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Northfield Bank Review

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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 with headquarters in Staten Island, New York. Northfield Bank handles assets of $4 billion and deposits totaling $3 billion, which makes it a large bank. Northfield Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset has rated the bank 4 stars out of 5, suggesting Northfield Bank is a good bank that warrants your consideration. Northfield Bank has a selection of banking products, 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 features a monthly fee of $3.00, which is not too high compared to the national average. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same bank is your best bet for gaining the most income on your deposits while having easy access to your funds.

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

With a savings rate of 0.10%, Northfield Bank ranks poorly compared to other U.S. banks. Its CDs feature a rate of 1.25% and 3.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.25%. Given its poor savings rate, you should consider taking a look at other banks for savings accounts.

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 charges customers above-average fees compared to other U.S. banks. At $3.00/month, Northfield Bank is not the best product for people who want a basic checking account. Northfield Bank unfortunately does not refund out-of-network ATM fees, meaning you will be required to search for a Northfield Bank ATM or pay the withdrawal fee.

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 easy access and banking on the go. Northfield Bank receives unsatisfactory marks from customers for its mobile platform. With 49 customer reviews across both Apple and Android platforms, the Northfield Bank mobile app rates a 3.4 out of 5 (compared to the national average of 3.8). Northfield Bank's mobile app allows you to manage your finances by looking at monthly statements, sending and receiving money and accessing support representatives. Northfield Bank gets an excellent consumer satisfaction score based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 owning $4 billion in assets as well as deposits totaling $3 billion. Its Texas Ratio is 1.81%, signifying that Northfield Bank is in outstanding financial health and far from 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 0.05% APY $500
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 Account 0.15% APY $10000

Northfield Bank offers 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 think about taking a look 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 in comparison to the average U.S. bank.

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Find a Northfield Bank Near Me

Northfield Bank has 38 branches across the U.S.

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