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Northmark Bank Review

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Northmark Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Northmark Bank started in 1987 with its headquarters in North Andover, Massachusetts. Northmark Bank owns $358 million in assets and deposits totaling $306 million, making it a small bank. Northmark Bank 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. Overall, Northmark Bank is an acceptable bank choice, but may leave you wanting more, with a score of 3.5 out of 5 stars from the SmartAsset team. Northmark Bank offers a varied choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Northmark Bank has a fair savings rate; other popular banks have higher rates. Banks that offer no-fee checking, in addition to a high savings APY are the best option for accruing the highest income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.5/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

Northmark Bank has a savings rate of 0.05%, which is poor in comparison to other U.S. banks. Its one-year CD has a rate of 0.50% and the five-year CD earns at a rate of 1.00%, while its highest-yielding money market account earns at an APY of 0.05%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.

How Northmark Bank's Savings Rates Compare

Northmark Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Northmark Bank's fees to provide a full SmartAsset rating.

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

2.5
SmartAsset Average: 3.7

Northmark Bank is a brick-and-mortar bank, with three total bank locations in Massachusetts. Unfortunately, it does not offer a mobile or web app, which means customers are restricted to in-person customer service and access Northmark Bank gets a superb consumer satisfaction score due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating NR
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

Northmark Bank ranks as a small bank and manages $358 million in assets and deposits totaling $306 million. Its Texas Ratio is 0.00%, indicating that the bank is in terrific financial condition and improbable to fail. Additionally, Northmark 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 Northmark Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $300
Checking Account 0.05% APY $10
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.80% APY
  • 48 Month: 0.90% APY
  • 60 Month: 1.00% APY
$500 for all terms
Money Market Account 0.05% APY $10000

Northmark Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Northmark Bank 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. Northmark Bank's CD rates are fair compared to the average U.S. bank.

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Find a Northmark Bank Near Me

Northmark Bank has three physical branches across the U.S.

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