Posted by William Charles on August 23, 2018
Savings Accounts

Published on August 23rd, 2018 | by William Charles

78

Northfield Bank Platinum Savings Online Account – 2.25% APY On Balances Up To $100,000 – Available Nationwide

Update (8/23/18): They are accepting applications again.

Offer at a glance

  • Interest Rate: 2.25% APY
  • Minimum Balance: $2,500 to avoid monthly fees, no minimum for 2.25% APY
  • Maximum Balance: $100,000, balances over this will earn 0.9% on the entire balance
  • Availability: Nationwide
  • Hard/soft pull: Hard pull
  • ChexSystems: Unknown
  • Credit card funding: ACH funding only
  • Monthly fees: $8, avoidable
  • Insured: 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.

 



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Frank
Frank

Happy to see a strong positive trend. Finally my emergency savings can make money rather than just sitting there

Wilson
Wilson

Wouldn’t be too happy since it’s still losing value due to inflation; money being allowed to sit there would be pretty nice instead of the government stealing it

JoeHx

for those that are curious, $8/month is equivalent to 3.84% on $2,500, so it’s definitely not worth it unless you put enough to waive the fee.

M
M

Many other fees listed here: https://www.enorthfield.com/media/1560/northfield_feeschedule_0718.pdf
Most can be avoided, but they’ll sting if not careful. They even have a fee for refunding “unauthorized ACH debits”.

Rick
Rick

im sure the vast majority of people would put $2,500 in to avoid the fee and get a 2.25% rate…not sure why someone owuld bother doing this account if they’re not going to make sure they avoid the fee

Johnny
Johnny

Anyone know if they have ACH transfer amount limits? I plan to make a big purchase next spring and would like to pull about 90k out at once.

ana
ana

Just applied and spoke to a live person, but was turned down for the account. Why do they turn people down for a savings account?

Vy
Vy

Why did you have to speak to a live person? The 2.25% APY is only for Plat Savings accounts opened *online*.

Jason
Jason

Probably due to Chex inquiries and/or credit report. Can you confirm if it’s a hard pull at EX?

stingerzing
stingerzing

FYI this is a HARD pull on your credit report

Jethro Tuller
Jethro Tuller

Good to know

David
David

Can any one confirm this? If it is a hard pull, definitely not worth it

DK
DK

Anyone try funding with a card yet?

stingerzing
stingerzing

No option. Only ACH funding available online.

Emporio
Emporio

I have written confirmation from a Northfield Bank VP that they perform both a “hard pull” of consumer credit (they didn’t specify which credit bureau) and a ChexSystems inquiry when applying for this savings account. The hard pull makes this deal less compelling.

HarryTheFirstHarry
HarryTheFirstHarry

@Doc: I know this is boilerplated : “there are rewards checking accounts that offer up to 5% APY though.” and that line appears in several of recent posts and I have followed link multiple times only to see that was old:
The Insight era is over and no one is allowed anymore to get the 5% accounts. The best rewards checking appears to be in the 3.5% rage (4.5% CCU – just reading the “Our Verdict” on that puts it out of most peoples range). So just suggesting an update to the boilerplate.

Mr. PTM

NetSpend, Blue FCU, and others still offer 5%, but typically capped after $1k per account.

Curmudgeon
Curmudgeon

This part “Balances over $100,000 will earn 0.9% APY on the entire balance.” can’t possibly be correct.

So you’ll get $2250/year interest on 100k, but add a nickel to your balance and you’ll get just $900 for the year? Seems like this should be 0.9% on the balance above $100k, but if what you wrote is accurate, it’s a pretty bad deal.

Ann
Ann

Of course it can be correct. Banks do that kind of thing pretty often on high-interest accounts, for whatever reasons. Blue FCU’s 4.99% account has a $1000 hard cap before you lose interest for the month, based on if you go over $1000 at any point during a statement period month. It’s unclear if Northfield does it like that or the nicer way (the nicer way is adjusting the rate on a daily basis, so you’d only lose 1 day if you go over on 1 day).

Judy Jones
Judy Jones

I am reading that this Blue FCU is paying 4% on checking up to $15K, but unsure if you have to work up to being a higher tier based on time to get to the 4%? Looks like Bill Pay can replace the DD, but still have those pesky 10 Debit transactions per month. My van is getting used to gas $1-$2 at a time….

JASON
JASON

I personally value HP worth $200 – $500 in CC sign up bonus. I am fine with Alliant 1.70% so I’ll pass.

Jason
Jason

fuking trash bank round my credit in my experian report without notice. screw them

Robert Hunter
Robert Hunter

Going to Northfield bank site, they have posted a 1.985 % rate for there Platinum savings account (not 2.25% as presented)

Chuck

Scroll down to Platinum Savings – Online.

stingerzing
stingerzing

Has anyone gotten their account/routing number yet? I had the ACH funding complete but have no visibility yet.

Jason
Jason

I got their account number thru the phone rep. You have to call them to get it… Also this bank online department close their service at 4:30 in NJ time zone.. I try to call them 2 o clock but they already off

stingerzing
stingerzing

Thank you!

Rick
Rick

Hard pull makes this savings account 100% worthless.

Ben
Ben

I’m new to this. Why does a hard pull make this worthless?

calwatch
calwatch

The hard pull will lower your credit score and increase risk of denial for churners who like to open lots of cards. For average people who stay under 5/24 and aren’t looking to refinance in the next year it’s irrelevant.

Rick
Rick

Your financial situation could potentially change at any moment so even for average people it’s not completely irrelevant.

Plus the maximum upside to getting hit with a HP (AND Chex) is a paltry $200 (0.2% on $100k since there are confirmed 2.05% options with SP). And if Customers Bank that’s also offering 2.25% doesn’t HP for opening accounts, there’s just 0 reason to go with this bank. Especially when the competition doesn’t set a cap.

calwatch
calwatch

Right, but one hard pull or even three or four a year, given an otherwise stellar credit history (no late payments, normal utilization) is still going to keep you in the 800s. I had two hard pulls which I didn’t want – one from a cash purchase of a car at a dealer and the other for a bank account opening, along with three others which were intentional – and was still able to apply and get the two credit cards I wanted this cycle. My credit score has tanked recently but I am taking advantage of some low balance transfer offers to pay down higher interest debt. But even with three cards at 90%+ utilization it is still around 770 and I should be able to get more cards if I desire.

Rick
Rick

The point being, there’s no need to take an unnecessary HP when there are plenty of other options. Arguably better options as well.

stingerzing
stingerzing

Yea wish I had known before applying…
Hopefully their rates will stay competitive as everything goes up. Oh how I miss Insight.

jon
jon

rate looks like %2.00 right now

Chuck

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