Northpointe Bank Review - Everything You Need to Know

Full-service bank with nation-leading interest rates and low-rate home loans

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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 well above the national average. The bank operates in more than 20 states.

Who is Northpointe Bank For?

offers competitive interest rates and a wide range of home lending products. It also acts as an insurance agent for home, auto, condo, and renters insurance policies. 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
  • Are looking to qualify for a low-rate home loan
  • Live in the Grand Rapids, Michigan area

Thanks to mobile banking, you can use Northpointe as an online-only bank from anywhere in the US. That, along with very low fees and competitive interest rates, may be enough to tempt you to sign up even if you don’t have a branch within a thousand miles of 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.

Pros

  • Savings account interest rates higher than most traditional banks

  • Operations in 20 states

  • Top 100 nationwide mortgage lender

Cons

  • Not all accounts offer great interest rates

  • Limited nationwide branch footprint

  • Insurance products offered through third party partnerships only

Types of Accounts

Northpointe Bank offers a wide range of accounts including tax-advantaged IRA and HSA savings. In addition to the consumer accounts below, Northpointe offers business checking, savings, and CD accounts.

  • Ultimate Money Market
  • Ultimate Savings
  • Free Checking
  • Interest Checking
  • Kids Savings account
  • Certificates of Deposit
  • Less Common Accounts

Ultimate Money Market

The flagship account at Northpointe Bank is the Ultimate Money Market. This account pays up to 2.30% APY, which is more than 20x the national average. This rate is available only for balances of $25,000 to $1 million and is guaranteed for two years. Current rates are as follows:

Ultimate Money Market
$0 to $2,499.99 0.20% APY
$2,500 to $24,999.99 0.25% APY
$25,000 to $1 million 2.30% APY
$1 million+ 0.50% APY

This account requires a $1,000 opening deposit, though it is not really worth it unless you plan to deposit $25,000 or more to secure the best rate. This is a free account with no monthly recurring fees.

Ultimate Savings

Northpointe Bank is clearly trying to bring in funds for the long-term, as its savings account also offers rates that are nationally competitive. This free, interest-bearing account offers up to six withdrawals per month, a rule that applies to savings accounts at all banks nationwide.

Ultimate Savings
Balance APY
$0 to $24,999.99 1.12%
$25,000 ti $1,000,100 1.95%
$1,000,100.01+ 1.12%

Clearly, the sweet spot here is for balances from $25,000 to $1,000,100. There is no minimum to open and the account charges no monthly fees.

Free Checking

This basic checking account requires a $100 opening balance and does not pay any interest. The account is free with no minimum balance and reimburses other bank’s ATM fees up to $15 per month. This makes it an ideal account for people who live anywhere — not just near Northpointe branches.

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

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 lessen the cost to $8 with an overdraft protection transfer. Electronic transfers and standard bill pay payments are free with this account.

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 this account. The account is free and interest rates go up to 0.30% depending on your balance.

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

If you have a big enough balance to qualify for interest, this is definitely a better account than the free checking. It also includes the $15 reimbursement in monthly ATM fees. Other fees are the same between both checking accounts. You cannot currently open this account online.

Kids Savings Account

This basic savings account charges no monthly fees and offers competitive interest rates. Balances up to $1,000 earn 1.50% APY while balances over $1,000 earn 1.3% APY.

There is no minimum deposit required to open the account and you can manage it online just like a grown-up savings account.

Certificates of Deposit

Northpointe Bank offers CD accounts starting at 7 days with an annualized interest rate of 0.30% APY up to 60+ months. Three CDs currently offer bonus interest rates, which are worth noting if you have a long-term savings goal and don’t mind locking away your cash.

CDs
Term Rate APY
19 month 2.27 2.30%
35 month 2.47 2.50%
60+ month 3.54 3.60

CDs require a $1,000 minimum deposit to open. Early withdrawal penalties apply. Keep in mind that interest rates are on the rise, so you may lose out on higher rates in the future if you lock away your money for too long.

Less Common Accounts

This bank also offers a Liquid High Yield Money Market account, but you can’t open it online and there isn’t much information about this type of account available on the website.

You can also open a Health Savings Account (HSA) and an Ultimate Money Market account as an IRA. For HSA accounts, you earn a flat 0.50% APY. Ultimate Money Market IRAs pay a noteworthy interest rate of 1.50% APY on balances from $25,000 to $1 million.

Overall Experience

Most Northpointe Bank accounts don’t charge any monthly fees as long as they are kept in good standing. Checking accounts charge a $5 per month inactivity fee if you don’t use the account for a long period of time.

Otherwise, fees are typically below the industry average. As long as you don’t overdraft ($29 fee or $8 overdraft protection transfer), you can easily use your accounts at Northpointe without paying any fees at all.

Deposited funds are typically available on the next business day for all accounts. 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.

Mobile deposits are available for up to $25,000 per deposit, per day. 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 the physical branches nearby are an added benefit for local customers.

Customer service is available in person at locations in 23 states. You can also reach the bank by phone toll-free Monday to Friday from 8:30 am to 5:30 pm Eastern. Email and live chat support are available as well.

About Northpointe Bank

Northpointe Bank offers mortgages around the country and in-person banking with a more limited footprint. The bank was founded in 1999 and garners generally average to positive reviews from current and past customers at various customer review websites.

According to recent financial filings, the bank holds $1.17 billion in assets and $883 million in deposits. While it is a long way from the biggest brick and mortar banks in the U.S. in terms of size, this bank is fairly large and stable.

Online banking gives you free transfers to and from external accounts. You can transfer out up to $25,000 per day and $250,000 per month online. This bank offers custom debit cards for $4.95, which is a fun way to spruce up your wallet.

The Bottom Line

BENEFITS:

Northpointe Bank offers low-fee accounts with interest rates that are generally much better than the typical traditional bank. It works for those looking for an online bank from anywhere in the US, or those who want a physical bank in Grand Rapids, Michigan.

If you are looking for a mortgage, that is one of Northpointe Bank’s strongest areas. If you qualify for a mortgage there, it could also make sense to add checking and savings to simplify your life and 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. Also, if you're looking for home, auto, condo, or renters insurance policies, know that Northpointe only offers these products through third parties.