Spoofing schemes are on the rise and criminals are now pretending to be bank employees. As a reminder, Northern Bank will not call you and ask for personal information like PINs, passwords, social security numbers, or account numbers. Be wary of texts, calls, or emails that ask you to log into, or send money with, payment apps. If you receive a call matching this description, or alerts of suspicious activity on your account, please contact us immediately at 1-800-273-6908 Option "0".

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FAQ

What is APY?

APY stands for annual percentage yield. It is the effective percentage amount earned on your deposit account, on a yearly basis. Depending on the balance in your account, and when you add or remove funds, this value can vary significantly.

According to the FDIC the general formula to be used to calculate the APY is as follows:
APY Earned (In Percentage terms) = 100*[(1 + Interest Earned/Balance)(365/Days in period) – 1]
“Interest Earned” is the actual interest earned on the account for the given time period (i.e. the month).
“Balance” is the average daily balance in the account over the time period.
“Days In period” is the actual days in the period (i.e. if the period is the month of January, this figure will always be 31).