Available nationwide, Northern Bank Direct Money Market is offering a competitive 4.75% APY Rate. Continue reading below to learn everything you need to know about Northern Bank Direct.
Update 11/11/24: The rate has decreased to 4.75% APY from 4.85%.
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.
| Balance Requirement | APY Rate |
| $0 to $250,000 | 4.75% APY |
Northern Bank Direct Money Market Rate
To earn Northern Bank Direct’s competitive rate, you must open with a minimum $5,000. Once you open an account, you will be able to earn the APY on balances up to $250,000.
- Account Type: Money Market Premier
- Interest Rate: 4.75% APY
- Availability: Nationwide, Online
- Minimum Balance: None
- Maximum Balance: $250,000
- Opening Minimum: $5,000
- Credit Inquiry: Soft Pull
- Monthly Fee: None listed
- Early account termination fee: There is a $25 early close out fee within 120 days of account opening.
(FDIC Insured)
Northern Bank Direct ACH Capabilities & Limits
| ACH Type | Speed | Daily $ Limit | Monthly $ Limit | Notes |
| Push | 3 days | $5,000 | $25,000 | $3 fee for outgoing transfers |
| Pull | 3 days | $5,000 | $25,000 | Limit 10 transactions per day, 100 per month |
In addition to ACH transfers, you can make deposits by wire transfer, direct deposit, mailing a check, or mobile check deposit.
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 4.75% APY for balances up to $250,000
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
Bottom Line
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.
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Check back often to see the latest info on Northern Bank Direct Money Market Account.
Your currently stated “Pull” limits ($5K) are incorrect. Just last week, I initiated two, separate and significantly higher external pulls from my Northern account on consecutive days after calling and being advised that pulls were not subject to any limits. Only ACH transfers initiated within Northern are subject to the $5K limit. — Of course, during that same call, I asked if there was any plan for upcoming rate increases and was told that my 2.26 APY promo was fixed until June and would not decrease or increase. Several days later, I receive the e-mail advising the new 2.50% APY for existing customers and luckily I was smart enough to leave $5K in that account. So, here I am ACH-ing it all back to Northern… which posted within 1 day! — Hope this info helps.
Thanks NSG. It has been updated.
Pull ACH has same limits as Push.