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Municipal Deposit Accounts


Northway Bank offers deposit accounts designed to meet the needs of municipalities, schools, and other publicly funded entities.

Evaluate our Collateralized NOW and Municipal Money Market accounts to see which is the best fit for your organization's expected balance and transaction volume.










Collateralized NOW

The Collateralized NOW account is an interest-bearing checking account that gives your municipality or school the convenience of unlimited check writing. You'll earn interest on your $10,000 minimum balance and avoid all service fees. Deposited funds are collateralized by government-backed securities owned by Northway, so they are not subject to FDIC insurance limits.




  • $100 minimum to open
  • Earn interest with $10,000 minimum daily balance
  • No monthly service fees or transaction fees
  • Funds are collateralized to the extent set forth in the Public Deposits Collateralization Agreement between the municipality and Northway Bank





























Municipal Money Market

The Municipal Money Market account pays interest, while allowing your municipality to make unlimited deposits and limited withdrawals. Deposited funds are collateralized by government-backed securities owned by Northway Bank, so they are not subject to FDIC insurance limits.



  • $1,000 minimum balance to open
  • $1,000 minimum daily balance to earn interest
  • A service fee of $8 will be waived every statement cycle that the average daily collected balance does not fall below $1,000
  • Federal regulations allow up to six (6) checks, pre-authorized, telephone or automatic transfer withdrawals per statement cycle
  • A $12 excess transaction fee will be imposed for each transaction in excess of the federal regulation
  • Account balances in excess of the FDIC insurance limit are fully collateralized with permissible securities
Account is only available to local municipalities and state and federal entities.

*Unlimited Northway Bank ATM and Northway Bank over-the-counter teller withdrawals are allowed on this account. Federal regulation prohibits more than 6 pre-authorized, telephone, or automatic transfer withdrawals per monthly statement cycle from this account; no more than 6 withdrawals or transfers from this account may be by check, draft, debit card, online banking, mobile banking, bill payment, telephone transfer, ACH payment, or other similar item. An excess transaction fee of $12 will be imposed for each transaction in excess of the limit established by federal regulation.