-
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
-
Financial Rates:
5.0
-
Customer Service:
3.0
-
Website Experience:
5.0
-
Bank Fees:
4.0
Pros:
- Competitive interest rates on accounts
- Low opening required amount for MMA
- No tiered interest rates on accounts
- Accounts are entirely online
Cons:
- CDs have high opening required amounts
- MMA has monthly maintenance fees
- Must link accounts to external account
- Limited accounts offered
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.
earn.bank accounts offer competitive interest rates. The rates are competitive with other online accounts. Their interest rates are much higher than typical bank rates.
The money market account through earn.bank has a low opening required amount. To open this account only requires $100.
The earn.bank money market account does not have tiered interest rates. You do not have to have a set amount in the account to earn the most competitive interest rate.
All earn.bank accounts are entirely online. You can open their money market account or CD terms from anywhere. Because they are an online bank, the interest rates are much higher than typical bank rates. To open an account, you must have a social security number and a government issued ID. You must have the amount required to open the account. You can fund the initial amount with a credit card, or external savings or checking account.
To open a CD with earn.bank requires a large sum. Each of the CD terms require $25,000 to open. The CD terms available are a one-year and a two-year.
The money market account has a monthly maintenance fee of $10. To waive this fee requires an account balance of $10,000. This fee is not assessed for the first three months of opening the account. After that time, if you do not have a $10,000 balance, you will be charged $10 each month that the balance is below $10,000. There is also a $25 paper statement fee. Avoid this fee by signing up for electronic statements.
The easiest way to withdraw money from your MMA is to link the account to an external account. The linked account allows you to also deposit money easily into your earn.bank accounts. You can withdraw money through a wire transfer by calling customer service.
earn.bank does not offer a wide variety of accounts. They only offer one personal deposit money market account and two CD terms. The CD terms offered are a one-year and two-year term. They do not offer checking accounts, savings accounts, or business accounts.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
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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.