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Northrim Bank Review

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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
Northrim Bank Savings
0.10% APY

Overview

Our Rating: 3.9/5 How we calculated this rating

Northrim Bank started in 1990 and its headquarters are located in Anchorage, Alaska. Northrim Bank owns $2 billion in assets as well as deposits totaling $1 billion, classifying it as a large bank. Northrim 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, Northrim Bank is a good bank that gets the job done with a rating of 3.9 stars out of 5 from our team. 

Northrim Bank offers a full array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Northrim Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's most basic checking does not have a monthly maintenance fee. Using the same bank for checking and savings can be best for getting the most return on your money while maintaining easy access to your money.

Service Quality

Northrim Bank is a brick-and-mortar bank, with 14 total branches in Alaska. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. AT; Saturday, 10:00 to 3:00 p.m. AT. 

Northrim Bank's online and mobile banking services get mediocre marks from customers: out of 55 customer reviews across both iOS and Android platforms, the Northrim Bank mobile app is scored at 2.4 out of 5 (compared to the national average of 3.8). You can utilize Northrim Bank's mobile app to control your accounts by monitoring account balances, sending and receiving funds and reaching support representatives. Northrim Bank gets an exceptional consumer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $2,500 Compare Offers
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.15% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.40% APY
$500 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.07% APY
  • 25K tier: 0.11% APY
  • $500
  • $25,000
Compare Offers

Northrim Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. Northrim Bank does not have the best savings rate, which means you should think about looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Northrim Bank's CD rates are fair compared to the national average.

Rates

Northrim Bank features a savings rate of 0.10%, which is poor compared to the average U.S. bank. Northrim Bank's one-year and five-year term lengths CD's earn at a rate of 0.75% and 1.40%, respectively, while its highest-yielding money market account earns at a rate of 0.11%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

Compare Northrim Bank to Other Competitive Offers

Fees

On average, Northrim Bank charges its customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Northrim Bank's checking account is ideal for those who need an easy banking experience. Also, it has an overdraft fee of $29, which is noticeably lower than the national average, making it perfect for those who spend a lot of money on their debit card. Northrim Bank refunds any incurred ATM fees (with conditions), making finding an ATM a free and convenient process.

Financial Health

Northrim Bank is a large bank and manages assets totaling $2 billion and deposits totaling $1 billion. Its Texas Ratio is 15.08%, denoting that the bank is in fine financial well-being and improbable to fail. Additionally, Northrim Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Northrim Bank Near Me

Northrim Bank has 14 locations in the U.S.

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