Northpointe Bank is a community bank that offers competitive CD rates and savings accounts. They offer higher interest rates than most banks, with an APY of up to 0.60%!
Northpointe Bank is a bank that offers mortgage rates up to 0.60% APY! The bank also has CD rates and savings accounts with rates as high as 2.00% APY.
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Northpointe Bank was founded in Grand Rapids, Michigan, in 1999 and is still based there today. It’s a full-service commercial bank that offers a diverse range of deposit accounts with APYs that outperform the national average by a significant margin.
Certificates of deposit, savings accounts, checking accounts, money market accounts, IRAs and HSAs, and business accounts are all examples of these types of accounts. This link will take you to their current rate sheet for all of their deposit accounts, which you may view and/or print.
This bank is particularly unusual in that it offers a 7-day CD and a savings account for children.
Northpointe Bank, as previously said, provides competitive rates on a variety of products, but their rates are still lower than some of the best returns available nationally.
Continue reading our full analysis below to discover more about this bank’s FDIC-insured product range and conditions.
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Northpointe Bank only has one kind of certificate of deposit account, with durations ranging from seven days to sixty months. This product is excellent for individuals seeking for a short-term savings option since CDs with such a low minimum duration are uncommon.
|Length of Term||Rates of Interest||APY|
|a period of seven to ninety days||0.09%||0.10%|
|The days range from 92 to 182 days.||0.09%||0.10%|
|6–11 months of age||0.14%||0.15%|
|12 to 17 months of age||0.24%||0.15%|
|ages 18 to 23 months||0.24%||0.15%|
|24–29 months of age||0.29%||0.30%|
|Approximately 30–35 months||0.29%||0.30%|
|36–47 months of age||0.39%||0.40%|
|Between the ages of 48 and 59 months||0.49%||0.50%|
According to recent FDIC statistics, the current national average for a 12-month CD is 0.14 percent APY, while the national average for a 60-month CD is 0.27 percent APY.
This account needs a $1,000 minimum deposit to establish, so it’s not as simple to get started as some of the other accounts we’ve looked at recently. To continue collecting interest, you must maintain a balance of at least $1,000 in this account, and you cannot add money after it has been established.
Interest is compounded and credited to the certificate on a monthly basis. This is the default payment method, however account holders may request that their interest be sent to a separate Northpointe Bank checking or savings account or transferred through ACH to a connected external bank account.
Northpointe Bank does not provide any special CDs, step-up CDs, or no-penalty CDs. If a conventional CD account isn’t for you, you may want to look for something else.
Penalties for Early Withdrawal
The penalty costs for early withdrawals are a bit more than usual, so try to avoid doing so. The following are the costs for each CD term:
- Early withdrawals from CDs with maturities ranging from 7 to 179 days are charged a fee equivalent to 30 days’ interest on the amount removed.
- Early withdrawals from CDs with maturities of 180 to 365 days are charged a fee equivalent to 90 days’ interest on the amount taken.
- Early withdrawals from CDs with maturities ranging from one to three years are subject to a charge equivalent to 180 days’ interest on the amount removed.
- Early withdrawals from CDs with maturities of three to five years will be charged a fee equivalent to 240 days’ interest on the amount removed.
- Withdrawals from CDs with maturities longer than 5 years are subject to a charge equivalent to 365 days’ interest on the amount removed.
There is a grace period.
Northpointe Bank certificate of deposit accounts automatically renew at the same term length upon maturity, but you get a 10-day grace period to remove all of the money in your account without incurring early withdrawal penalties. The 10-day period starts on the last day of your account’s term.
Northpointe Bank offers two types of savings accounts: Ultimate Savings and Kid’s Savings. First, let’s take a look at the Ultimate Savings account.
The Ultimate Savings account has a $100 minimum initial deposit and pays an annual percentage yield of up to 0.35 percent. Examine the interest rates offered for each balance tier.
|Balance||Rates of Interest||APY|
|From $0 to $99.99||0.00%||0.00%|
|From $100 to $4,999.99||0.25%||0.25%|
|ranging from $5,000 to $24,999.99||0.34%||0.35%|
|ranging from $25,000 to $2,000,000||0.34%||0.35%|
To put things in perspective, the national average savings account interest is now 0.06 percent.
Interest is compounded and credited to the savings account on a monthly basis.
Although there is no minimum average daily amount, you will not receive interest until you have at least $100 in your account. Also, the rise from 0.25 percent to 0.35 percent is significant since the highest rate this bank provides requires at least $5,000 in the account.
All users of savings accounts are allowed to make up to six withdrawals each month under federal regulation D. Any further withdrawals you attempt will be charged a $5 excess transaction fee each time. Excessive withdrawals may be prohibited by Northpointe Bank.
The bank will charge you a $10 one-time fee if you cancel this account within 120 days of establishing it.
Now for the Kid’s Savings account, which just needs a $10 initial contribution.
|Balance||Rates of Interest||APY|
|From $0.01 to $1,000||1.49%||1.50%|
|ranging from $1,000.01 to $9,999.99||1.11%||1.12%|
Users may earn 1.49 percent interest on balances up to and including $1,000 if they keep a positive balance.
There are no low balance or maintenance fees, and interest is compounded and credited monthly.
Northpointe Bank offers two types of checking accounts: one that doesn’t pay interest, the Free Checking account, and another that does, the Interest Checking account.
The Free Checking account functions similarly to a traditional checking account. It doesn’t pay interest and costs $100 to start, but you don’t have to keep it open or avoid fees if you have a balance of $100 or more. This account comes with a free debit card that may be used anywhere (or a $4.95 personalized debit card).
You may make ATM withdrawals or deposits with your Northpointe debit card, and you can get up to $15 in international ATM reimbursement. You can’t make more than $500 in ATM withdrawals each day, and you can’t deposit more than $10,000 in a single transaction.
Let’s look at the Interest Checking account now. This account offers an annual percentage yield of up to 0.30 percent.
|Balance||Rates of Interest||APY|
|From $0 to $2,499.99||0%||0%|
|ranging from $2,500 to $9,999.99||0.15%||0.15%|
|ranging from $10,000 to $24,999.99||0.15%||0.15%|
|ranging from $25,000 to $99,999.99||0.25%||0.25%|
|a range of $100,000 to $499,999.99||0.30%||0.30%|
The current national average interest checking account rate is 0.03 percent. While 0.30 percent isn’t terrible when compared to the national average, it’s much lower than what we’ve observed at other institutions. For example, Quontic Bank offers a High Interest Checking account with a 1.01 percent annual percentage yield on balances up to $150,000. Before you make a choice, look into high-interest checking accounts since it gets a lot better than 0.30 percent.
This account has a $2,500 minimum initial deposit, which is much more than typical checking accounts. This deposit may be made by ACH transfer from a third-party bank, check deposit, transfer from another Northpointe account, direct deposit, or wire transfer. You may let your balance to go below $2,500, but you will not get any interest.
Interest is computed using the daily balance calculation technique and compounded and deposited monthly into your account. Each statement month, this account reimburses customers for up to $15 in international ATM transaction costs (all Northpointe checking accounts offer this benefit).
There are a few costs associated with these accounts that you should be aware of. These are the following:
- $29 insufficient money
- $8 for an automatic overdraft transfer
- 1% of all transactions are international.
- $14.95 for same-day bill payment
- Items to be returned: $10
- $5/month for a dormant account (defined as one that has been inactive for more than 12 months).
ACH transfers, regular bill payments, inbound wire transfers, account maintenance, and low balances are all free. For closing an Interest Checking account within 120 days of starting, there is a $10 early closure charge, however there is no cost for closing a Free Checking account early.
The Northpointe Ultimate Money Market account is a traditional money market account with tiers of interest.
|Balance||Rates of Interest||APY|
|From $0 to $2,499.99||0%||0%|
|ranging from $2,500.00 to $24,999.99||0.25%||0.25%|
|ranging from $25,000 to $1,000,000||0.35%||0.35%|
A typical money market account now has a national average interest of 0.08 percent. Northpointe is obviously the superior option, but you’ll need a sizable balance to get the most out of it, and the highest-earning tier is just out of reach for most people. Furthermore, there are many money market accounts that provide similar or higher rates on smaller amounts.
This account requires a $1,000 minimum deposit to start. This deposit may be made from another Northpointe account or from a different bank.
Interest is compounded and paid to your account on a monthly basis.
This account allows you to make up to six transactions or withdrawals each statement period. If you have more than six items, you will be charged $15 per item. You will be charged a $10 early closure fee if you shut this account within 120 days of creating it.
Northpointe has an Individual Retirement Account (IRA) that pays up to 0.60 percent annual percentage yield (APY). Although this is a reasonable rate, you may be able to get a better deal elsewhere. The minimum deposit to establish this IRA is $1,000, and the amount of transactions you may make each statement period is determined by your age and investments.
The Northpointe Bank basic Health Savings account pays up to 0.50 percent interest and has an annual percentage yield (APY). You may create this account with only $100 and there are no minimum balance restrictions. Interest is accumulated and credited to your HSA on a monthly basis. There are no transaction limitations on this account, which includes a debit card and bill pay. In addition, there are no balance or maintenance fees.
The Business Checking account, Business Plus Checking account, Business Money Market Savings account, and the Business Certificate of Deposit are the four kinds of business accounts offered by Northpointe Bank.
The Business Checking account pays no interest and needs a minimum deposit of $1,000 to establish. Maintaining a balance of at least $1,000 or enrolling in eStatements will save you $5 per month in service fees. Each month, you may make up to 250 free transactions.
The Business Plus Checking account pays a 0.10 percent annual percentage yield (APY), which is compounded and credited monthly. To establish the account, you must deposit at least $1,000, and you must maintain this amount to avoid a $10 service fee each statement month. Each month, you may make up to 500 free transactions.
The Business Money Market Savings account offers an annual percentage yield of up to 0.35 percent and unlimited in-person transactions (and up to six transfers). It needs a $1,000 minimum starting deposit and does not impose fees for low balances or maintenance.
Finally, the Business Certificate of Deposit account pays up to 0.60 percent annual percentage yield. This account requires a minimum deposit of $1,000 to start, and there are no minimum balance requirements or servicing fees.
Although Northpointe Bank offers several good offerings, it lacks the competitiveness of larger national banks. We don’t suggest this bank to people seeking to make modest deposits since many of these accounts need large minimum deposits to establish and big balances to receive reasonable interest.
If you’re searching for a fantastic kid’s savings account or a short-term CD, check out this bank.
Northpointe Bank is a company that offers a variety of financial services. They offer mortgages, bank CDs, and checking accounts. The bank also has an online portal where you can view your account information and make payments. Reference: northpointe mortgage.
Frequently Asked Questions
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Northpointe Bank is a legitimate bank.
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The CD rates at S&T Bank are 1.95% APY, 0.50% bonus for 12 months.
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