Woman in library on computer
Alexander Ryumin/Getty Images

Banks offer more than just checking and savings accounts. If you find yourself tapping into your savings from time to time, you may need a money market account.

Northern Bank Direct offers the nation’s best money market account rate. It pays 1.51 percent APY. The rate is slightly higher than the ones offered by competitors.

Still not convinced that Northern Bank’s account is a good fit for you? Get this: The minimum deposit is just $25. The most you can deposit to earn the top rate is $250,000. With higher deposits, you’ll only earn 0.75 percent APY (for balances up to $1 million).

Compare this offer with other high-yield money market accounts. Then do the math and find out how much interest you could earn. At Northern Bank Direct, interest compounds and is credited on a monthly basis.

10 best MMA rates
Bank APY Minimum balance
Northern Bank Direct 1.51% $25
All America Bank 1.50% $50
Redneck Bank 1.50% $50
My eBanc 1.50% $5,000
Northpointe Bank 1.50% $25,000
Sallie Mae 1.45% $0
Nationwide Bank 1.40% $10,000
EBSBDirect 1.39% $25,000
My Banking Direct 1.35% $25,000
Self-Help Credit Union 1.33% $500

Why you’ll want this MMA

With Northern Bank Direct’s money market account, you’ll pay no monthly service fees. When you’re ready to withdraw your savings, you can initiate a wire transfer, make an electronic transfer or visit a fee-free ATM within the SUM network.

In addition to a high yield, you’ll get access to complimentary checks. That’s good news if you like the old-school method of mailing in your bill or rental payments. Writing checks from a standard savings account usually isn’t permitted.

Just note that the number of transactions you can authorize is limited. The same is true for savings accounts. Northern Bank Direct charges $20 each time you make more than six transfers within a month.

How to open a Northern Bank Direct MMA

Northern Bank Direct money market accounts must be opened online. When you fill out an application, you’ll have the option of opening a certificate of deposit at the same time. Check out the top CD rates.

As with other bank account applications, you’ll have to answer a series of questions and provide basic information about yourself including your driver’s license, home address and Social Security number.

Read the fine print

Before opening an account, read the bank’s terms and conditions.

According to the website, online transfers between Northern Bank Direct and another bank typically take three business days. That could be a problem if you need money instantly or within a shorter time frame.

There’s a $3 fee each time you electronically transfer money out of the account. Yikes. But it’s easy to avoid if you begin the transfer from the bank account you want the money to go into.

About Northern Bank Direct

Northern Bank Direct is based in Woburn, Massachusetts. The online bank is a division of Northern Bank, an institution that has been around since 1960.

Northern Bank & Trust Company earned four out of five stars in Bankrate’s latest review of its financial health.