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Northern Bank Direct offers a money market account and CDs.
Northern Bank Direct; Rachel Mendelson/Insider
The bottom line: 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 also offer a debit card you can use to make purchases, though. Northern Bank Direct also doesn’t offer a checking account.
Overall bank rating
FeatureInsider rating (out of 5)CD3.25Money market account4Trustworthiness5Total4
Pros and cons
ProsCons
Online bank available around the US
Pays a high interest rate on its money market account
No monthly service fees
Low minimum opening deposit for CDs
No traditional savings or checking accountsYou can earn higher CD rates at other online banksHigh minimum opening deposit for money market account
CD
Northern Bank Direct Certificate of Deposit 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.
Money market account
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 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 Money Market Account 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.
A high BBB grade doesn’t guarantee that you’ll have a smooth relationship with a company, though. You may want to ask friends and family about their experiences with Northern Bank Direct, or read online customer reviews.
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.