Northfield Bank is headquartered in STATEN ISLAND and is the 23rd largest bank in the state of New York. It is also the 253rd largest bank in the nation. It was established in 1887 and as of March of 2023, it had grown to 403 employees at 38 locations. Northfield Bank's CD rates are 39% higher than the national average, and it has a B+ health rating.
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4/19 - Special 4-Month CD Rate At Northfield Bank - Parts Of NY & NJ Only
12/12/10 - 1.25% 7-Month CD At Northfield Bank In NY & NJ
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5/28/10 - Special 15-Month CD at Northfield Bank in NY & NJ - Local Only
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7/17/09 - 2.25% 8-Month CD at Northfield Bank in NY & NJ - Local Only
12/17/08 - 4.00% 7-Month CD at Northfield Bank in New York & New Jersey
Interest Accrual And Payment
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.
Inefficient, Nasty, And Inadequate
The bank is useless! I wanted to use a local smaller bank to support the community business but if your trying to get things done expect to spend your time going to the branches, speaking to customer service for 15-20 minutes, and then having to verify your identity with every electronic transfer.
I Cant Even Close My Account!
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
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.
PROPERTY MANAGER
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.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 28710 |
| Year Established | 1887 |
| Employees | 403 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.86% |
| Return on Equity - YTD | 6.84% |
| Annual Interest Income | $49.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $5.66B$5.53B |
| Loans | Q1 2023vs Q1 2022 | $4.20B$3.86B |
| Deposits | Q1 2023vs Q1 2022 | $3.90B$4.35B |
| Equity Capital | Q1 2023vs Q1 2022 | $723.0MM$675.7MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $41.4MM$39.3MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $12.4MM$11.4MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $70.00K$101.00K |
