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Northeast Bank Review

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Northeast Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1872, Northeast Bank has assets totaling $1 billion as well as deposits totaling $868 million, making it a medium-size bank. Northeast Bank, whose headquarters are in Lewiston, Maine, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a score of 3.9 out of 5 stars, Northeast Bank should be near the middle of the pack in your search for a bank. Northeast Bank provides customers with a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Northeast Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's most basic checking does not have a monthly charge. Finding an institution with no-fee checking, in addition to a high interest rate savings account is your best option for returning the highest income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

4.0
SmartAsset Average: 3.5

With a savings rate of 0.25%, Northeast Bank ranks poorly in comparison to the average U.S. bank. Its one-year CD has a rate of 2.70% and the five-year CD has a rate of 1.40%, while its highest-yielding money market account has a rate of 1.85%. Given its below average savings rate, you should consider taking a look at other banks for savings accounts.

How Northeast Bank's Savings Rates Compare

Northeast Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

3.7
SmartAsset Average: 4.4

Northeast Bank typically has above-average fees in comparison to other U.S. banks. With no monthly fee, Northeast Bank's checking account is ideal for people who want an easy checking account. For those who will need cash in a pinch, Northeast Bank is fair because it charges an out-of-network ATM fee of $2.00, which is reasonable compared to other U.S. banks. Also, it has an overdraft fee of $37.00, which is considerably steeper than the average overdraft fee charged by U.S. banks. Northeast Bank unfortunately does not reimburse out-of-network ATM charges, meaning you'll need to find a Northeast Bank ATM or accept the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $37.00 National Average: $35.00
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Service Quality

3.4
SmartAsset Average: 3.7

Northeast Bank is a brick-and-mortar bank, with 12 total bank locations in Maine. It also offers access to mobile and web apps for simple access and banking on the go. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 9:00 a.m. to 1:00 p.m. ET. Northeast Bank's online and mobile banking platforms receive poor scores from users. The Northeast Bank mobile app scored a 3.0 out of 5 (out of 6 reviews on Apple and Android) compared to the national average of 3.8. Northeast Bank's mobile app allows you to control your bank accounts by monitoring account balances, transferring money as well as reaching support representatives. Northeast Bank gets a superb consumer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.4
SmartAsset Average: 4.8

Northeast Bank ranks as a medium-size bank owning assets totaling $1 billion and $868 million in deposits. Northeast Bank's Texas Ratio is 12.15%, indicating that the bank is in fine financial well-being and far from failure. 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

12.15%
High Risk 75% 50% 20% 10% Low Risk

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 0.25% APY $1
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 2.70% APY
  • 24 Month: 2.80% APY
  • 36 Month: 2.75% APY
  • 48 Month: 2.80% APY
  • 60 Month: 1.40% APY
$500 for all terms
Money Market Accounts 1.85% APY 1.85% 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 as compared against the national average.

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Find a Northeast Bank Near Me

Northeast Bank has 12 physical locations across the U.S.

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