Saturday, 28 November 2020

Northern Bank Direct Review of Money Market and CD Rates

Northern Bank Direct Review of Money Market and CD Rates
21 Oct
9:58

Northern Bank Direct’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.51%

Savings

Northern Bank Direct Money Market Account

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

1.50%

CD Rates

Northern Bank Direct 12-month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.55%

CD Rates

Northern Bank Direct 36-month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.57%

CD Rates

Northern Bank Direct 60-month CD

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

Northern Bank Direct CD rates

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How Northern Bank Direct’s CD rates compare

Northern Bank Direct could stand to improve its CD offerings in light of the competition. You can find much higher CD rates elsewhere with lower penalties in the event you need to withdraw money from your certificate before its maturation date.

Northern Bank Direct’s money market account option

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How Northern Bank Direct’s money market account compares

If you decide to open a money market account with Northern Bank Direct, you’ll be getting a competitive product, particularly given the lack of a minimum balance requirement. But you should still check on the best money market rates, as you will be able to find higher offers, particularly if you have enough money to throw into savings to maintain a higher minimum balance requirement.

If you’re putting a big chunk of money into your money market account and know you will need to make large transfers in the future, you may want to keep shopping. Northern Bank Direct’s daily and monthly withdrawal limitations are low for a money market account, and these limitations may cause headaches down the line if you need to move large sums.

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Brynne Conroy

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Source: https://www.magnifymoney.com/blog/reviews/northern-bank-direct/

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