Northfield Bank Unveils Nationally Available 11-Month CD

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Update 1/10/2024: The 11-month CD is no longer available.

Deal Summary: 11-month Online CD, 5.65% APY, $2.5k min/$225k max deposit, new money, can be opened online or in-branch.

Availability: Nationwide through online application.

It has been more than five years since I’ve written about any product offered by Staten Island-based Northfield Bank. Since that time, Northfield Bank has expanded its online market area, with the 11-month Online CD (5.65% APY) now available nationwide. The minimum opening deposit is $2.5k of new money, which is defined simply as “funds not currently on deposit at Northfield Bank.” According to the Certificates of Deposit page, the 11-month Online CD has a “maximum account balance of $225,000.”

Early Withdrawal Penalty

According to CSR, the Early Withdrawal Penalty for the 11-month Online CD is 90 days of interest on the amount withdrawn or all interest earned, whichever is less (the principal is protected). Partial withdrawals are allowed as long as a minimum $0.01 balance is maintained.

Availability and Account Opening

Headquartered on Staten Island, Northfield Bank has a brick-and-mortar presence in northern New Jersey, Staten Island, and Brooklyn. Its limited online product line was previously limited to New Jersey and New York State, but is now available nationwide.

The 11-month Online CD can be opened online OR in-branch at any of the 38 full-service branches located in northern New Jersey (16), Brooklyn (8), and Staten Island (14).

Funding and Other Details

I am not totally confident in the following information: I had to speak with three different CSRs to get answers to my usual questions and there was a lot of “I think,” “I believe,” and “I’m not sure” interspersed in their responses.

  • Funding – ACH, wire ($15 fee), or check.
  • Ownership – Individual or joint.
  • Interest – Compounded/credited monthly and cannot be withdrawn penalty free.
  • Maturing Funds – Cashier’s check to address on file, or internal transfer to a Northfield Bank checking/savings account.
  • Grace Period – 7 calendar days before automatic renewal as a 12-month CD.
  • Beneficiaries – Unlimited with equal shares, Social Security numbers are required.
  • Credit check – ChexSystems.

Bank Overview

Northfield Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 1.78% (excellent) based on September 30, 2023 data. In the past year, Northfield Bank’s total non-brokered deposits decreased by -$454.27 million, a poor annual growth rate of -10.87%. Please refer to our financial overview of Northfield Bank (FDIC Certificate # 28710) for more details.

Northfield Bank was established in 1887 as the Northfield Building Loan and Savings Association, taking its name from the town where it was located. (One of the four original towns on Staten Island, the town of Northfield was dissolved in 1898 when Staten Island was consolidated into the City of New York.) A 2002 merger with Liberty Bank expanded the Bank’s footprint into New Jersey. In 2007, the Bank opened its first branch in Brooklyn, and rebranded as the Northfield Bank. In the past 40 years, the Bank has acquired or merged with thirteen Staten Island and New Jersey financial institutions to become New York’s 22nd largest bank, with assets in excess of $5.43 billion.

How the 11-Month Online CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, two banks and two credit unions have higher rates than currently offered on the Northfield Bank 11-month Online CD. The following table compares the 11-month Online CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

The above information and rates are accurate as of 12/2/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: New York CD rates, Philadelphia CD rates, 1-year CD rates, nationwide deals

Comments
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Availability: Online Platinum Savings available nationwide.

In March, Northfield Bank added the Platinum Savings account to its online product line. At the time, it offered a 1.80% APY on balances up to $100k and was only available in New Jersey and New York.

Earlier this month, Northfield Bank introduced the nationally available Online Platinum Savings, which earns 2.25% APY, on balances up to $100k. Balances of $100k and above earn...

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Deal Summary: 11-month Online CD, 2.25% APY, $2.5k min/$250k max deposit, new money, must be opened online.

Availability: Online CDs are available to all residents of New York and New Jersey.

Almost a year ago, Northfield Bank added Online CDs to its product line. There are four Online CD being offered currently, but only the 11-month (2.25% APY) is competitive. The minimum opening deposit is $2.5k of new money, which is defined simply as “funds not currently on deposit at Northfield Bank.” According to the...

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Availability: Online CDs are available to all residents of New York and New Jersey.

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Deal Summary: 14-month CD, 1.60% APY, $2.5k minimum, must be opened in-branch.

Availability: Market area includes Northern New Jersey and the greater NYC metropolitan area.

Earlier this summer, I wrote about Northfield Bank’s two new online CDs (13-month, 1.40% APY and 25-month, 1.65% APY). While the online CDs are still available, the Bank has just added a very competitive in-branch 14-month CD (1.60% APY). The minimum opening deposit is $2.5k, with no stated balance cap.

According to CSR, the Early Withdrawal Penalty for...

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Northfield Bank (NJ/NY) Adds Online CDs
Deal Summary: 13-month Online CD (1.40% APY), 25-month Online CD (1.65% APY), $2.5k minimum.

Availability: Can be opened only online by New Jersey and New York residents.

About a month ago, Northfield Bank added two new online CDs: 13-month Online CD (1.40% APY) and 25-month Online CD (1.65% APY). Of the two, the 13-month is the most competitive. The minimum opening deposit for either CD is $2.5k, with no stated balance cap.

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