Loading
Tap on the profile icon to edit
your financial details.

Northmark Bank Review

Your Details Done
by Updated
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
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 and its headquarters are located in North Andover, Massachusetts. It manages $358 million in assets and $306 million in deposits, making it a small bank. Northmark Bank 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 in-person service, in addition to its online and mobile offerings. With a score of 3.5 out of 5 stars, Northmark Bank should be more closely analyzed to see if its services fit your needs. Northmark Bank provides customers with a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Northmark Bank has a fair savings rate compared to the average savings account. Banks that offer free checking and a high savings APY are the best option for gaining 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

With a savings rate of 0.05%, Northmark Bank ranks poorly in comparison to the average U.S. bank. Northmark Bank's one-year CD earns at a rate of 1.00% and the five-year CD earns at a rate of 1.51%, while its highest-yielding money market account earns at a rate of 0.05%. Given its noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Northmark Bank's Savings Rates Compare

Northmark Bank Savings 0.05 National Average 0.26 Compare Offers
Back to Overview

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
Back to Overview

Service Quality

2.5
SmartAsset Average: 3.7

Northmark Bank is a brick-and-mortar bank, with three total branches 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 receives an excellent consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

5.0
SmartAsset Average: 4.8

Northmark Bank is currently a small bank owning assets totaling $358 million and deposits totaling $306 million. Northmark Bank's Texas Ratio is 0.00%, denoting a minute chance of failure. 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.

Back to Overview

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: 1.00% APY
  • 24 Month: 1.26% APY
  • 36 Month: 1.51% APY
  • 48 Month: 1.51% APY
  • 60 Month: 1.51% APY
$500 for all terms
Money Market Accounts 0.05% APY 0.05% APY $10000 $15000

Northmark Bank has several deposit products like 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.

Back to Overview

Find a Northmark Bank Near Me

Northmark Bank has three physical locations in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure