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.