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Northpointe Bank: 2024 Banking Review

This hybrid regional-online bank, based in Grand Rapids, Michigan, is ideal for people who prefer the ease of online banking.

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Northpointe Bank
Overview

Northpointe Bank is a Michigan-based regional bank founded in 1999. It offers savings, checking, money market and certificate of deposit accounts with minimal fees and higher rates available to account holders with larger balances.

There’s only one branch location dedicated to banking services, located in Grand Rapids, Michigan. Northpointe has loan offices in 25 states, mainly throughout the East Coast and South as well as the Southwest. Northpointe accounts can be opened online, with the exception of its Kids Account savings account.

What we like

  • Digital banking services: Most accounts can be opened online and managed through its mobile app.
  • Minimal fees: There are no minimum balance requirements or overdraft fees.

What we don’t like

  • Early termination fee: Accounts closed within 120 days of opening are subject to a $10 early closure fee.
  • Restricted access to larger annual percentage yields: Higher APYs are limited to larger balance minimums.
  • Limited branch banking: There’s only one bank branch, located in Grand Rapids.

Who is Northpointe Bank best suited for?

Northpointe Bank has some attractive features for bankers who prefer to bank online. There are higher rates on some of its deposit accounts for people who have larger account balances. Northpointe is also best suited for people who use ATMs sparingly because there’s no internal ATM network and reimbursements are limited to $15 a month.

Parents who want to help their child create and build a savings account can use Northpointe’s Kid Account savings account, which has a low initial deposit of $10 and earns an APY of 1.50%. The Kids Account, however, must be opened in person, making this an option that’s ideal for people living in, or around, Grand Rapids. 

Northpointe Bank products

Overview

Northpointe Bank offers two types of checking accounts: Free Checking and Interest Checking. The free account doesn’t charge monthly maintenance or overdraft fees and doesn’t have a minimum balance requirement. An initial deposit of just $100 is required to open the free checking account. Although Northpointe doesn’t participate in its own ATM network, you’re reimbursed up to $15 a month in ATM surcharges from other banks.

 

The highest interest rate for the Interest Checking account, 0.30%, is reserved for balances of more than $100,000. A balance of at least $2,500 is required to open the account.

 

Free Checking

 

APY 0%
Minimum balance $100
Monthly fee $0
Overdraft fee $0
Foreign transaction fee 1%

 

Interest Checking

 

APY Up to 0.30%
Minimum balance $2,500
Monthly fee $0
Overdraft fee $0
Foreign transaction fee 1%

 

APYs are as of Dec. 18, 2022.

Pros

  • ATM reimbursements: You receive up to $15 a month in ATM surcharge fee refunds

  • No fees: There are no minimum balances required to avoid monthly maintenance fees

  • Overdraft forgiveness: You won’t be charged a fee if they overdraft their accounts

Cons

  • Restricted access to the highest APYs: The Interest Checking account has a tiered APY structure that pays the highest rate -- a small 0.30% APY -- on balances of $100,000 or more

  • Paltry yields: The APY for the Free Checking account is zero and the highest rate for the Interest Checking account is a mere 0.30% APY for account balances of $100,000 or more. Northpointe has an Ultimate Checking account for existing account holders with an APY of 1.00%, but it’s not available as a new account

  • No ATMs: The bank doesn’t participate in an ATM network

Overview

Northpointe has two types of savings accounts: Ultimate Savings and Kids Account. The rates available with the Ultimate Savings account are minimal except for balances of more than $25,000. The Kids Account pays its highest rates on balances of up to $1,000. Neither account assesses monthly fees nor requires a minimum balance to maintain.

 

Ultimate Savings

 

APY 0% to 0.35% for balances of less than $25,000; 3.25% for balances between $25,000 and $3 million
Minimum balance to open $100
Monthly maintenance fee $0

 

Kids Account

 

APY 1.50% for balances up to $1,000; lower APYs for balances of more than $1,000
Minimum balance to open $10
Monthly maintenance fee $0

 

APYs are as of Dec. 18, 2022.  

Pros

  • Small initial deposits: The initial balance required to open the accounts are reasonable.

  • No fees: There are no minimum balances required to avoid monthly maintenance fees.

  • Some competitive APYs: Competitive APYs are available for select balance levels.

Cons

  • High balances required to earn the best APY: Balances under $25,000 don’t pay very low rates

  • Access to funds is limited: An excess transaction fee of $5 an item applies after six withdrawals a month.

Overview

Northpointe offers a standard CD account with terms that you can buy in any increment from seven days to five years. The rates aren’t highly competitive and savers can find better rates from other banks and credit unions. A minimum deposit of $1,000 is required to open an account. If you withdraw funds before they mature, an early withdrawal penalty from 30 to 365 days of interest, depending on the term, will be applied, reducing gains for account holders.

 

CD Account Features

 

CD term APY
Seven to 182 days (six months) 0.35%
Six to 11 months 0.65%
12 to 17 months 1.25%
18 to 23 months 1.50%
24 to 35 months 2.00%
36 to 47 months 2.05%
48 to 59 months 2.10%
60 months 2.15%

 

APYs are as of Dec. 18, 2022.

Pros

  • Affordable initial deposit: A reasonable initial balance of $1,000 is required to open the account.

  • Many terms are available: The terms can be purchased in any increment making the number of available terms higher than most other banks.

Cons

  • Low APYs: The CDs generally earn lower APYs compared with highly competitive rates found at other banks.

  • No specialty CDs: The bank doesn’t offer any variation other than the standard CD.

Overview

Northpointe Bank’s money market account offers attractive rates for the highest balances. However, you’ll need at least $25,000 to qualify for the highest APY of 3.25%. Higher rates are available for smaller balances at other banks. Only balances of least $2,500 earn interest with this type of account. The account offers check-writing privileges.

 

MMA Account Features

 

APY 0% to 3.25%
Minimum balance $100 for its Ultimate Money Market account
Monthly maintenance fee $0
Overdraft fee $0
Excessive transaction fee $5 an item
Foreign transaction fee 1%

 

APYs are as of Dec. 18, 2022.  

Pros

  • No fees: There are no monthly maintenance or overdraft fees charged

Cons

  • Minimum balances required: Only balances of more than $2,500 earn interest.

  • Tiered APY structure: The highest APY is only paid on balances from $25,000 to $3 million.

  • Better rates available elsewhere: Overall, rates are lower than high-yielding options available at other banks.

Banking experience

Although Northpointe Bank has only one physical bank branch in Grand Rapids, account holders can manage their bank accounts either online or through the bank’s mobile app. The bank neither operates ATMs nor participates in an ATM network. It does, however, provide a $15 a month ATM surcharge fee reimbursement. 

Overdraft fees

Northpointe Bank doesn’t charge overdraft fees.

Customer service

Customer service is available during regular business hours, Monday through Friday 8 a.m. to 6 p.m. ET by calling 888-672-5626 or by sending a secure message from its website. 

Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
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