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Northeast Bank Review

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Northeast Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1948, Northeast Bank has $438 million in assets and $358 million in deposits, making it a medium-size bank. Northeast Bank, whose headquarters are in Minneapolis, Minnesota, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, Northeast Bank is a great choice and should warrant serious consideration, with a score of 4.3 out of 5 stars from our experts. Northeast Bank offers a varied choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Northeast Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's standard checking account does not carry a monthly maintenance charge. Using an institution with free checking as well as a high interest rate savings account is the best option for accruing the most income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.2
SmartAsset Average: 3.5

With a savings rate of 0.10%, Northeast Bank ranks poorly in comparison to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 0.80% and 1.90%, respectively, while its highest-yielding money market account has an APY of 0.25%. Given its below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Northeast Bank's Savings Rates Compare

Northeast Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Northeast Bank typically has extremely low fees compared to the national average. With no monthly fee, Northeast Bank's checking account is ideal for those who want an easy banking experience. For those who will need cash in a pinch, it is perfect because it has no out-of-network ATM fees. Northeast Bank unfortunately doesn't refund out-of-network ATM fees, meaning you will have to locate a Northeast Bank ATM or accept the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

Northeast Bank is a brick-and-mortar bank, with three total branches in Minnesota. With mobile and web apps, Northeast Bank makes account access straightforward, even on the go. Northeast Bank's online and mobile banking platforms receive reasonably high praise from customers. Out of 8 ratings on both Apple and Android platforms, the Northeast Bank mobile app is scored at 4.2 out of 5 (compared to the national average of 3.8). You can utilize Northeast Bank's app to manage your accounts by monitoring monthly statements, transferring funds and accessing support representatives. Northeast Bank receives a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Northeast Bank is currently a medium-size bank and owns $438 million in assets as well as $358 million in deposits. Northeast Bank has an excellent Texas Ratio of 1.28%, indicating that the bank is in outstanding financial shape and improbable to fail. Additionally, Northeast Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Northeast Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.03% APY $1
Certificates of Deposit
  • 12 Month: 0.80% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.30% APY
  • 48 Month: 1.60% APY
  • 60 Month: 1.90% APY
$10000 for all terms
Money Market Account 0.25% APY $10000

Northeast Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Northeast Bank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Northeast Bank's CD rates are fair compared to the average U.S. bank.

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Find a Northeast Bank Near Me

Northeast Bank has three physical locations in the U.S.

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