high-yield savings: stay or switch?

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Re: high-yield savings: stay or switch?

Post by geospatial »

For those with the promo Northern Bank Direct 2.50% MM account for the past year+, finally got an update...

An Update to Your Northern Bank Direct Money Market Account

Dear Valued Customer,

At Northern Bank, we are committed to providing our customers with the highest level of service and the most innovative banking products possible. To stay true to our commitment, we will always do our best to offer competitive rates for our customers.

Currently, we are in a declining rate market which is dictated by the Federal Reserve. As you have probably heard in the news, the Federal Reserve has reduced interest rates three times since August, including the most recent one on October 30th, for a total of 0.75%.

The rate lock on your Northern Bank Direct Money Market account of 2.50% Annual Percentage Yield (APY) for daily balances less than $250,000.00 expired on December 31, 2019. This letter is to notify you that Northern Bank will continue with the 2.50% APY through January 12, 2020.

Effective January 13th, the interest rate for daily balances less than $250,000.00 on your Northern Bank Direct Money Market will be lowered to 1.74% with an APY of 1.75% in response to the recent Federal Reserve rate cuts.* This is a variable rate account and the interest rate and APY may change at any time.

You can view your interest rate online at any time. Just follow these 4 quick steps:

Log In to your online banking account via the website northernbankdirect.com
Sign in to Online Banking
Select your Money Market account
Select the tab Account Information

We value your business and hope to continue to be your bank of choice.


If you have any questions, please contact at us 1-844-348-8996, Monday – Friday, 8:00 AM – 6:00 PM.
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