Northfield Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Northfield Bank checking account options

MyChecking

You get ATM refunds, but you’ll need to keep a chunk of your cash in the account for that privilege.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $1 for out-of-network ATMs
  • ATM fee refund: Up to $6 per month (rules apply)
  • Overdraft fee: $34

The MyChecking account is great for those who want a low-cost account and may not have much cash to make an opening deposit, since it only takes a single $1 bill to get started. This account doesn’t pay you any interest.

MyChecking features include online banking and mobile check deposit, and the mobile banking app has a platform called Popmoney®, where you can send money to someone using their phone number or email address.

There is a monthly maintenance fee, but you can waive it either by making 10 debit card purchases, keeping a $500 average monthly balance, or making a $500 minimum direct deposit every month. You do get up to $6 in ATM refunds, but you need to keep an average monthly balance of $2,500 to qualify.

On your 60th birthday, this account will be converted to a MyChecking 60+ account.

How to get the MyChecking account

You can open an account by heading to your local branch or by calling customer service at 1-833-301-6325.

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on Northfield Bank’s secure website

MyChecking Student

The ATM refunds are a pretty nice touch.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: none
  • ATM fee: $1 for out of network ATM
  • ATM fee refund: up to $6 per month
  • Overdraft fee: $34

The MyChecking Student account is available to those 23 and younger who want an account with no monthly maintenance fees. You’re not earning any interest, but it has the same $1 opening deposit as the non-student version and offers ATM refunds up to $6 each month.

Once you turn 24, your account will be automatically converted to a regular MyChecking account. If the primary account holder is under the age of 16, there needs to be an adult joint account holder.

How to get the MyChecking Student account

You can open an account by visiting your local branch or phoning customer service at 1-833-301-6325.

SEE DETAILS Secured

on Northfield Bank’s secure website

MyChecking 60+

A no-fee checking account for those 60 years old and up, but you don’t get any ATM refunds.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: none
  • ATM fee: $1
  • ATM fee refund: none
  • Overdraft fee: $34

It’s great that this checking account doesn’t have any monthly maintenance fees or minimum balances — however, you’re not earning interest or getting ATM refunds like the regular MyChecking account.

In short, this is a basic checking account that comes with a free debit card, online and mobile banking, and mobile check deposit.

How to get the MyChecking60+ account

As with the other MyChecking offerings, you can open an account by calling customer service at 1-833-301-6325 or by heading to your local branch.

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on Northfield Bank’s secure website

Interest Checking

This account leaves much to be desired.
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $1 for out-of-network ATMs
  • ATM fee refund: none
  • Overdraft fee: $34

This is Northfield Bank’s only interest bearing checking account, and based on our contact with the bank, it’s a tad disappointing. For one, you’re not earning much, and you need to keep a sizeable amount of money — a $1,000 minimum average balance, to be precise — in order to avoid the monthly maintenance fee. In addition, this account does not offer ATM refunds that come with the MyChecking accounts.

The rate isn’t publicly shown, so you’ll need to call the bank to get their most current rates.

How to get the Interest Checking account

Here too, you can choose between your local branch or calling customer service at 1-833-301-6325 to open an account.

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on Northfield Bank’s secure website

Consumer checking

This one’s similar to MyChecking, but with no minimum balance and fewer perks.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $3
  • ATM fee: $1 for out-of-network ATMs
  • ATM fee refund: none
  • Overdraft fee: $34

This account is meant for those who might not be able to keep the minimum balance for the other checking accounts and want a lower monthly maintenance fee — otherwise, there’s really nothing special about this account. And while there’s still a $1 minimum opening deposit and no minimum balances to worry about, you don’t get ATM refunds or the option to waive the monthly maintenance fee. This account doesn’t pay you any interest.

What’s more, you don’t get unlimited check-writing capabilities — you’re only allowed 8 checks per month, after which it’s 50 cents a pop.

How to get the Consumer Checking account

As with the other checking options, you can go to your local branch in person or call customer service at 1-833-301-6325 to open your account.

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on Northfield Bank’s secure website

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How Northfield Bank’s checking accounts compare

Yes, you do get ATM refunds with some of the checking accounts and lower out-of-network fees compared to competitors, but there is little to no yield here. As a result, you might want to take a look at our list of the best online checking accounts, as some offer much higher APYs, and many don’t charge ATM fees either.

Northfield Bank savings account options

Statement savings

Just your run-of-the-mill savings account.
APYMinimum Balance to Earn APY
0.05% $0.10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $3 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This savings account helps you earn some interest, even with a low account balance. The only way to access your funds is through bank transfers, either online or via mobile banking. To waive the monthly maintenance fee, you’ll need to keep a minimum average balance of $300.

As with all savings accounts, federal regulations limit you to six certain withdrawals a month. Northfield Bank will waive the charges for the first two times you go over the withdrawal limit, but on the third occasion you will be sent a notice that your savings account is being converted into a checking account.

How to get the statement savings account

You’ll need to open an account in person at a Northfield branch or by calling customer service at 1-833-301-6325.

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on Northfield Bank’s secure website

Member FDIC

Platinum Savings

The APY is one of the best we’ve seen.
APYMinimum Balance to Earn APY
0.45%$0.01
0.45%$20,000
0.45%$50,000
0.45%$100,000
  • Minimum opening deposit: $0.01
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Platinum Savings account offers a really stellar rate, great for those looking for a place to park some of their cash for short-term savings goals.

You don’t get ATM access — you can only move your money via bank transfers — but that could be a good thing if you don’t want to access your cash too often.

Know, however, that the rate you see above is only if you open the account online. If you do it in person, the rate drops down to 2.00% APY. Also, in order to open this account you’ll need to do it using “new money” — that is, money not currently on deposit with Northfield Bank.

You are allowed up to six certain withdrawals per month as mandated by Regulation D. If you make more than the allotted amount, Northfield Bank doesn’t charge you an excess activity fee, but it will convert you account to checking if you make more than two excessive withdrawals.

As for the $8 monthly maintenance fee, you can get it waived by maintaining $2,500 minimum balance.

How to get the Platinum Savings account

You can open the Platinum Savings account online in as little as 10 minutes. First, head to Northfield Bank’s website and fill out an online form. You’ll need to provide the usual details such as your name, address and driver’s license information.

SEE DETAILS Secured

on Northfield Bank’s secure website

Member FDIC

Premier Savings

You’ll need a mighty high opening deposit, but get a tiny APY in return.
APYMinimum Balance to Earn APY
0.05%$300
0.05%$15,000
0.05%$35,000
0.50%$100,000
0.25%$999,999.99
  • Minimum opening deposit: $35,000
  • Minimum balance to earn APY: $300
  • Monthly account maintenance fee: $20 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

You’d expect that an account that requires a high minimum deposit would mean you’d get a higher APY, but this isn’t the case.

First, you’ll only get the highest advertised APY when you reach a $100,000 minimum account balance. Furthermore, this account seems geared toward those who have a lot of cash sitting around, since you can only open the account with new money (meaning money not already on deposit with Northfield Bank).

The monthly maintenance fee seems pretty steep, but you only need to maintain a $15,000 minimum balance to waive it.

Like the other savings accounts, you don’t get ATM access — you can only access cash using online or mobile transfers — and you’re allowed up to six certain withdrawals a month as mandated by Regulation D. As with other Northfield savings products, multiple excessive withdrawals could cause this account to convert into a checking account.

How to get the Premier Savings account

Head to the nearest branch to open a Premier Savings account. You can also call customer service at 1-833-301-6325.

SEE DETAILS Secured

on Northfield Bank’s secure website

Member FDIC

Children’s Savings

Here’s a simple savings account for minors.
  • Minimum opening deposit: $0.01
  • Minimum balance to earn APY: none
  • Monthly account maintenance fee: none
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This children’s savings account doesn’t earn any interest, but there are no fees or minimum balance amounts either. You get limited ATM access, but an adult needs to be joint owner of the account.

As with all savings accounts, you’re allowed up to six certain withdrawals a month per Federal Regulation D. If you make more than that, your account might be closed after several excessive withdrawals.

How to get the Children’s Savings account

An adult needs to accompany the child in person to open an account at a Northfield branch.

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on Northfield Bank’s secure website

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How Northfield Bank’s savings accounts compare

There’s a good reason Northfield Bank is on our list of the best online savings accounts — their Platinum Savings APY is one of the highest we’ve seen. The Platinum Savings account can be opened online, making it convenient for anyone in the U.S. That, plus the low minimum opening deposit, makes this a great account.

Northfield Bank CD rates

Certificates of Deposit

There are some pretty decent rates here.
TermAPY
6 months0.15%
9 months0.75%
11 months1.00%
12 months0.25%
14 months1.00%
16 months0.75%
18 months0.75%
24 months0.25%
30 months1.15%
48 months0.25%
60 months1.15%
  • Minimum opening deposit: $2,500
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: 9 months interest

This is a fixed-rate CD that offers a wide range of terms. Northfield Bank appears to be trying to get more of their products online, as you can open some of these CDs straight from their website — specifically the nine-, 11-, 16- and 60-month terms.

Note also that the 11- and 16-month CDs can only be opened with new money, and not with funds already banked in another Northfield Bank account.

Interest you earn for this CD is compounded daily and paid out monthly. You can choose to keep interest earned in the CD or to transfer it to another account. When the CD matures you have a seven-day grace period during which you can make changes, such as additional deposits, withdrawals or a renewal for another term. Otherwise, it will be automatically renewed.

How to get Northfield Bank’s CDs

You can open a nine-, 11-, 16- or 60-month CD by filling out an online form. You’ll need to provide personal details, such as your address and Social Security number. For all other CD terms, you’ll need to head to your local branch.

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on Northfield Bank’s secure website

Member FDIC

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How Northfield Bank’s CD rates compare

Northfield Bank’s CD rates fall slightly short of its competitors, but not by that much. The fact that you can open certain CD accounts online and the relatively low opening minimum deposit do make this option pretty attractive.

If you want to explore other choices, check out our list of the best CD rates.

Northfield Bank money market account options

Money Market

This seems like a pretty high minimum balance to earn such a small rate.
APYMinimum Balance to Earn APY
0.05%$2,500
0.10%$10,000
0.15%$15,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $2,500+
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This money market account offers a slightly higher rate than Northfield Bank’s savings accounts, but it does require a pretty steep minimum balance, as well as a large minimum opening deposit.

Aside from online banking privileges, you do get limited check writing capabilities.

You can waive the monthly maintenance fee if you maintain an daily minimum balance of $500. Also, you’re allowed up to six certain withdrawals a month as per Federal Regulation D, and your account could be closed if you make more than two excessive withdrawals.

How to get the Money Market account

As with many Northfield Bank accounts, you can open your Money Market account in person or call customer service at 1-833-301-6325.

SEE DETAILS Secured

on Northfield Bank’s secure website

Member FDIC

High-Yield Money market

This account also requires a high minimum balance for a very low APY.
APYMinimum Balance to Earn APY
0.35%$100,000
0.35%$350,000
0.35%$500,000
  • Minimum opening deposit: $100,000
  • Minimum balance to earn APY: $100,000+
  • Monthly account maintenance fee: $25 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Considering the extremely high minimum opening deposit and account balance to earn the advertised APY, we question whether this account is really worth it. If you have anything less than $100,000, then you’re looking at paying a $25 monthly maintenance fee, but all you’re really getting is a place to park your cash, online banking access and limited check-writing capabilities. And because this is considered a savings account, you’re allowed up to six certain withdrawals a month, mandated through Reg. D.

How to get the High-Yield Money Market account

Here too, you’ll need to open an account in person or by calling customer service at 1-833-301-6325.

SEE DETAILS Secured

on Northfield Bank’s secure website

Member FDIC

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How Northfield Bank’s money market accounts compare

With high opening deposit and balance minimums, neither of these money market accounts seem worth the trouble. You’re not getting good rates, and other online rivals advertise much higher ones. Your best bet is to do some comparison shopping, with our list of the best money market rates and accounts as a good place to start.

Northfield Bank IRA account options

IRA CD rates

Not a bad choice, so long as you’re looking for a conservative retirement account.
TermAPY
9 months0.25%
11 months0.25%
16 months0.25%
60 months0.25%
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: 9 months interest

These fixed-rate IRA CDs are best for those looking for a short-term investment vehicle that offers a guaranteed rate of return. It features low opening deposit and balance minimums to earn the advertised APY.

Just like the regular CDs, interest is compounded daily and credited to your account every month. If you do make an early withdrawal before 59.5 years old, note that you’ll be paying IRS penalties on top of the ones Northfield Bank charges.

Once your account matures, you have a seven-day grace period where you can make withdrawals, additional deposits or renew for another term. If nothing is done, your account will be renewed automatically.

How to get Northfield Bank’s IRA CDs

You’ll need to open an IRA CD in person, as no online option is currently available.

SEE DETAILS Secured

on Northfield Bank’s secure website

Member FDIC

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How Northfield Bank’s IRA CD rates compare

These rates fall slightly short of the ones on our list of the best IRA CD rates. The advantage to the Northfield Bank IRA CD account is its lower minimum opening deposit. However, if you have a relatively large amount of money to open an account, you may be better off looking elsewhere.

How do Northfield Bank products stack up against the rest?

Some of Northfield Bank’s products are comparable to the best offerings we’ve researched. For one, the Platinum Savings account offers a pretty high rate, especially if you open it online. Their regular CDs are also a solid choice, as they offers some pretty decent rates, though mainly for the ones you open online.

However, the rest of their products fall short. So if you’re seeking a great savings or CD account, definitely give Northfield a look, but for anything else, other banks and credit unions might be a better choice.

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