Northfield Bank

Overview / Commentary
1731 Victory Boulevard
Staten Island, NY 10314

Northfield Bank is headquartered in Staten Island and is the 24th largest bank in the state of New York. It is also the 239th largest bank in the nation. It was established in 1887 and as of March of 2020, it had grown to 364 employees at 37 locations. Northfield Bank's savings rates are 63% higher than the national average, and it boasts an A+ health rating.

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Reviews (5)

Interest Accrual And Payment

Posted by: |

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 Cant Even Close My Account!

Posted by: |

Called them since i was ready to pull my money out for a purchase and they hung up on me 4 times and now just transfer me to voicemail??? Now wondering if i gave my money to a real bank!!! Beware!

Don't Waste Your Time: Insane Transfer Limits

Posted by: |

This savings account has insane transfer limits:

To Northfield Bank limits:
Per Transfer $5,000.00
Daily $5,000.00
Monthly $10,000.00

From Northfield Bank limits:
Per Transfer $2,000.00
Daily $2,000.00
Monthly $5,000.00

Cash Is No Longer King

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.


Posted by: |

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.
Terrible experience.


Health Grade Components

FDIC Certificate #28710
Year Established1887
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.37%
Return on Equity - YTD2.85%
Annual Interest Income$42.7MM
Assets and Liabilities
AssetsQ1 2020vs Q1 2019$5.00B$4.56B
LoansQ1 2020vs Q1 2019$3.47B$3.23B
DepositsQ1 2020vs Q1 2019$3.54B$3.41B
Equity CapitalQ1 2020vs Q1 2019$653.9MM$639.8MM
Loan Loss AllowanceQ1 2020vs Q1 2019$36.8MM$27.5MM
Unbacked Noncurrent LoansQ1 2020vs Q1 2019$13.9MM$13.6MM
Real Estate OwnedQ1 2020vs Q1 2019$0$0
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Always verify rates and promotions with the bank or credit union. We are not Northfield Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Northfield Bank Savings Account Rates

0.85%--Platinum Savings - In Branch (New Money)
0.85%--Platinum Savings - Online (New Money)
0.50%*$100k*$1000kPremier Savings
OTHER TIERS: 0.05% $300 - $100k | 0.25% $1000k+
0.05%--Statement Savings

Northfield Bank Money Market Rates

0.45%*$100k*- High Yield Money Market Account
OTHER TIERS: 0.15% Up to $100k
0.15%*$15k*-Money Market Account
OTHER TIERS: 0.05% $2.5k - $10k | 0.10% $10k - $15k

Northfield Bank Checking Account Rates

0.15%*$1.5k*-Premium Interest Checking
OTHER TIERS: 0.10% Up to $1.5k
0.15%--Business Interest Checking
0.10%--Direct Interest Checking
0.10%--50+ Interest Checking

Northfield Bank CD Rates

0.75%$2.5k$225k60 Month CD (Online Only)
0.50%$2.5k-24 Month CD
0.50%$2.5k-36 Month CD
0.50%$2.5k-48 Month CD
0.25%$2.5k-12 Month CD
0.25%$2.5k$225k11 Month CD - New Money (Online Only)
0.25%$2.5k$225k9 Month CD - New Money (Online Only)
0.25%$2.5k$225k16 Month CD (Online Only)
0.15%$2.5k-6 Month CD
0.15%$2.5k-4 Month CD

Northfield Bank IRA Rates

0.75%$250-60 Month IRA
0.50%$250-30 Month IRA
0.50%$250-36 Month IRA
0.50%$250-48 Month IRA
0.25%$250-12 Month IRA
0.25%$250-9 Month IRA
0.25%$250-16 Month IRA
0.25%$250-11 Month IRA
0.15%$250-5 Month IRA
0.15%$250-4 Month IRA


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