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 the 14-month CD is six months interest or all interest earned, whichever is less.
Headquartered on Staten Island, Northfield Bank’s in-branch market area is “officially” northern New Jersey, Staten Island, and Brooklyn, but CSR stated that individuals who live in the greater NYC metropolitan area, who can come into a branch location, are welcome to open an account.
The 14-month CD must be opened at any of 39 full-service branches located in northern New Jersey (18), Brooklyn (9), and Staten Island (12).
Note: I asked CSR if there were any plans to offer more of the product line online. While not having any official information, CSR did say that with more people becoming interested in online banking, the Bank wants to be positioned to meet their needs.
Northfield Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.95% (excellent) based on March 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $122.2 million, an excellent annual growth rate of 5.02%. 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 all, the Bank has acquired or merged with 12 Staten Island and New Jersey financial institutions to become New York’s 25the largest bank, with assets in excess of $3.8 billion.
How the CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the market area, Northfield Bank’s 14-month CD APY currently shares the top spot with the 1-year CDs offered by TIAA Direct, Pacific National Bank, and EverBank.
The above rates are accurate as of 8/24/2017.