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Northway 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
Northway Bank Savings
0.05% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

Northway Bank first started operating in 1934 and has its headquarters in Berlin, New Hampshire. It handles assets totaling $880 million and deposits totaling $725 million, classifying it as a medium-size bank. Northway Bank has above-average customer service access with a live chat feature, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. We gave Northway Bank a 4.3 out of 5 stars, which means it is a great choice and should warrant serious consideration. 

Northway Bank provides customers with a variety of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Northway Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Northway Bank's standard checking does not have a monthly fee. Why have checking and savings accounts with the same bank? Convenient transferring of funds between the two accounts means you can still get better interest rates in your savings account but still use your money from your checking.

Service Quality

Northway Bank is a brick-and-mortar bank, with 17 total bank locations in New Hampshire. With mobile and web apps, Northway Bank makes mobile banking convenient, even on the go. 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. ET; Saturday, 8:00 a.m. to 12:00 p.m. ET. Northway Bank also offers a live chat feature, an alternative customer service tool if you can't call in during business hours.

Northway Bank receives fairly good reviews from customers for its mobile app: the Northway Bank mobile app rates a 3.6 out of 5 (with 63 customer reviews on iOS and Android) compared to the national average of 3.8. Northway Bank's mobile app allows you to manage your funds by reviewing current statements, sending and receiving money and accessing customer service. Northway Bank gets a superb consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.05% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.55% APY
  • 48 Month: 0.75% APY
  • 60 Month: 1.00% APY
$2,500 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.15% APY $5,000 Compare Offers
Checking Accounts 0.02% APY $1,000 Compare Offers

It offers several deposit products which include savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Northway Bank does not have the best savings rate, which means you should think about taking a look 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. Northway Bank's CD rates are competitive in comparison to other U.S. banks.

Rates

Northway Bank features a savings rate of 0.05%, which is fair in comparison to other U.S. banks. Northway Bank's one-year CD has a rate of 0.25% and the five-year CD has a rate of 1.00%, while its highest-yielding money market account has an APY of 0.15%. Northway Bank has a fair savings rate compared to the average savings account. Think about taking a look at other banks for savings accounts.

Compare Northway Bank to Other Competitive Offers

Fees

Northway Bank typically has extremely low fees in comparison to other U.S. banks. With no monthly fee, Northway Bank is ideal for those who want a simple checking account. Northway Bank refunds their ATM charges (with conditions), which means easy access to cash at any time.

Financial Health

Northway Bank is currently a medium-size bank owning assets totaling $880 million as well as $725 million in deposits. Its Texas Ratio is 2.76%, suggesting a very small likelihood of failure. Additionally, Northway Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Northway Bank Near Me

Northway Bank has 17 physical branches across the U.S. 

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