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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

Founded in 1960, Northern Bank & Trust Company has assets totaling $2 billion along with $2 billion in deposits, which makes it a large bank. Northern Bank & Trust Company, whose headquarters are in Woburn, Massachusetts, 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 access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Northern Bank & Trust Company is a great bank that you should seriously consider, with a rating of 4.2 stars out of 5 from our team. Northern Bank & Trust Company has a mixture 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 interested in stress-free personal checking, the bank's most basic checking does not carry a monthly maintenance fee. Banks that offer no-fee checking as well as a high savings APY are the best bet for gaining the highest income on your deposits alongside 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 features a savings rate of 0.15%, which is fair in comparison to the average U.S. bank. Its one-year CD has a rate of 1.76% and the five-year CD earns at a rate of 2.57%, while its highest-yielding money market account has an APY of 1.51%. Given its below average 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

On average, Northern Bank & Trust Company charges customers extremely low fees as compared against the national average. With no monthly fee, Northern Bank & Trust Company is ideal for people who want a simple checking account. For those who use cash often, Northern Bank & Trust Company is ideal because it charges no out-of-network ATM fees. Additionally, Northern Bank & Trust Company has an overdraft fee of $35.00, which is on par with the national average. Northern Bank & Trust Company does not reimburse out-of-network ATM fees, which means you'll be required to search for a Northern Bank & Trust Company ATM or pay 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 straightforward access and banking on the go. It does not have 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's online and mobile banking services get moderate feedback from customers. The Northern Bank & Trust Company mobile app rates a 3.7 out of 5 (out of 22 reviews on iOS and Android) compared to the national average of 3.8. You can use Northern Bank & Trust Company's mobile app to manage your bank accounts by reviewing current statements, transferring funds and accessing support representatives. Northern Bank & Trust Company gets a superb consumer satisfaction rating due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 is a large bank and manages assets totaling $2 billion and deposits totaling $2 billion. It has a strong Texas Ratio of 11.44%, denoting 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: 1.76% APY
  • 24 Month: 2.41% APY
  • 36 Month: 2.55% APY
  • 48 Month: 2.56% APY
  • 60 Month: 2.57% APY
$500 for all terms
Money Market Accounts 1.51% APY 1.51% APY $10000 $15000

Northern Bank & Trust Company has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Northern Bank & Trust Company does not have the best savings rate, which means you should think about 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. Northern Bank & Trust Company's CD rates are fair as compared against the national average.

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Find a Northern Bank & Trust Company Near Me

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

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