Northpointe Bank opened its doors in 1999 in Grand Rapids, Michigan, where it is still headquartered today. It is a full-service commercial bank with a robust lineup of deposit accounts with APYs beating the national average by decent margins.
These include certificates of deposit, savings accounts, checking accounts, money market accounts, IRAs and HSAs, and business accounts. You can read and/or print their current rate sheet for all of their deposit accounts using this link here.
This bank is also unique in that they offer a 7-day CD term and a kid’s savings account.
As noted, Northpointe Bank offers competitive rates on many of its products, but their rates are still lower than some of the top yields available nationwide.
Keep reading to learn more about this bank’s FDIC-insured product lineup and terms in our comprehensive review below.
Northpointe Certificate of Deposit Rates + Details
Northpointe Bank offers only one type of certificate of deposit account with terms available between 7 days and 60 months. It’s not often that you see a CD with such a short minimum term, so this product is ideal for people looking for a short-term savings solution.
| Term Length | Interest Rate | APY |
| 7 – 91 days | 0.09% | 0.10% |
| 92 – 182 days | 0.09% | 0.10% |
| 6 – 11 months | 0.14% | 0.15% |
| 12 – 17 months | 0.24% | 0.15% |
| 18 – 23 months | 0.24% | 0.15% |
| 24 – 29 months | 0.29% | 0.30% |
| 30 – 35 months | 0.29% | 0.30% |
| 36 – 47 months | 0.39% | 0.40% |
| 48 – 59 months | 0.49% | 0.50% |
| 60 months | 0.59% | 0.60% |
To put these yields in perspective, the current national average for a 12-month CD and a 60 month CD is 0.14% APY and 0.27% APY, respectively, according to recent FDIC data.
This account requires a minimum deposit of $1,000 to open, so it’s not as easy to open as some we’ve reviewed lately. You must also maintain a balance of at least $1,000 in this account to continue earning interest and you are not eligible to add funds after it has been opened.
Interest is compounded and credited monthly to the certificate. This is the default payment arrangement, but account holders can opt to have their interest paid out to a different Northpointe Bank checking or savings account or transferred via ACH transfer to a linked external bank account instead.
There are no special CDs, step-up CDs, or no-penalty CDs available through Northpointe Bank. If a traditional CD account isn’t for you, you might want to continue your search.
Early Withdrawal Penalties
The early withdrawal penalty fees are a little above the average, so do your best to avoid withdrawing early. Here are the fees for each CD term:
- Early withdrawals from CD terms of between 7 days and 179 days incur a fee equal to 30 days’ interest on the amount withdrawn
- Early withdrawals from CD terms of between 180 days and 365 days incur a fee equal to 90 days’ interest on the amount withdrawn
- Early withdrawals from CD terms of between 1 year and 3 years incur a fee equal to 180 days’ interest on the amount withdrawn
- Early withdrawals from CD terms of between 3 years and 5 years incur a fee equal to 240 days’ interest on the amount withdrawn
- Early withdrawals from CD terms of more than 5 years incur a fee equal to 365 days’ interest on the amount withdrawn
Grace Period
Northpointe Bank certificate of deposit accounts automatically renew upon maturity at the same term length, but there is a standard grace period of 10 days during which you can withdraw all of the money in your account without incurring early withdrawal penalties. This 10-day period begins on the day your account’s term ends.
Northpointe Bank Savings Accounts
Northpointe Bank has two savings accounts: the Ultimate Savings account and the Kid’s Savings account. Let’s talk about the Ultimate Savings account first.
The Ultimate Savings account requires a minimum opening deposit of $100 and offers an APY up to 0.35%. Take a look at the interest rate available at every balance tier.
| Balance | Interest Rate | APY |
| $0 – 99.99 | 0.00% | 0.00% |
| $100 – $4,999.99 | 0.25% | 0.25% |
| $5,000 – $24,999.99 | 0.34% | 0.35% |
| $25,000 – 2,000,000 | 0.34% | 0.35% |
| $2,000,000.01+ | 0.30% | 0.30% |
To put this in perspective, the national average rate for a savings account is currently sitting at 0.06%.
Interest is compounded and credited monthly back into the savings account,
There is no minimum average daily balance requirement, but you won’t earn interest unless you have at least $100 in there. Also, it’s quite a jump to go from 0.25% to 0.35% because you need at least $5,000 in the account to get the best rate this bank offers.
Per federal regulation D for savings accounts, all users are permitted to make up to six withdrawals per month. Any withdrawals you try to initiate beyond this will cause you to be charged an excess transaction fee of $5 each time. Northpointe Bank may also choose to prohibit excessive withdrawals.
If you close this account within 120 days of opening it, the bank will charge you a one-time fee of $10.
Now for the Kid’s Savings account, which requires a minimum opening deposit of just $10.
| Balance | Interest Rate | APY |
| $0.01 – 1,000 | 1.49% | 1.50% |
| $1,000.01 – 9,999.99 | 1.11% | 1.12% |
| $10,000+ | 0.34% | 0.35% |
Users just need to maintain a positive balance to earn interest and can earn 1.49% on up to and including $1,000.
Interest is compounded and credited monthly and there are no low balance or maintenance fees.
Northpointe Bank Checking Accounts
There is a checking account available through Northpointe Bank that does not earn interest, the Free Checking account, and one that does earn interest, the Interest Checking account.
The Free Checking account is pretty much your standard checking account. It does not earn interest and requires $100 to open, but you do not need to maintain a balance of $100 or more to keep this account or avoid fees. This account comes with a free debit card (or $4.95 custom debit card) that can be used anywhere.
You can use your Northpointe debit card to make ATM withdrawals or deposits and are eligible to receive up to $15 in foreign ATM reimbursement. You may not exceed $500 in ATM withdrawals per day or deposit more than $10,000 at a time.
Now, let’s move onto the Interest Checking account. This account pays up to 0.30% APY.
| Balance | Interest Rate | APY |
| $0 – 2,499.99 | 0% | 0% |
| $2,500 – 9,999.99 | 0.15% | 0.15% |
| $10,000 – 24,999.99 | 0.15% | 0.15% |
| $25,000 – 99,999.99 | 0.25% | 0.25% |
| $100,000 – 499,999.99 | 0.30% | 0.30% |
| $500,000+ | 0.30% | 0.30% |
The national average rate for interest checking accounts currently sits at 0.03%. While 0.30% is not bad when compared to the national average, it is far below what we’ve seen available at other banks. Quontic Bank, for example, has a High Interest Checking account that pays 1.01% APY on balances up to $150,000. Browse high interest checking accounts before making a decision because it gets a lot better than 0.30%.
This account requires a minimum opening deposit of $2,500, which is much higher than most checking accounts. You can make this deposit by ACH transfer from an external bank, check deposit, transfer from another Northpointe account, direct deposit, or wire transfer. You can let your balance drop below $2,500, but you won’t earn any interest at all.
Interest is compounded and credited monthly into your account, and calculated using the daily balance computation method. This account also reimburses users for up to $15 in foreign ATM transaction fees each statement period (all Northpointe checking accounts offer this benefit).
Fees
There are a few fees that you might encounter with these accounts. These are:
- Non-sufficient funds: $29
- Automatic overdraft transfer: $8
- Foreign transaction: 1%
- Same-day bill payment: $14.95
- Return items: $10
- Dormant account (defined as more than 12 months of inactivity): $5/month
There are no fees for ACH transfers, standard bill payments, incoming wire transfers, account maintenance, or low balance. There is a $10 early closure fee for closing an Interest Checking account within 120 days of opening but no fee for closing a Free Checking account early.
Northpointe Bank Money Market Accounts
The Northpointe Ultimate Money Market account is a standard money market account that offers tiered interest rates.
| Balance | Interest Rate | APY |
| $0 – 2,499.99 | 0% | 0% |
| $2,500.00 – 24,999.99 | 0.25% | 0.25% |
| $25,000 – 1,000,000 | 0.35% | 0.35% |
| $1,000,000.01+ | 0.30% | 0.30% |
Right now, the national average rate for a standard money market account is just 0.08%. Northpointe is clearly a better choice, but you do need to have quite a high balance to make the most of this account and the highest-earning tier is just not realistic for most. Also, there are plenty of money market accounts out there offering comparable or better rates on lower balances.
A minimum deposit of $1,000 is required to open this account. You can make this deposit from another Northpointe account or a different bank.
Interest is compounded and credited monthly back into your account.
You are permitted to make up to six transactions or withdrawals using this account each statement period. You will incur a fee of $15 on each item in excess of six. If you close this account within 120 days of opening, you will be charged a $10 early closure fee.
Northpointe Bank IRAs and HSAs
Northpointe offers an Individual Retirement Account that pays up to 0.60% APY. This is a fairly competitive rate, but you might be able to do better elsewhere. This IRA requires a minimum deposit of $1,000 to open and the number of transactions you are able to make each statement period depends on your age and investments.
The Northpointe Bank standard Health Savings account earns an interest rate and APY of up to 0.50%. There are no minimum balance requirements and you can open this account with just $100. Interest is compounded and credited monthly back into your HSA. This account offers a debit card and bill pay features and there are no transaction limits. There are also no balance or maintenance fees.
Northpointe Bank Business Accounts
There are four different types of business accounts available at Northpointe Bank: the Business Checking account, Business Plus Checking account, Business Money Market Savings account, and the Business Certificate of Deposit.
The Business Checking account does not earn interest and requires $1,000 to open. You can avoid a $5 monthly service fee by maintaining a balance of at least $1,000 or enrolling in eStatements. You can make up to 250 free transactions per month.
The Business Plus Checking account earns 0.10% APY, compounded and credited monthly. You need to deposit at least $1,000 to open and must maintain this balance to avoid a $10 service charge each statement period. You can make up to 500 free transactions per month.
The Business Money Market Savings account pays up to 0.35% APY and allows you to make unlimited in-person transactions (and up to six transfers). It requires a minimum opening deposit of $1,000 and does not charge low balance or maintenance fees.
Finally, the Business Certificate of Deposit account offers an APY of up to 0.60%. You can open this account with a minimum of $1,000 and there are no balance minimums or service charges.
Final Thoughts
Northpointe Bank has some solid products, but it’s not as competitive as bigger national banks. Many of these accounts require high minimum deposits to open and high balances to earn decent interest, so we don’t recommend this bank to individuals looking to make small deposits.
That said, check this bank out if you’re looking for a great kid’s savings account or short-term CD.