Northfield Bank Unveils Nationally Available 11-Month CD
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According to CSR, the Early Withdrawal Penalty for the 11-month Online CD is 90 days of interest on the amount withdrawn or all interest earned, whichever is less (the principal is protected).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- Interest – Compounded/credited monthly and cannot be withdrawn penalty free.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.
