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.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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
There is insufficient data on Northmark Bank's fees to provide a full SmartAsset rating.
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.
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
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.05% APY||$300|
|Checking Account||0.05% APY||$10|
|Certificates of Deposit|| ||$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