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Northfield Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Northfield Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Northfield Bank started in 1887 and its headquarters are located in Staten Island, New York. Northfield Bank handles $4 billion in assets as well as $3 billion in deposits, making it a large bank. Northfield Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, Northfield Bank is a good bank that gets the job done, with a score of 4.0 out of 5 stars from our team. Northfield Bank offers a variety of product offerings, including savings accounts, checking accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product carries a monthly fee of $3.00, which is not too high as compared against the national average. Locating a checking account with no monthly fee and a savings account with a high interest rate at the same institution is the best bet for accruing the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.5
SmartAsset Average: 3.5

Northfield Bank has a savings rate of 0.10%, which is poor compared to the average U.S. bank. Its one-year CD has a rate of 1.25% and the five-year CD earns at a rate of 3.00%, while its highest-yielding money market account has an APY of 0.25%. Given its below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Northfield Bank's Savings Rates Compare

Northfield Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.8
SmartAsset Average: 4.4

Northfield Bank generally has above-average fees in comparison to the average U.S. bank. At $3.00/month, Northfield Bank is not the best option for people who want a simple banking experience. Northfield Bank doesn't refund out-of-network ATM fees, which means you'll have to search for a Northfield Bank ATM or pay the cost of withdrawal.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Northfield Bank is a brick-and-mortar bank, with 38 total branches in New Jersey and New York. It also offers access to mobile and web apps for an easy mobile-banking experience. Northfield Bank's online and mobile banking platforms receive mediocre scores from users. With 49 ratings on iOS and Android platforms, the Northfield Bank mobile app is scored at 3.4 out of 5 (compared to the national average of 3.8). You can utilize Northfield Bank's app to control your funds by monitoring account balances, transferring money and accessing customer service. Northfield Bank gets an excellent consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Northfield Bank is a large bank and owns $4 billion in assets and deposits totaling $3 billion. Northfield Bank's Texas Ratio is 1.81%, suggesting a minute likelihood of failure. Additionally, Northfield Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Northfield Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $300
Checking Account 0.5% APY $1500
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 1.35% APY
  • 36 Month: 1.40% APY
  • 48 Month: 1.50% APY
  • 60 Month: 3.00% APY
$2500 for all terms
Money Market Accounts 0.15% APY 0.25% APY $10000 $15000

Northfield Bank has several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. Northfield Bank does not have the best savings rate, which means you should consider looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Northfield Bank's CD rates are fair as compared against the national average.

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Find a Northfield Bank Near Me

Northfield Bank has 38 physical locations in the U.S.

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