Northfield Bank Hikes Online Platinum Savings Rate

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Deal Summary: Online Platinum Savings, 2.25% APY, $100k max, new money, must be opened online.

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 0.90% APY on the ENTIRE balance. Several months ago, CSR suggested that the online application might be expanded in the future. Apparently, the future is here.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25*%-$100kNorthfield BankOnline Platinum Savings (New Money)
OTHER TIERS: 0.90% $100k+
Rates as of November 14, 2018.

The fine print on the first page of the online application states that new money is required to open a Platinum Savings account, but it also states that,

A minimum balance of $0.01 is required to open account.

There is a minimum balance fee of $8 per statement cycle should the average daily balance fall below $2.5k.

Thanks to DA reader, JDubs, for his Forum post about the Online Platinum Savings account.

Availability

Headquartered on Staten Island, Northfield Bank’s online market area included only New Jersey and New York in the recent past. This new online version of the Platinum Savings is available nationwide. To qualify for the stated 2.25% APY, it must be opened online.

There is also an in-branch version of the Platinum Savings account, but it earns 2.00% APY. Northfield Bank has 38 full-service branches located in northern New Jersey (18), Brooklyn (9), and Staten Island (11).

According to the FAQs,

There is no limit to the number of accounts you open, but during the application
process you are limited to one of each account type per application submitted.

Bank Overview

Northfield Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.79% (excellent) based on March 31, 2018 data. In the past year, Northfield Bank has increased its total non-brokered deposits by $239.04 million, an excellent annual growth rate of 9.35%. 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 twelve Staten Island and New Jersey financial institutions to become New York’s 26th largest bank, with assets of more than $4 billion.

How the Online Platinum Savings Compares

When compared to the Saving Accounts tracked by DepositAccounts.com that are available nationwide, Northfield Bank’s Platinum Savings APY currently ranks first, but its intrinsic value is diminished by the $100k balance cap.

To search for the best Savings Account rates, both nationwide and state specific, please refer to our Savings Rates Table page.

The above rates are accurate as of 7/24/2018.

Related Pages: New York savings accounts, Philadelphia savings accounts, Syracuse savings accounts, savings accounts, nationwide deals

Comments
RJM
RJM   |     |   Comment #1
Glad to see another entrant to the 2.25%+ club. Even if its only up to $100k.

Northern still pays those grandfathered at 2.26% so I have no need for this one for now.

Don't really understand the limit. Do they assume smaller balances are more "sticky"?
TheBombingRange
TheBombingRange   |     |   Comment #2
There's definitely no minimum balance or monthly fee for Northern right? Pretty sure I had looked at the fee schedule, just wanted to confirm with you as well RJM?
RJM
RJM   |     |   Comment #4
No minimum, no fee, free statements by mail or estatements. $25 fee if I close before 120 days according to the rep.

Their paperwork is confusing. Its a 2 step process and they show me "as trustee" because I have beneficiaries. I can opt out of having them named in the title. So that is new to me. Never had that before.

What I mean by 2 step is snail mail twice for each account. SMH.

I am just now returning the 2nd form for my first account and my first form for the 2nd account. I got an email and apparently I asked for estatements for one of my accounts. She said I can just go in and change it if I want free paper statements.
I must have accidently thought they were required to avoid a fee or something?

(To clarify to others, the above is about Northern, not Northfield)
zjts
zjts   |     |   Comment #10
any rate guarantee at northfield?
John
John   |     |   Comment #3
So, if you deposit for instance $99,999, you will be required to withdraw a certain amount every month to keep your balance below $100k so you can keep earning 2.25%?
deplorable 1
deplorable 1   |     |   Comment #6
It sure looks that way John. I would set up auto withdrawals for the interest amount to be debited a few days before the interest posts each month. This way you could max it out without worrying about the interest pulling you over the limit and dropping your rate.
timing counts
timing counts   |     |   Comment #7
dont you lose the interest if you dont leave it in the acct before posted at the END of the month

myself leaves balance just short of the accrued interest that will be posted. when I get the interest I pull on the 1st or 2nd of the next month.
deplorable 1
deplorable 1   |     |   Comment #8
Yes timing does count. If you do it that way and your interest pushes you above $100,000 even for a day or 2 your rate will drop to .90% on the entire balance for 2 days. Most banks use a daily calculation based on how much is in the account each day. You are going to worry about the interest on less than $200 for a few days? Makes no sense.
tomayto / tomahto
tomayto / tomahto   |     |   Comment #11
no i dont worry one bit. i dont have to figure 28, leap year, 30,or 31 days on when to pull interest.
i get a solid payment every month taken out with a pre-determined dividend period.
Pulling automatically on the first of the month is a no brainer . I've done this on a multi tier interest rate for years.thank you very much
deplorable 1
deplorable 1   |     |   Comment #5
This would be good for those who missed out on the Northern deal. It doesn't appear to be a teaser rate either as there is no guarantee. Redneck/All America will probably be paying 2.25% by the time the Northern deal expires and I'm getting 2.28% APY at GM right notes so not for me personally.
PassiveIncome
PassiveIncome   |     |   Comment #9
Has anyone used this bank before and know how many accounts can be linked to the account? Also, how are the ACH transfer speeds? I missed the Northern deal so considering this deal.
RJM
RJM   |     |   Comment #12
We have had 3 banks with "north" in their name offer competitive rates recently.

Northpointe
Northern
Northfield
Michael
Michael   |     |   Comment #13
be careful with this account I just called and they have one person handling the whole internet God forbid something happens to him then you really have problems go elsewhere.
RJM
RJM   |     |   Comment #14
One whole person? More than Andrews had.
Cycles
Cycles   |     |   Comment #15
Interesting observation. With MainStreet Bank they only have 2 people handling the entire Internet banking section. I was informed of that fact by several branch associates when I called to inquire about the account I had opened on different occasions.
???
???   |     |   Comment #16
i imagine none of these FIs are prepared for a Fat Wallet type attack the day they put up rates
pwj7050
pwj7050   |     |   Comment #17
What is the daily limit on ACH withdrawals from this account?
pwj7050
pwj7050   |     |   Comment #18
I just called this so-called bank twice to ask some questions regarding the Platinum Savings Account. The first time I called I selected the option to speak to a CS rep, the phone rang a dozen times and then disconnected the call.

The next time I called, I selected to be connected with an operator, an operator picked up and transferred me to a CS rep, the line rang again a dozen times and disconnected.

I don’t know about you folks, but there’s no way in hell I’m sticking nearly a $100k in this fly by night joke of a bank!
Mak
Mak   |     |   Comment #20
I had the same problem both yesterday and today that I had top call 7 times in a row before an agent answered my phone to tell me my application, due to identity mismatch!!!!!!!!!!!!!!???????, was denied.
I think they can not afford 2.25% anymore!!!
Mak
Mak   |     |   Comment #21
The same thing happened to me and I can not be comfortable by investing any penny with this stupid bank.
Mak
Mak   |     |   Comment #19
On 7/25/20I8 I tried to fill up a Platinum Savings application on line several times, but at the end of the first page, as soon **** I clicked on "continue", a statement saying that I would be contacted by the bank pupped up. I called the bank several times today, while being transferred by the customer service to the right department unsuccessfully as the phone was disconnected after several rings. I had already been disappointed by this poor service before I finally got through after the 7th call.
I inquired about my application and he told me it had been denied due to identity mismatch. This was the most surprising and unexpected statement I have ever heard. After arguing with the rep . and volunteering to send a copy of my driver licence, utilities or anything he would ask for it, I was denied. This is while I already have 5 online accounts with Ally, Purepoint, Cit, Salem Bank, Northpointe Bank in addition to Chase One West Bank, Merchants Bank, etc, then all of sudden I am not who I am supposed to be. Nevertheless, I do not regret not being able to open up an account with your terrible and poor customer service for even a rate as high as 5%.
RJM
RJM   |     |   Comment #22
I had a really hard time opening my Northern Account. Between missing an identity question twice and timing out 2-3 times, I almost gave up. When I called, they said I could just keep trying and I did and finally got it open. 95-99% of identity questions are easy but Northern must have been a perfect storm of me missing twice in a row or something.
FrankSavage
FrankSavage   |     |   Comment #24
To clarify, are you referring to Northfield Bank, the subject of this thread, or Northern Bank, not the subject of this thread?
RJM
RJM   |     |   Comment #26
Northern Bank, not the subject of this thread.
Robb
Robb   |     |   Comment #25
I had a similar problem years back at Synchrony but after asking to speak to a manager I was able to get it resolved a day or three later. These things happen from time to time given various security prompts you have to jump through for the banks.
Mr DC
Mr DC   |     |   Comment #29
I also just tried to open an account...same thing. Automatically goes to a page saying it cant identify me. I have like 3 credit cards and 6 accounts at different banks. Nonsense. I called in and Christina said yeah where are you from? California? then something about "experian" yeah you cant open an account sorry. I laughed and hung up. Useless waste of time.
Baffled
Baffled   |     |   Comment #27
There’s something extremely fishy here. I just tried to open this account and could not complete my application. I received an email from them saying I do not have enough credit history for the system to generate authentication questions, so I can’t open an account with them. I have answered authentication questions many times before when opening other accounts, I have over 20 years of credit history, and a score above 800. Good luck with this one.
JK from Chicago
JK from Chicago   |     |   Comment #28
Beware of this extraordinarily aggravating account. In addition to the CSR concerns others have shared, I find today that, once the full initial deposit has been withdrawn, the accountholder HAS to call the bank's CSR to get the funds unfrozen and to enroll in online banking--and I called because the online application process gives you the account number with all but the last 4 X'ed out, but this number is required to sign up online for online access. Requiring yet another phone call to a CSR who is likely not to be available to unfreeze funds and gain online access for an entirely (mandatorily) online is account is lunacy ... and it makes me really worry about this bank. Caveat depositor.
atikovi
atikovi   |     |   Comment #31
Northfield Bank should be investigated by state and federal banking authorities. They advertise a 2.25% savings account but their online application denies most everyone that fills out an application. I have an over 30 year credit history with an over 800 credit score and have opened half a dozen accounts at online banks in the last 2 years, but this outfit says they can't verify my identity because Experian can't generate three verification questions. Total BS.
RJM
RJM   |     |   Comment #32
You= most everyone?
Did you see the 5% CD good thru Tuesday at Kessler?

I answered 4 ID questions today and opened the account.
atikovi
atikovi   |     |   Comment #34
My comment was about Northfield Bank not Kessler.
atikovi
atikovi   |     |   Comment #35
Goodbye Northfield, Hello Customers Bank. Same 2.25% rate with no $100K cap and rate guaranteed to June 2019. Just answered 4 ID questions no problem and opened the account.
RJM
RJM   |     |   Comment #36
My point was to jump on another deal not demand a federal investigation that is not going to happen.
Justice Division
Justice Division   |     |   Comment #33
Thank you for the tip.

See something, say something!
Mr. King
Mr. King   |     |   Comment #37
I had no problem with the application. Account funded in less than a week. Have not need to call them for anything so far. Online access was easy to set up. Every day it updates how much interest you’ve earned. $6 on the very first day, sweet!!!
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