Northeast Bank VS EBSB Direct

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
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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: 2.5 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 3.5 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
Advertiser Disclosure
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Pros:

  • High interest rates on accounts
  • CDs have low opening required amounts
  • Accounts are entirely online
  • Debit card offered for MMA

Cons:

  • Limited deposit accounts offered
  • Highest rates require a large amount
  • MMA has a fee and high opening amount
  • Must link to another account
Northeast Bank Review

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.

Read the full Northeast Bank review.

EBSB Direct Review

The EBSB Direct accounts offer good interest rates. The rates are slightly lower than other online-only accounts. They are higher than your typical brick-and-mortar bank rates.

The EBSB Direct accounts have low opening required amounts. The 15-month CD only requires $1,000 to open. The six-month CD and the money market account both require $2,500 to open.

EBSB Direct accounts are entirely online accounts. You apply for the accounts online, not at a branch location. You can make transactions for your EBSB Direct accounts at an EBSB branch location. Everything for your EBSB Direct accounts are online.

The money market account with EBSB Direct offers a debit card for you to access your money. Federal regulations allow six withdrawals per month from the money market account. There is a fee if you withdraw more than six times.

EBSB Direct only offers a money market account and two personal CD terms. The term lengths are six-months and 15-months. There are no other personal or business accounts available.

To earn the highest interest rate offered on the MMA, you must have at least $10,000 in the account. Balances from $10 to $9,999 earn interest, but a lower rate. The highest interest rate requires at least $10,000.

The money market account has a monthly fee of $8. Waive the fee by keeping at least $2,500 in the account. That is also the amount required to open the MMA. Keeping $2,500 in the account waives the fee and earns the lower interest rate.

To make electronic transfers, link your EBSB Direct accounts to an external account. You can link the accounts to another financial institution in the United States. More than one account can be linked to your EBSB Direct account.

Read the full EBSB Direct review.

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