Posted by Chuck on January 30, 2019
High-Yield APY Accounts no image

Published on January 30th, 2019 | by Chuck

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Northern Bank Offering 2.50% APY Account for Existing Customers

Multiple readers let us know about an email they received from Northern Bank increasing their money market rate to 2.50% APY through June 30, 2019.

Money Market average daily balances from $.01 to $250,000.00 earn the advertised 2.47% interest rate with an Annual Percentage Yield (APY) of 2.50%….

Your interest rate and APY are accurate as of January 28, 2019 and guaranteed through June 30, 2019. After June 30, 2019 your interest rate and APY may change as this is a variable rate account. At our discretion we may change the interest rate on your account daily. The interest rate will be determined by us based on current market conditions. Please call 1-800-273-6908 for current rate information.

2.50% APY is just about the best rate you can get at the moment. Rate is only locked in through June, and it’s likely rate will then go down. Certainly a good reason to leave your money there, but you’ll have to decide if it’s worth the trouble of moving it back and forth for this.

Again, this offer is only for existing Northern Bank money market customers – I believe for all of them – but it’s not something you can signup for now.



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DeeezNuuts
DeeezNuuts

Good rate for now, but I’m expecting ally & others to be around this rate by June. Huntington is giving me 2.78% for 12 months on their money market savings ($25K minimum, local branch only w/ code) + .25% bonus when you have a a Huntington 25 checking (no fee w/ $25K in total relationship).

Kay
Kay

Was it a mailer promo you received? I have Huntington bank in my area. Love to get in on this deal if possible.

DeeezNuuts
DeeezNuuts

They sent an email with a one time use code. A friend tried to match the deal in branch, but they couldn’t without the code.

Kay
Kay

Thank you for your reply! I will keep an eye out for the offer. 🙂

Jack - NJ
Jack - NJ

On a similar note, Varo sent out an email yesterday offering 2.12% on regular savings and 2.8 on under 50k with 1k dd and 5 debit purchases monthly. Also only works from date qualified, not retroactively for the entire month.

Mikey
Mikey

I appreciate hearing about Varo, wasn’t aware of that bank before. Not for me, but those comfortable with the required monthly $1,000 government or payroll direct deposit should definitely check it out.

Jack - NJ
Jack - NJ

If you want to sign up with them I can send you a referral for $100 bonus.

William Charles

Didn’t the referral bonus end in December?

Jack - NJ
Jack - NJ

I’m not sure. I just got a bonus yesterday, but it could be that the account was opened before the new year and it was only funded this week. The fine print does mention that the account needs be opened by 12/31, but the link still goes to a page offering $100, so not sure. Anyone wanna volunteer?

William Charles

Ah ok, pretty sure it’s dead now.

Steve C
Steve C

Got the email….just now went back and read it. Thought it was spam at the time. Certainly will take it!

joE
joE

I’ve had no need to chase yields, new accounts, minimum balance requirements etc. considering I get 3.33% APY in my checking account up to $25k thanks to Heritage Bank NA

bob
bob

grab an Amex Biz card with 0% for 15mo, and grab a shitload of money orders. stuff all these accounts with liquid cash and earn interest for 15mo.

Jack - NJ
Jack - NJ

Wouldn’t this affect your credit score though? You aren’t paying your bills…

joE
joE

Biz CC’s don’t show up on your personal report hence they don’t hurt/benefit you in any way.

Jack - NJ
Jack - NJ

is that true with all biz cards?

Gadget
Gadget

You still have to make the minimum payment every month, but in this scenario, you are only paying back a small portion monthly due to Amex and holding back the rest in savings for 15 months. At end of interest free period, you pay off the CC.

It requires some discipline, some willingness to play around (time suck, fees for money orders, hope you don’t get robbed), and some tracking to make sure everything goes to plan.

Oh, and you have to claim you are running a business. That’s the hurdle I can’t get over.

bob
bob

liveoak raised their savings rate to 2.25%, and was actually getting competitive again.

NBTC has a great ACH function, though. Very fast.

Chris B
Chris B

Mine is still at 2.26%. Not cool. just sent them a secure message. Let see if they match. Thanks for the heads up. 2.50% would make me stay with them.

Ann
Ann

This is supposed to be an increase on all 2.26%-guaranteed accounts. If you received the email announcing the change yesterday, it’s just taking them some time for the website to be updated to the new rate.

Chris B
Chris B

No email, checked the spam as well :/

Ann
Ann

It’s only for a subset of existing customers – not everyone with a lower-rate account there, only the ones who signed up for a year of 2.26% guaranteed, that was offered for a limited time last summer. Now the final 5 months of that guarantee will be at 2.5% instead.

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