Northfield Bank VS Connexus Credit Union

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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Pros:

  • Online accounts have competitive rates
  • Variety of personal deposit accounts
  • Online and mobile banking
  • Business accounts available

Cons:

  • Cannot open all accounts online
  • Tiered interest rates
  • Accounts have monthly fees
  • High required amounts for online
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.5 Star Icon
  • Bank Fees: 5.0 Star Icon
0.25%APY
Savings/MMA
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Pros:

  • Competitive interest rates
  • No monthly maintenance fees
  • Free ATMs and fee reimbursements
  • Variety of accounts available

Cons:

  • Must become a member of credit union
  • CDs have high opening required amounts
  • Tiered interest rates for money market
  • Requirements for checking interest rates
Northfield Bank Review

The Northfield Bank online accounts offer competitive interest rates. The rates for the online accounts are competitive with other online accounts. The online account rates are higher than other Northfield Bank account rates.

There are a variety of personal accounts offered by Northfield Bank. They offer an interest-earning checking account, one for students, and traditional checking accounts. They offer a savings account for children, CDs, and money market accounts.

Northfield offers online and mobile banking for their accounts. These services are not just for the online accounts. All Northfield Bank accounts have the option of online and mobile banking. You can see account balances, transfer money, and deposit checks. You can pay bills and pay others with PopMoney.

Along with personal deposit accounts, Northfield offers business accounts. Those accounts include a checking and money market account for businesses. Northfield also offers credit cards, lending, and cash management services for businesses. All business accounts must be opened in a branch location.

Not all Northfield Bank accounts can open online. Most Northfield accounts require you to visit a branch location to open. Their branches are in the New York and New Jersey area. The accounts you open online include one savings account and CDs. The CD terms include a nine-month, 11-month, 16-month, and 60-month.

The interest rates for Northfield accounts opened in a branch location are tiered. To earn the most competitive rates on those accounts requires large account balances. The money market account requires $15,000. The high yield money market and premier savings account requires $100,000.

Most Northfield accounts have monthly fees. The fees for accounts opened in the branches range from $3 to $25. To waive the fees requires a set account balance. Those balance range from $500 to $100,000. The online savings account has a monthly fee of $8 if your balance falls below $2,500.

The online accounts with Northfield have high opening required amounts. The online CDs require $2,500 to open. The savings account only requires $0.01 to open, but there is an $8 monthly fee if your balance falls below $2,500. Any amount over $0.01 earns interest. You must also link the Northfield account to another bank account. You fund your Northfield online account through the linked account.

Read the full Northfield Bank review.

Connexus Credit Union Review

The interest rates for most Connexus accounts are competitive. The CDs and checking accounts offer rates competitive with other online accounts. The HSA and money market account also offer competitive rates. These rates are higher than typical brick-and-mortar bank rates. The Connexus regular saving account does not offer rates competitive with other online accounts.

The personal deposit accounts with Connexus do not have monthly maintenance fees. There are no required amounts to keep in accounts to avoid fees. The checking, money market, and savings accounts are completely free. The HSA account has a fee and the business checking account does as well, if your balance falls below $200.

The Connexus Xtraordinary checking account offers ATM fee reimbursements. ATM transactions are free at any Connexus, CO-OP, and MoneyPass ATMs. The Xtraordinary checking allows up to $25 in ATM fee refunds. You must meet the account requirements to earn the ATM refund.

Connexus Credit Union offers a good variety of personal deposit accounts. They offer:

  • Xtraordinary checking account
  • Teen checking account
  • Money market account
  • Savings account
  • CD terms of 12, 24, 36, 48, and 60-months
  • Holiday savings account
  • Health savings accounts

To open Connexus accounts, you must first become a member of the credit union. Employees of certain businesses or residents of certain cities qualify to become members. Relatives of members also qualify. You can become a member with a one-time $5 donation to the Connexus Association. Just because you apply does not mean you qualify to become a member. It can take up to three business days to hear if you receive approval.

The CDs through Connexus Credit Union all have high opening balances. Each of the CD terms requires $5,000 to open. Their CDs include 12, 24, 36, 42, or 60-month terms. The interest rates are competitive for each term length.

The Connexus money market account has tiered interest rates. To earn the most competitive rates requires an account balance of $100,000. Balances below $100,000 still earn interest, just not the most competitive rate.

The Connexus checking accounts have requirements you must meet to earn competitive rates. Those include eStatements, one direct deposit, and one online bill payment each month. You must also make a set amount of debit card transactions each month. If you meet these requirements, you earn the competitive rates. If you do not meet them, you are not charged a fee, but you do not earn the best rates.

Read the full Connexus Credit Union review.

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