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Northern Bank & Trust Company Review

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Northern Bank & Trust Company Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Northern Bank & Trust Company first started operating in 1960 with its headquarters in Woburn, Massachusetts. It handles $2 billion in assets as well as $2 billion in deposits, which makes it a large bank. Northern Bank & Trust Company lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. We ranked Northern Bank & Trust Company at a 4.2 stars out of 5, which means it is a great bank that you should seriously consider. Northern Bank & Trust Company has a complete suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Northern Bank & Trust Company's standard checking does not carry a monthly charge. Institutions that offer no-fee checking and a high interest rate savings account are your best bet for gaining the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.6
SmartAsset Average: 3.5

Northern Bank & Trust Company has a savings rate of 0.15%, which is fair compared to other U.S. banks. Northern Bank & Trust Company's one-year CD earns at a rate of 1.50% and the five-year CD has a rate of 2.57%, while its highest-yielding money market account earns at a rate of 1.51%. Given Northern Bank & Trust Company's noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How Northern Bank & Trust Company's Savings Rates Compare

Northern Bank & Trust Company Savings 0.15 National Average 0.26 Compare Offers
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Fees

4.7
SmartAsset Average: 4.4

Northern Bank & Trust Company charges customers extremely low fees as compared against the national average. With no monthly fee, Northern Bank & Trust Company's checking account is ideal for people who need a hassle-free banking experience. For those who use cash often, it is perfect because it has no out-of-network ATM fees. Additionally, at $35.00, its overdraft fee is lower than that of other U.S. banks. Northern Bank & Trust Company doesn't refund out-of-network ATM fees, meaning you will be required to locate a Northern Bank & Trust Company ATM or accept the ATM charge.

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

3.8
SmartAsset Average: 3.7

Northern Bank & Trust Company is a brick-and-mortar bank, with 13 total bank locations in Massachusetts. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 6:00 p.m. ET. Northern Bank & Trust Company receives average reviews from customers for its mobile banking services. Out of 22 ratings across both iOS and Android platforms, the Northern Bank & Trust Company mobile app is scored at 3.7 out of 5 (compared to the national average of 3.8). You can use Northern Bank & Trust Company's mobile app to control your accounts by checking current statements, sending and receiving money as well as accessing support representatives. Northern Bank & Trust Company receives a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

Northern Bank & Trust Company ranks as a large bank owning $2 billion in assets as well as deposits totaling $2 billion. Northern Bank & Trust Company has a strong Texas Ratio of 11.44%, signifying a small opportunity of failure. Additionally, Northern Bank & Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

11.44%
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 Northern Bank & Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $10
Checking Account 0.05% APY $25
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 1.75% APY
  • 36 Month: 2.55% APY
  • 48 Month: 2.56% APY
  • 60 Month: 2.57% APY
$500 for all terms
Money Market Account 1.51% APY $5000

Northern Bank & Trust Company offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Northern Bank & Trust Company does not have the best savings rate, which means you should consider other options 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. Northern Bank & Trust Company's CD rates are fair compared to other U.S. banks.

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Find a Northern Bank & Trust Company Near Me

Northern Bank & Trust Company has 13 physical branches in the U.S.

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