Northeast Bank was founded in 1948 with its headquarters in Minneapolis, Minnesota. Northeast Bank handles assets of $438 million along with $358 million in deposits, ranking it as a medium-size bank. Northeast Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.3 out of 5 stars, Northeast Bank is a great choice and should warrant serious consideration. Northeast Bank provides customers with a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It 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 fee. Using a bank with no-fee checking and a high interest rate savings account is your best bet for getting the highest income from your deposits alongside easy access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.10%, Northeast Bank ranks poorly in comparison to other U.S. banks. Its one-year CD has a rate of 0.80% and the five-year CD has a rate of 1.90%, while its highest-yielding money market account has a rate of 0.25%. Given its poor savings rate, you should think about other options to earn more on your deposits.
How Northeast Bank's Savings Rates Compare
Northeast Bank typically has extremely low fees compared to other U.S. banks. With no monthly fee, Northeast Bank is ideal for people who want a basic banking experience. For those who will need cash in a pinch, it is ideal because it has no out-of-network ATM fees. Northeast Bank doesn't refund out-of-network ATM charges, which means you will need to search for a Northeast Bank ATM or eat the fee.
Northeast Bank is a brick-and-mortar bank, with three total branches in Minnesota. With mobile and web apps, Northeast Bank makes account access easy, even on the go. Northeast Bank's online and mobile banking platforms get relatively high praise from users. Out of 8 ratings on Apple and Android platforms, the Northeast Bank mobile app has an overall rating of 4.2 out of 5 (compared to the national average of 3.8). You can access Northeast Bank's mobile app to manage your funds by looking at account balances, transferring money and reaching customer service. Northeast Bank gets an excellent consumer satisfaction rating due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
Northeast Bank ranks as a medium-size bank owning assets totaling $438 million and $358 million in deposits. Northeast Bank has an excellent Texas Ratio of 1.28%, denoting that Northeast Bank is in superb financial well-being 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.Back to Overview
Compare Northeast Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.1% APY||$1|
|Checking Account||0.03% APY||$1|
|Certificates of Deposit|| ||$10000 for all terms|
|Money Market Accounts||0.25% APY 0.25% APY||$10000 $15000|
Northeast Bank has 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 think about looking 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 other U.S. banks.Back to Overview
Find a Northeast Bank Near Me
Northeast Bank has three physical locations in the U.S.Back to Overview