Northern Trust is one of the oldest and most respected financial firms in the U.S., founded in 1889. While it is best known for working with very wealthy individuals and large institutions, it also offers some personal banking services. One of those services is the Northern Trust checking account.
This review takes a close look at what the Northern Trust checking account offers, how it works, and whether it’s a good choice for everyday banking.
Who Is Northern Trust?
Northern Trust Corporation is one of the oldest and most respected names in American banking. The company began in 1889 in Chicago, Illinois. Over more than a century, it has grown into a global financial firm.
On behalf of its customers, Northern Trust manages assets worth trillions of dollars. These clients include global institutions, corporations, foundations, and some of the wealthiest individuals in the world.
Unlike popular retail banks like Chase or Wells Fargo, Northern Trust does not focus on everyday consumers. Most of its services are designed for people with complex financial needs like estate planning, wealth management, and trust services. In short, Northern Trust is a private bank that mainly serves high-net-worth individuals and families.
Does Northern Trust Offer a Personal Checking Account?
Yes, Northern Trust does offer personal checking accounts. However, they are not like the checking accounts you see at regular banks. These Northern Trust Bank checking accounts are designed specifically for high-income individuals, families with wealth, or clients who already have investment relationships with the bank.
In most cases, you can’t just walk into a Northern Trust branch and open a checking account unless you meet certain financial requirements. You’ll likely need to speak with a relationship manager, who will review your financial situation and help design a customized solution for your needs. This might include checking, savings, cash management, investment services, and more.
Northern Trust Checking Account Rates, Fees and Minimums
One of the biggest differences between Northern Trust and traditional banks is how fees are handled. You won’t find a clear, public fee schedule on their website. That’s because their services are tailored to the individual, and pricing often depends on how much money you have with the bank.
Minimum Deposit and Balance Requirements
You only need $25 to open a Northern Trust Bank checking account. This makes it relatively easy to get started.
There is no strict minimum balance required to keep earning interest once the account is open. However, you may need to keep a certain balance in your account to avoid paying a monthly service fee.
Common Northern Trust Checking Account Fees
Still, here are some common charges you might expect:
- Monthly Service Fee: This may be charged up to $20 per month, unless you meet a Northern Trust checking account minimum balance requirement or have a broader banking relationship with the firm. Some high-net-worth clients may have this fee waived entirely.
- ATM Fees: Northern Trust likely allows fee-free access to in-network ATMs, but may charge for out-of-network use.
- Overdraft Fees: If you overdraw your account, you may be charged a standard fee, often around $35, similar to other banks.
Because this is a private banking product, fees and terms can vary from one client to another. Some may receive discounts or additional perks based on their total assets with Northern Trust.
Review platforms often point out that this account is not ideal for customers with low balances. That’s because you may face higher fees or fewer features unless you maintain a significant amount of money in your account.
Northern Trust Checking Account Interest
Unlike some checking accounts that offer interest, the Northern Trust checking account is not focused on earning interest. The annual percentage yield, or APY, currently ranges from 0.05% to 0.25% (in 2024), depending on your balance and terms. This is better than the national average interest rate for most traditional savings accounts, but it is still lower than what many online-only banks offer.
Instead, Northern Trust encourages clients to use more sophisticated tools to manage their cash. For example, you might be offered a sweep account, where unused money is automatically moved into an investment or savings vehicle that earns a better return. This strategy is common for wealthy individuals who prefer to maximize the performance of every dollar.
If you’re looking for a high-yield checking account with clear interest rates and rewards, you’ll likely want to consider options from online banks or credit unions.
Here is a summary of Northern Trust checking account rates and fees:
| Rate and Fee | Details |
|---|---|
| APY (Interest Rate) | 0.05% to 0.25% (as of June 22, 2024) |
| Monthly Fee | $0 to $20 (may be waived if balance requirements are met) |
| Minimum Deposit | $25 to open |
| FDIC Insurance | Up to $250,000 per person |
| Other Fees (Detailed) | Overdraft/NSF: $35 per item Overdraft item fee: Additional $35 when a payment clears without enough funds Paper statements: $5 per month if you choose paper instead of e-statements ATM fees: In-network – no fee or small fee; Out-of-network – $1.50 per withdrawal (plus owner’s fee) Early account closure: $25 if closed soon after opening Returned deposit (domestic): $30 per item Debit/ATM card replacement: Starts at $10 (if applicable) Stop-payment order: $30 Wire transfers: Domestic – $25 to send, $15 to receive; International – $40 to send, $15 to receive Foreign transaction (if using a card): Minimum 2% per transaction |
Welcome Offer and Rewards
Unlike many modern online banks, Northern Trust does not offer a cash bonus or promotional reward for opening this account.
You will not earn points or cashback on your transactions.
The only extra value you get comes from the interest rate (APY) that is paid on your balance.
In short, there are no sign-up perks or rewards programs to expect with this account.
Northern Trust Checking Account Requirements
Northern Trust checking accounts are not open to the public like typical bank accounts. They are designed for clients who meet specific financial and service criteria. Here’s what you’ll likely need:
- Substantial Assets: These accounts are generally for people with high levels of wealth. Northern Trust usually requires clients to hold a significant amount of assets under management.
- Existing Relationship or Intent to Bundle Services: You’re more likely to qualify if you already use Northern Trust for investment or wealth services. If you’re new, you may need to commit to bundling services like estate planning, investment advising, or cash management.
- Required Documents: Applicants must provide several legal and identity documents, including:
- A valid government-issued photo ID
- Social Security or Tax ID number
- Evidence indicating a residential address, like a utility bill
- Tax or residency declarations (like FATCA or CRS forms)
- AML (Anti-Money Laundering) paperwork
- Legal documents for trusts or companies, if relevant
- Official Application Forms: You’ll need to complete and sign the account opening forms, usually by hand. These forms must be submitted with all supporting documents.
- Signatures and Authority Proof: All individuals listed on the account must sign the application. If the account is for a trust or organization, you’ll also need to submit documents proving legal authority, such as a board resolution or trust deed.
- Online Banking Registration: To use Northern Trust’s digital tools, you must register your contact information and security details for the Private Passport system. This setup allows secure access to your accounts, reports, and transactions.
How to Open a Northern Trust Checking Account
Opening a checking account with Northern Trust is not as simple as filling out a form online. Since this is a private banking service, the process is more personalized and requires several steps.
- Contact a Banking Advisor: The first step is to reach out to Northern Trust by phone or email. You’ll be connected with a relationship manager who will guide you through the process.
- Discuss Your Financial Situation: During your initial call, you’ll talk about your financial background and goals. The advisor will assess whether you qualify for the account and recommend a set of services tailored to your needs.
- Complete the Application Forms: If you qualify, the advisor will send you the necessary forms to fill out. These forms may ask for personal information, tax details, and proof of residency. You’ll likely need to print them and fill them out clearly in blue or black ink.
- Provide Supporting Documents: To verify your identity and meet banking regulations, you’ll be asked to submit documents like a valid ID, Social Security number or Tax ID, proof of address, and residency or tax declarations. In some cases, additional paperwork like trust agreements or corporate documents may be needed.
- Review and Approval: Once you return all required forms and documents, Northern Trust will review everything to make sure it meets legal and compliance standards. If approved, you’ll receive confirmation and account details.
- Set Up Online Access and Services: After your Northern Trust checking account is open, the advisor will help you register for online banking through the Private Passport portal and mobile app. You can also link your checking account to investment, trust, or estate services based on your financial goals.
Banking Tools and Digital Experience
Even though Northern Trust caters to a traditional and high-end audience, the bank offers modern digital tools. Clients have access to an online banking system called Private Passport, along with a mobile app.
These tools are more than just checking account dashboards. They are advanced platforms that let users view all their Northern Trust financial relationships in one place, which includes investment portfolios, trust assets, spending accounts, and real-time performance reports.
Key features of the Private Passport system include:
- Viewing checking and transaction history
- Monitoring investments and net worth
- Downloading customized financial reports
- Secure messaging with your relationship manager
- Managing trust and estate planning documents
The platform is especially useful for clients with complex financial setups. That said, reviews suggest that the digital experience may feel formal and slower compared to mainstream banks like Chase or Bank of America. Some users note that customer service for technical issues isn’t always quick or easy to reach.
Also, since Northern Trust’s clients are mostly high-net-worth individuals, there aren’t many public reviews about the mobile app or digital tools. This makes it difficult to compare its tech experience directly to more widely-used retail banks.
FDIC Insurance & Security
When you open a Northern Trust checking account, your money is protected by FDIC insurance. This means that the Federal Deposit Insurance Corporation, an independent agency of the U.S. government, guarantees your deposits up to $250,000 per person, per bank.
In simple terms, even if Northern Trust were to experience serious financial trouble or close its doors, the federal government would step in to make sure you do not lose your insured funds. This protection covers all your CDs, savings, and checking balances held at the same bank.
The FDIC coverage gives you peace of mind because your money is protected by the full faith and credit of the US government. For many customers, this is one of the most important safety nets a bank can offer.
Northern Trust Financial Strength
Northern Trust is considered one of the most financially stable banks in the country. As of March 2025, the bank held approximately $164.5 billion in total assets and $133.5 billion in customer deposits, according to BestCashCow. These numbers show that the bank has a strong financial foundation and is well-capitalized.
One important number used to measure a bank’s financial health is the Texas Ratio. At roughly 1.4%, this ratio is incredibly low for Northern Trust, suggesting that the bank has very little risk of failure or loan defaults. In simple terms, the lower this number, the safer the bank is. A Texas Ratio below 5% is considered excellent, so Northern Trust scores very well here.
In addition, Northern Trust is FDIC-insured, just like other U.S. banks. This means that depositors are protected up to $250,000 per account, per ownership category. So even if something were to happen to the bank, your money up to that limit would be protected by the federal government.
Overall, Northern Trust stands on solid financial ground. It is a safe and reliable option for those who meet its banking requirements.
Pros and Cons of Northern Trust Checking Account
Like all financial products, the Northern Trust checking account has both strengths and weaknesses. Here’s a simple breakdown to help you understand:
Pros
- Backed by a strong financial institution.
- FDIC‑insured deposits.
- Integrated portal and app (Private Passport) for wealth and banking.
- Customized cash‑management options.
- Strong capital ratios and institutional stability.
Cons
- Hard to find clear public fee and interest information.
- Not aimed at regular or small personal banking consumers.
- Very limited customer service reviews
The Northern Trust checking account is best suited for ultra-high-net-worth individuals, trust clients with complex cash needs, or those who already use Northern Trust for wealth management, investments, or estate planning. This account is designed for people with significant assets and advanced financial goals. It’s not a good fit for everyday consumers, students, or small business owners who need a simple, low-fee banking option.
Useful Tips if You Are Considering Northern Trust Checking
If you’re thinking about opening a checking account with Northern Trust, here are some helpful tips to guide your decision:
- Start by scheduling a conversation with a Northern Trust banking advisor. Ask detailed questions about account requirements, including the minimum balance needed to avoid fees, the full fee structure, and any services that may be bundled with the account, such as investment or trust support. If you’re not an ultra-high-net-worth individual, take time to explore alternative banks that offer low or no-fee checking accounts with user-friendly mobile apps.
- Before committing, make sure you understand how Northern Trust’s digital tools work. Ask whether the mobile app allows easy access to your transaction history, account balance, and investment reports. If mobile banking is important to you, the system should be simple, secure, and easy to navigate.
- Also, double-check overdraft policies, ATM availability, and whether you’ll receive a standard debit card for everyday purchases. Some private banks may have more limited access to ATMs or more formal debit card processes.
- Finally, if possible, talk to current Northern Trust clients or read trusted reviews to get a sense of the real customer experience. A first-hand perspective can give you valuable insight before you make your final choice.
FAQs about Northern Trust Checking Account
Does Northern Trust offer online account opening for checking accounts?
- No, Northern Trust does not offer online account opening for checking accounts. You usually need to speak with a relationship manager and meet certain financial requirements.
How much interest can I earn on a Northern Trust checking account?
The interest rate (APY) for this account is currently between 0.05% and 0.25%. The exact rate depends on your balance and the terms of your account. These rates were last confirmed on June 22, 2024.
Is there a monthly maintenance fee?
Yes, there can be a monthly service fee of up to $20. This fee can sometimes be avoided if you keep a certain balance or meet the bank’s waiver conditions.
Does the account support mobile check deposits?
- No. At this time, Northern Trust does not allow checks to be deposited through a mobile phone app.
Can I access Northern Trust ATMs nationwide?
- Northern Trust has a limited number of branches and ATMs. Clients may receive access to partner networks, but you should confirm ATM availability with your advisor.
How do I manage my account online?
- Northern Trust offers a secure digital platform called Private Passport. Through this online portal and its mobile app, you can view balances, pay bills, make transfers, and manage your money from your computer or phone.
The Northern Trust checking account is not a checking account in the usual sense. It is a component of a broader financial relationship. It suits clients who already entrust assets and planning to Northern Trust. For the average person, it lacks transparency, accessibility, and competitive consumer features. Therefore, you should confirm every detail with the bank’s advisors if you want to apply for it.
