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.”
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.
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.
|2.00*%||-||$100k||Northfield Bank||Platinum Savings|
|OTHER TIERS: 0.90% → $100k+|
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.
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.
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.