Northpointe Bank Review

Is Northpointe Bank a good bank?

Hand holding credit card and wallet by laptop
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Northpointe Bank is a regional bank headquartered in Grand Rapids, Michigan. Founded in 1999, the bank offers interest rates on savings accounts that are above the national average.

What We Like
  • Savings account interest rates higher than most traditional banks

  • Variety of deposit accounts to choose from

  • Interest checking

What We Don't Like
  • Not all accounts offer great interest rates

  • Just one banking center, in Michigan

Who Is Northpointe Bank For?

Northpointe Bank offers competitive interest rates and a range of accounts. The bank is best for customers who:

  • Want competitive interest rates on savings accounts
  • Are interested in a range of low-cost checking and savings accounts from one bank
  • Live in the Grand Rapids, Michigan area

Thanks to mobile banking, you can use Northpointe as an online-only bank from anywhere in the U.S. That, along with low fees and competitive interest rates, may be enough to tempt you to sign up, even if you don’t have a branch near home. Online banking transfers are free to other banks and you can add funds to your accounts with mobile banking deposits using your smartphone and the Northpointe Bank app. 

What Does Northpointe Bank Offer?

At Northpointe Bank, you'll find a range of accounts to suit your needs:

Free Checking

Northpointe's Free Checking is a basic checking account that requires a $100 opening balance and does not pay any interest. The account is free with no minimum balance and reimburses other banks' ATM fees up to $15 per month. This makes it a good account for people who live anywhere—not just near the Grand Rapids banking center.

You could easily use this as an online banking account and never visit in-person. As long as you don’t need to make cash deposits, you can use the account for free anywhere in the U.S.

Most deposits are available the next business day. If you deposit a check through the mobile banking app, you can expect relatively quick access to your funds. Overdrafts cost $29, though you can lower the cost to $8 with an overdraft protection transfer. Electronic transfers and standard bill pay payments are free.

Interest Checking

Most checking accounts don’t pay any interest, but if you have $2,500 to open a new account, you will collect interest every month with Northepointe's Interest Checking. This account is free and you'll see up to 0.30% annual percentage yield (APY) depending on your balance. Rates are as of June 4, 2020.

Interest Checking
Balance APY
$0 to $2,499.99 0%
$2,500 to $9,999.99 0.15%
$10,000.00 to $24,999.99 0.15%
$25,000.00 to $99,999.99 0.25%
$100,000.00 to $499,999.99 0.30%
$500,000+ 0.30%

If your balance is high enough to qualify for interest, this account makes more sense than the free checking, since it also includes the $15 reimbursement in monthly ATM fees and other fees are the same. However, this account isn't available to open online.

Ultimate Money Market

The Ultimate Money Market account at Northpointe pays up to 0.55% APY, which is several times higher than the national rate. This rate is available for balances of $5,000 to $2 million. Current rates are as follows:

Ultimate Money Market
Balance APY
$0 to $2,499.99 0.0%
$2,500 to $4,999.99 0.25%
$5,000 to $24,999.99 0.55%
$25,000 to $2 million 0.55%
Over $2 million 0.50%

This money market account requires a $1,000 opening deposit and there are no monthly recurring fees. Transactions out of this account are limited to six per month; if you go over, you'll be charged $15 per transaction, plus the bank may not complete your transaction as requested.

Ultimate Savings

Northpointe Bank also offers up to 0.55% APY on its Ultimate Savings account for certain account balances. This interest-bearing account offers mobile check deposit and is FDIC-insured.

Ultimate Savings
Balance APY
$0 to $99.99 0%
$100 to $4,999.99 0.25%
$5,000 to $24,999.99 0.55%
$25,000 to $2 million 0.55%
over $2 million 0.50%

There is no minimum deposit to open the account and no monthly fees.

You're allowed up to six withdrawals per month before you're charged a $15 fee per transaction, and if you close the account within 120 days of opening it, you'll be charged a $10 fee.

Kids Savings

This basic savings account charges no monthly fees and offers competitive interest rates. Balances up to $1,000 earn 1.50% APY; amounts over that earn 1.12% APY. There is no minimum deposit required to open the account.

Certificates of Deposit

Northpointe Bank offers CDs with terms starting at just seven days. The following rates are as of June 4, 2020.

CDs
Term Rate APY
7-91 Days 0.30% 0.30%
92-182 Days 0.30% 0.30%
6-11 Months 0.30% 0.30%
12-23 Months 0.49% 0.50%
24-47 Months 0.49% 0.50%
48-60 Months 0.64% 0.65%

CDs require a $1,000 minimum deposit to open, so make sure you don't need the money for the length of the term. If you take it out too soon, early withdrawal penalties apply.

For terms of up to 179 days, the penalty is 30 days' interest on the amount withdrawn. For terms between 180 days and one year, the penalty is 90 days interest on the amount withdrawn, rising to 180 days' interest on the withdrawn amount if the term length is up to three years. Longer than three years, the penalty is 240 days interest on the amount withdrawn, and terms of five years carry a penalty of a full year's worth of interest on the amount withdrawn.

Other Financial Products From Northpointe Bank

Other financial services from Northpointe include:

  • Individual retirement account (IRA) CDs
  • Health Savings Account (HSA)
  • A big variety of purchase mortgages
  • Refinance mortgages
  • Home equity loans
  • Home insurance
  • Car insurance

Northpointe Customer Service

Accounts are FDIC-insured and easy to manage with online banking. Mobile check deposit, transfers, and other online banking features mean you never need to visit a physical branch to handle your business with this bank.

This bank supports mobile payment platforms including Apple Pay and Google Pay.

If you live in the Grand Rapids area, the bank is even more tempting. While you can get better rates at some competing banks, having a banking center nearby is an added benefit for local customers.

Loan customers can receive in-person support at locations in 24 states. You can also reach the bank by phone Monday to Friday from 8 a.m. to 6 p.m. (Eastern). Email, secure message, and chat support are available as well.

How to Bank With Northpointe Bank

Opening an account online with Northpointe is easy. As with any bank, you'll be required to provide personal information, including government-issued ID and Social Security Number. Fund your new account with an existing bank account—just don't forget to have your bank account and routing numbers handy.

The Bottom Line

BENEFITS

Northpointe Bank offers free accounts with interest rates that are generally much better than a traditional bank. It works for those who are comfortable banking online from anywhere in the U.S. or those who want a physical bank in Grand Rapids, Michigan.

If you qualify for a mortgage there—and there are many to choose from—it could also make sense to add checking and savings accounts to keep all of your banking under one roof.

DRAWBACKS

If you live outside of Grand Rapids and you're not interested in online-only banking, Northpointe probably isn't for you. You may find higher interest rates at other online banks, too.

Article Sources

  1. Northpointe Bank. "About Northpointe." Accessed May 21, 2020.

  2. Northpointe Bank. "A Guide to Mobile Check Deposits." Accessed May 21, 2020.

  3. Northpointe Bank. "Schedule of Fees." Accessed May 21, 2020.

  4. Northpointe Bank. "Bank Accounts That Earn More." Accessed May 21, 2020.

  5. Northpointe Bank. "Deposit Account Disclosures," Page 10. Accessed May 21, 2020.

  6. Northpointe Bank. "Deposit Rates." Accessed May 21, 2020.

  7. FDIC. "Weekly National Rates and Rate Caps - Weekly Update." Accessed May 21, 2020.

  8. Northpointe Bank. "Deposit Account Disclosures," Page 17. Accessed May 21, 2020.

  9. Northpointe Bank. "Deposit Account Disclosures," Page 18. Accessed May 21, 2020.

  10. Northpointe Bank. "Earn More." Accessed May 21, 2020.

  11. Northpointe Bank. "Deposit Account Disclosures," Page 16. Accessed May 21, 2020.

  12. Apple. "Apple Pay Participating Banks in Canada, Latin America, and the United States." Accessed May 21, 2020.

  13. Northpointe Bank. "Contact Us." Accessed May 21, 2020.