Update (8/23/18): They are accepting applications again.
Offer at a glance
- Interest Rate:Â 2.25% APY
- Minimum Balance:Â $2,500 to avoid monthly fees, no minimum for 2.25% APY
- Maximum Balance:Â $100,000, balances over this will earn 0.9% on the entire balance
- Availability:Â Nationwide
- Hard/soft pull:Â Hard pull
- ChexSystems: Unknown
- Credit card funding:Â ACH funding only
- Monthly fees:Â $8, avoidable
- Insured:Â FDIC
The Offer
Direct link to offer (scroll down to PLATINUM SAVINGS – ONLINE)
- Northfield Bank is offering a rate of 2.25% APY on the Platinum Savings Online Account on balances up to $100,000. Balances over $100,000 will earn 0.9% APY on the entire balance.
The Fine Print
- New money is required to open a Platinum Savings.
- New money is defined as funds not currently on deposit at Northfield Bank.
- Offer only available online.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees $8
This account has a $8 monthly fee. This is waived with a balance of $2,500+
Our Verdict
Previously this was only available in NJ/NY, but it’s now available nationwide. This is the highest high yield savings account currently available, next best rate is 2.05% APY. There are rewards checking accounts that offer up to 5% APY though. How useful this account will be will depend on how much you like to keep in cash and if you want to bother with a rewards checking account or not. If you had the full $100,000 in the account you’d earn an extra $200 annually compared to a 2.05% APY account. A lot of readers would be better off focusing on savings account bonuses instead but this is definitely a long term option worth considering if rates stay stable. Unfortunately it’s a hard pull, so that makes this deal considerably worse.
