-
Financial Rates:
4.0
-
Customer Service:
5.0
-
Website Experience:
5.0
-
Bank Fees:
4.0
Pros:
- Competitive interest rates
- Free Rewards checking account
- Checking account cash back option
- No fees and low opening required amounts
Cons:
- Required account balance for high rates
- Specific stipulation for cash back benefit
- High monthly fee for two checking accounts
- Other accounts have low rates
-
Financial Rates:
3.0
-
Customer Service:
5.0
-
Website Experience:
5.0
-
Bank Fees:
4.0
Pros:
- Low required amounts to open accounts
- Variety of personal deposit accounts
- Business accounts offered
- Pearl MMA earns a good rate
Cons:
- Low interest rates on accounts
- Some accounts have tiered interest rates
- Accounts opened in branches
- Monthly fees for most accounts
The accounts offered through LendingClub offer competitive interest rates. The high-yield savings account offers rates up to 0.60%. Their checking account earns a lower rate than the savings account, but does offer some interest earning at 0.15%.
LendingClub offers a Rewards checking account. This account does not have monthly maintenance fees. This checking account earns cash back, and interest, if you meet the requirements. It requires $100 to open the account. After you open the account, there are no monthly fees or required amounts to avoid the fees, but a set balance amount to earn the rewards.
With the Rewards checking account, customers can earn up to one percent back on their debit card purchases. The debit card is linked to your Rewards checking account. Purchases made online or in-store are eligible for the cash back option.
Most of the accounts at LendingClub do not have monthly maintenance fees. Once you open the high-yield savings account with $100, there is not a monthly fee or minimum requirement to keep in the account to avoid a monthly fee. The opening required amounts for most accounts are low. The high-yield checking account only requires $100 to open.
The interest rates for the high-yield account is high, but in order to earn that amount, you must keep a set amount in the account. This account requires a balance of $2,500 to be in the account to earn the highest interest amount. Balances that fall below $2,500 will receive a much lower interest rate of 0.05%.
In order to earn the cash back, you must have your account open for 30 days and have $2,500 in the account from direct deposits or another source of income. The credit comes from purchases made online or in the store using your debit card signature option. To earn the cash back option, you MUST choose the credit option instead of the debit option when making your purchase. Transactions made with your PIN are not eligible for the cash back. The money you earn will be credited into your account at the end of each earning period.
The Essential Checking account has a monthly fee of $9. You can waive this fee by keeping a set amount in the account, but this amount is high as well. To waive the monthly fee, you must have at least $5,000 in the checking account at all times. If the account balance falls below $5,000, you will be charged the fee. The Tailored checking account has a monthly fee of $10 if you do not have at least $5,000 in the account.
Not all accounts offer competitive interest rates. The CDs, money market account, and basic savings account do not offer competitive interest rates. Those rates are much lower than the high-yield savings account rates.
The required amounts to open Northeast Bank accounts are low. The savings account requires $100. The holiday club requires $2, and all CDs only require $500 to open. One checking account requires $25 to open. The other three checking accounts require $100 to open.
Northeast Bank offers a variety of personal deposit accounts. They offer a savings account for youth, regular savings, and a holiday savings account. Two money market accounts are offered. There are four checking accounts, including one for those 50 or older. There are a variety of CD terms, ranging from six-months to five-years.
Along with personal deposit accounts, Northeast Bank offers business accounts. Those include savings, checking, and money market accounts. They offer lines of credit, business, and equipment loans. Cash management options are available. Each account comes with online bill pay and banking, and merchant card processing.
The Pearl money market account is available to open to those who live by a branch location. This money market account earns more competitive interest rates than the other accounts. This account is only for new customers to Northeast Bank. Any amount over $0.01 earns the competitive rates. The minimum opening amount is $5,000. The account fee amount or required balance is not listed on the website.
The interest rates for most Northeast Bank accounts are low. They are not competitive with other online accounts. Northeast Bank checking accounts earn interest. Some accounts have tiered interest rates.
To earn the highest interest on some Northeast Bank accounts requires a large sum. The regular money market account requires $100,000 to earn the most competitive rate. The business MMA requires $75,000. The Northeast Express Gold personal checking account requires $50,000. Any balance earns some interest, just not the most competitive rate. The most competitive rate offered is not competitive with other online accounts.
The accounts listed on the Northeast Bank website are only able to open in a branch location. No online accounts are offered directly through the Northeast Bank website. Online accounts are offered through ableBanking, their online division.
Most accounts offered through Northeast Bank have a monthly fee. The fees range from $1 to $7 a month, depending on the account. To waive the monthly fee requires a set balance be in the account. That amount varies from $100 to $10,000.
Sponsored Offers
| Savings (Rate as of 4/26/2024) | |
| APY | 4.25% |
|---|---|
| Rate | 4.16% |
| For APY | $1 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.