New York-based Northfield Bank is currently offering three Online CDs (9-month, 1.40% APY; 16-month, 2.10% APY; and 60-month, 2.50% APY). Of the three, the 16-month is the most competitive. The minimum opening deposit is $2.5k for any of the Online CDs, with no stated balance cap.
According to CSR, the Early Withdrawal Penalty for the 16-month CD is six months interest or all interest earned, whichever is less.
Checking Bonus at New Great Kills Branch
Northfield Bank has recently opened a new branch location in the Evergreen Plaza on Staten Island. In celebration of this new office, Northfield Bank is offering a $250 bonus when opening a new MyChecking, MyChecking 60+, or MyChecking Student Account, and meeting the following requirements within 90 days of account opening.
- Maintain a $500 average monthly balance
- Have a monthly recurring direct deposit of at least $500
- Perform 10 POS debit card transactions monthly
Headquartered on Staten Island, Northfield Bank’s online market area includes all of New Jersey and New York. The Bank's in-branch market area includes northern New Jersey, Staten Island, and Brooklyn.
As the name suggest, the Online CDs must be opened online. The Bank currently limits the number of products available online. CSR hinted that more products may be added to the online application in the future.
Northfield Bank also has 39 full-service branches located in northern New Jersey (18), Brooklyn (9), and Staten Island (12).
According to the online application,
You will need the account and routing number of the bank from which you are transferring
the funds along with a driver's license and social security number for each accountholder.
Northfield Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.81% (excellent) based on September 30, 2017 data. In the past year, Northfield Bank has increased its total non-brokered deposits by $82.55 million, an excellent annual growth rate of 3.23%. 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 25the largest bank, with assets in excess of $4 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 16-month CD APY currently ranks fourth.
The above rates are accurate as of 2/15/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.