Northfield Bank is headquartered in Staten Island and is the 24th largest bank in the state of New York. It is also the 249th largest bank in the nation. It was established in 1887 and as of June of 2020, it had grown to 367 employees at 37 locations. Northfield Bank has an A+ health rating.
This review is for Northfield's Platinum Savings -Online Only account, which bears interest at 2.25% APY as I write. Since becoming a customer, I've learned the following:
1) Interest is paid quarterly, not monthly as with most savings accounts
2) Interest is compounded daily on a balance that does NOT include the interest that continues to accrue throughout the quarter
3) Until the interest is paid, it is not available to you; therefore, if you close your account the day before the quarter's end, you forfeit that accrued interest.
All three points are not published anywhere - at least not anywhere that is easily accessible. Since I only recently opened my account and it remains open, I learned about the third point above while talking to a CSR.
I was raised with the advice "if you can't pay cash for it, you don't buy it", so I've never used credit cards. I just tried to open an online savings account with Northfield and was denied an account because I have insufficient credit history. It makes no sense to me to deny a deposit account for this reason. I understand credit history being a factor in granting a loan to an individual, but I was trying to deposit money with them, not get a loan. Credit history (or the lack thereof) should be irrelevant when applying for a deposit account. The customer service rep was very sweet and empathetic as she also has no credit history and has had a history of paying cash. Who would have ever thought that cash is no longer king!?
Update: I received a call from Northfield Bank 8/22 inviting me to submit an application again. The CSR explained they discontinued the credit history check for this deposit account. I just completed the online application and everything went smoothly and my account is open, awaiting the micro deposits. I applaud Northfield for realizing the error of their ways and reaching out to me.
The veryfication process that the bank uses is terrible.
They would no open my account because I do not owe enough money.
Since I am wealthy I do not need to carry debt.
Not accurate either because my credit card balance last month wad $ 500 which I paid in full every month and according to their research I only owe $ 5.
Customer service not helpful either.
It just a hassle because their rate is not guarantee either.
|FDIC Certificate #||28710|
|Return on Assets - YTD||0.62%|
|Return on Equity - YTD||4.8%|
|Annual Interest Income||$83.6MM|
|Assets and Liabilities|
|Assets||Q2 2020vs Q2 2019||$5.05B$4.77B|
|Loans||Q2 2020vs Q2 2019||$3.55B$3.31B|
|Deposits||Q2 2020vs Q2 2019||$3.68B$3.36B|
|Equity Capital||Q2 2020vs Q2 2019||$653.4MM$615.4MM|
|Loan Loss Allowance||Q2 2020vs Q2 2019||$38.5MM$27.8MM|
|Unbacked Noncurrent Loans||Q2 2020vs Q2 2019||$13.6MM$14.9MM|
|Real Estate Owned||Q2 2020vs Q2 2019||$0$0|
Rates for Northfield Bank are currently being reviewed.