Northfield Bank (NJ/NY) Adds 11-Month Online CD

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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 fine print on Northfield Bank’s home page, the “maximum account balance for the 11 Month CD is $250,000.”

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25%$2.5k$250kNorthfield Bank11 Month Online CD - New Money
Rates as of July 17, 2018.

According to CSR, the Early Withdrawal Penalty for the 11-month Online CD is three months of interest or all interest earned, whichever is less.

Maturing Online CDs

According to CSR, the grace period for the Online CDs is 7 days. If you wish to close a maturing CD,

Please mail a letter with instructions to close the account to Northfield Bank, Attn. Branch Operations, 581 Main Street, Suite 810, Woodbridge, NJ 07095. A check for the balance of the account will be mailed to the address on file for the account.

Platinum Savings

In a March Forum post, DA reader, Carpline, noted that Northfield Bank had a new addition to its online application: the Platinum Savings, which earns 1.80% APY on balances up to $99,999.99. Balances of $100k and above earn 0.90% APY on the ENTIRE balance.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00*%-$100kNorthfield BankPlatinum Savings
OTHER TIERS: 0.90% $100k+
Rates as of July 17, 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 Carpline for his Forum post about the Platinum Savings account.

Availability

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. At this time, only certain products (CDs and Platinum Savings) are available online. CSR suggested that more products might be added to the online application in the future.

Northfield Bank also 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 1.81% (excellent) based on December 31, 2017 data. In the past year, Northfield Bank has increased its total non-brokered deposits by $85.11 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 25th largest bank, with assets of nearly $4 billion.

How the Online 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 11-month Online CD APY currently ranks second.

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

How the Platinum Savings Compares

When compared to the Saving Accounts tracked by DepositAccounts.com that are available within the market area, Northfield Bank’s Platinum Savings APY currently ranks third, but its intrinsic value is tempered 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 5/4/2018.

Related Pages: New York savings accounts, Philadelphia savings accounts, Syracuse savings accounts, savings accounts, 1-year CD rates

Comments
Northfield Bank (NJ/NY) Offers New Online CDs
Deal Summary: 16-month CD, 2.10% APY, $2.5k minimum, must be opened online.

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

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...

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Northfield Bank (NJ/NY) Adds In-Branch 14-Month CD
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.

According to CSR, the Early Withdrawal Penalty for the 13-month...

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$150 Checking Account Bonus at Northfield Bank in NY & NJ - Local Only

Northfield Bank is offering a $150 bonus on its Really Free Checking Plus Account. To qualify for the reward, you must open a new Really Free Checking Plus Account. Also, within 90 calendar days of account opening, you must satisfy the following requirements:

  • initiate and receive a recurring direct deposit of at least $400 into your account
  • perform 5 signature based (when "credit" is chosen at checkout) debit card transactions. PIN or ATM transactions do not qualify
  • pay 3 bills online using Northfield's Free Online Banking and Bill Payment system
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Special 15-Month CD at Northfield Bank in NY & NJ - Local Only

Northfield Bank is offering a special 1.75% APY 15-month CD. Minimum deposit is $2,500. The bank continues to offer a competitive 5-year CD with a 3.25% APY which I reported on in April. These rates are listed in the bank's rates page as of 5/28/2010.

It appears that a branch visit is required to open an account. Branches are located in Staten Island and Brooklyn, New York and in New Jersey.

Northfield Bank's ratings for safety and soundness are above average: 5 stars (superior) at BauerFinancial, 3 stars (performing) at Bankrate.com and...



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