
To earn Northern Bank Direct’s competitive rate of 0.50% APY, you must open with a minimum $5,000. Once you open an account, you will be able to earn the APY up to $250,000.
- Account Type: Money Market
- Availability: Nationwide (Online)
- Direct Deposit Requirement: None listed
- Hard/Soft Pull: Soft Pull
- ChexSystem: Unkown
- Credit Card Funding: Unknown, let us know.
- Monthly Fee: None listed
- Early account termination fee: There is a $25 early close out fee within 120 days of account opening.
- Household limit: None listed
American Express® High Yield Savings Account - You earn 0.40% interest rate along with no minimum deposits or monthly fees. Amex High Yield Savings account has been my favorite Hub account for the past 7 years. Using this account to Pull/Push your money is absolutely necessary when you have many accounts. Here's why:
*No dollar limitations for ACH transfers - When you find a top bank rate account, you don't want to be limited to just $5K or $10K transfers. Amex Savings will let you transfers as much as you want whether you are pulling or pushing money from and to an external bank account.
*1 to 2 business days ACH transfers speed - With top-notch user interface, you get your money to another external account or pull money from another bank account within a day or two.
*No loss of interest during transfers - On the day you initiate your transaction on the high yield savings account website, the funds will be reflected in your Current Balance and begin earning interest.
Some other features from American Express High Yield Savings Account include Free Wire Transfers, 3 maximum linked accounts, and maximum 6 ACH withdrawals per month.
Savings account offers are frequently updated. Find the best nationwide Savings/Money Market rates here, and the best Savings account bonuses here. The Axos Bank and CIT Bank accounts offer great rates available nationwide which I recommend.
|Aspiration||1.00% APY + $150 Cash||Review|
|Axos Bank High Yield Savings||Up to 0.61% APY||Review|
|Quontic Bank High Yield Savings||0.55% APY||Review|
|CIT Bank Money Market||0.45% APY||Review|
|American Express High Yield Savings||0.40% APY||Review|
|Discover Bank Online Savings||0.40% APY||Review|
Northern Bank Direct ACH Capabilities & Limits
|ACH Type||Speed||Daily $ Limit||Monthly $ Limit||Notes|
|Push||?||$5,000||$25,000||$3 fee for outgoing transfers|
|Pull||?||$5,000||$25,000||Limit 10 transactions per day, 100 per month|
Editor’s Note: Help us with the table above in the comment section if you have experience with ACH capabilities.
How to Earn Northern Bank Direct Rate
- Open a Money Market account online from Northern Bank Direct with a minimum opening deposit of $5,000
- Input your info – Provide your name, address, phone, email and social security number or Tax ID.
- Fund the account – Transfer funds electronically from an internal account here or an external account at another bank.
- Earn 0.50% APY for balances up to $250,000
|Balance Requirement||APY Rate|
|$0 to $250,000||0.50% APY|
Why You Should Sign Up For This Account
- Convenient online and mobile banking
- Member of the SUM® Program, so you can avoid ATM surcharges by using participating ATMs
- Electronic transfers
- Minimum of $5,000 to open
- No monthly service charges
- FDIC insured
Check out Northern Bank Direct and open a Money Market account with this competitive rate up to $250,000! There are no monthly service fees to worry about and you earn the high APY with just a $5,000 minimum deposit. Let us know about your experience with this bank and comment below.
For more bank offers, see the complete list of Best Bank Rates!
Check back often to see the latest info on Northern Bank Direct Money Market Account.