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.
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.
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.
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.