You will need the following information for you and the joint owner, if there is one: home address, date of birth, driver’s license number, and social security number. You will also need to have the account number, routing number and name of the financial institution that you will be using to transfer funds to make your initial deposit.

For direct deposits or other transfers, use the Northern Bank routing number: 011303097.

Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. To verify your identity, we will use citizenship, social security number, driver’s license and other information. We take security seriously and understand it is our responsibility to keep your information secure. Please read our Privacy Policy for an explanation on how we manage customer information.

We will use your email address to send you important information about your application, including confirmation that we have received your application and next steps required to open the account. Northern Bank will never ask you to send sensitive information such as account number, social security number or PIN in an email.

If you have any questions about security, please do not hesitate to contact us directly at 844-348-8996.

Northern Bank Direct is the online division of Northern Bank. Northern Bank Direct deposits are considered held by Northern Bank and will be combined with other accounts held by the depositor at Northern Bank for purposes of FDIC deposit insurance. Northern Bank depositors, which includes Northern Bank Direct customers, are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000, for each account ownership category. For further information on our FDIC insurance, click on http://www.fdic.gov or read the FDIC’s comprehensive guide about deposit insurance, titled "Your Insured Deposits".

The maximum amount you can initially fund your account with is $250,000.00. There is a minimum of $500.00 to open Certificates of Deposit and a $5,000.00 minimum to open a Money Market.

All statements will be sent.

Certificates of Deposit: You will receive an annual statement.

Money Market Accounts: You will receive a monthly statement. Statements will be sent to the primary address on your application. You may also enroll in online statements through our online banking service. You may also enroll in online banking to view your accounts at any time on your computer, tablet or phone.

Northern Bank Direct accounts can only be opened online.

Yes, you may visit any Northern Bank branch to conduct a transaction on a Northern Bank Direct account.

There is a minimum of $5,000.00 to open a Northern Bank Direct money market account. There are no fees to open an account.

Interest is compounded monthly and credited monthly. For transactional accounts, the credit will occur on your statement date. For Certificate of Deposit accounts, the credit will occur on the same date as your opening date. If you close your account before the interest is credited, you will not receive the accrued interest.

Yes, for Money Market accounts only. Once you establish your online account and online banking service at Northern Bank Direct, you can set-up external transfers from other institutions using your Northern Bank Direct online banking account.

If you want to link another financial institution to your Northern Bank Direct account, even if it is the same as the one you made your opening deposit from, you will need to enroll in online banking, set up electronic transfers with the other financial institution and verify test deposits even if it is the same financial institution that the initial deposit was from.

There is no limit on the number of financial institutions located in the US that you may link to your Northern Bank Direct account. However, you cannot link to a credit card account or some types of brokerage or investment accounts.

You can make a withdrawal through online electronic funds transfer, telephone transfer, check, wire, and ATM machine. There are no limits on the number of deposits you can make. ATM withdrawals are unlimited. To find a nearby SUM-designated surcharge-free ATM, use the Northern Bank ATM locator.

There are several ways you can add money to your account.

1. Electronically transfer money from another bank or a Northern Bank account
2. Send a wire transfer
3. Direct deposit
4. Mail checks to:
   Northern Bank Direct
   275 Mishawum Road
   Woburn, MA 01801
5. Mobile deposit

Make sure checks are properly endorsed on the back with For Deposit Only and the signatures of all payees. Please don’t send cash.

If you'd like to transfer more than the standard limits, you may call us at 844-348-8996 to discuss available options.

Between Northern Bank Direct accounts: Transfers between your Northern Bank Direct accounts take place immediately.

Between Northern Bank Direct and non-Northern Bank Direct accounts: Transfers from a Northern Bank Direct account to a non-Northern Bank Direct account usually take 3 business days.

By using Northern Bank’s routing number, 011303097, instruct the sender to include your name and your Northern Bank Direct account number.

Yes, please call our Contact Center at (844) 348-8996 to initiate your wire.

Provide your account number and Northern Bank’s routing number, 011303097, to your employer (limited to money market accounts).

If you have any questions or would like to speak to one of our employees, please contact us at 844-348-8996 EST Monday-Friday: 8:00 AM - 6:00 PM, and Saturday 8:30 AM to 12:30 PM. You can also send us an email to nbdirect@nbtc.com and we will promptly respond to your inquiry.

You can access your Northern Bank Direct accounts using Northern Bank's iPhone^®, iPad^® or Android^® phone apps. Available for download here:

• iPhone or iPad^®
• Android^®

Early withdrawal penalties vary depending upon the CD term and are based on interest. Please reference the below for more details.

• Term of less than 12 months: 6-months interest
• Term of 12 months to 35 months: 12-months interest
• Term of 36 months to 47 months: 24-months interest
• Term of 48 months or greater: 36-months interest

New Account Closure Fee: $25 in addition to the early withdrawal penalty, if account is closed in the first 120 days

Northern Bank Direct offers Health Savings Accounts, CDs, and Money Market accounts, which must be opened online. Northern Bank Direct online account opening process is for sole or joint ownership accounts only. No Trusts, Estates, IRAs, UTMA, POA, or business accounts can be opened online with Northern Bank Direct.

Please endorse your check on the back of the check with your signature and the signature of other payees. In addition include the words “For mobile deposit only at Northern Bank & Trust Company”.

APY stands for annual percentage yield. It is the effective percentage amount earned on your deposit account, on a yearly basis. Depending on the balance in your account, and when you add or remove funds, this value can vary significantly.

According to the FDIC the general formula to be used to calculate the APY is as follows:

APY Earned (In Percentage terms) = 100*[(1 + Interest Earned/Balance)(365/Days in period) - 1]

“Interest Earned” is the actual interest earned on the account for the given time period (i.e. the month).

“Balance” is the average daily balance in the account over the time period.

“Days In period” is the actual days in the period (i.e. if the period is the month of January, this figure will always be 31).

While the APY is a useful tool for making an “apples to apples” comparison across bank products, the stated APY on a bank product may not always be the exact APY earned for that product month to month.

On April 24, 2020, the Fed announced a change to Regulation D that permits banks and credit unions to allow their customers to make more than six convenient transfers and withdrawals per month from their savings and money market accounts.

The deletion of the six-per-month limit was made possible by the Fed’s determination that reserves are sufficient to no longer warrant restrictions on the number of monthly transfers and withdrawals. It also is part of the Fed’s strategy to assist consumers who may be struggling financially as a result of the coronavirus pandemic.