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Northpointe Bank Review

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by Nina Semczuk Updated
Northpointe Bank

Northpointe Bank, a relative newcomer to the banking world, offers a wide range of savings accounts with competitive interest rates. Even the bank’s Ultimate Checking Account earns more than many of its competitors’ high yield savings accounts. Most of its offerings are easily available to the general customer, without high minimums and fees. However if you value in-person banking, you may be disappointed to learn that Northpointe only offers in-person services to customers around the Grand Rapids area. Otherwise, you can access Northpointe Bank’s products and accounts via its website or on its smartphone app. 

Products Offered

Products Key Features 
Ultimate Checking Account Checking
  • $100 minimum deposit to open
  • No minimum balance
Interest Checking
  • Earn interest on your checking account
  • $2,500 minimum deposit to open
  • No minimum balance
Free Checking
  • $100 minimum deposit to open
  • No minimum balance
  • $15 a month in ATM fees reimbursed
Ultimate Savings
  • Competitive interest rates
  • No minimum to open
Kid’s Savings
  • Competitive interest rates
  • No minimum to open
Liquid High Yield Money Market Account
  • $1,000 minimum to open
  • APY depends on account balance
Certificate of Deposit 
  • Choose your CD length
  • $1,000 minimum deposit
  • No monthly fees
Health Savings Account (HSA)
  • No minimum to open
IRA Liquid Savings
  • No minimum to open
IRA CD
  • $500 minimum deposit to open
  • Seven-day minimum term

Northpointe Bank Interest Rate Comparison

Northpointe Bank Overview

Northpointe Bank is a relatively new financial institution. The bank was established in 1999 and is headquartered in Grand Rapids, Michigan. Northpointe’s retail banking center has only one physical location in Grand Rapids, but can be accessed by an U.S. customer via its website. The bank offers a number of savings, checking, retirement and insurance accounts. In addition to those options, Northpointe Bank offers home loans. The company has home loan centers in a number of states in the Midwest and South.   

Northpointe Bank Savings Summary 

Northpointe Bank serves its local community in Grand Rapids, as well as the general public as a full-service retail bank. You can choose from basic savings or checking accounts, money markets, IRAs and CDs. You also have options for premium accounts that offer higher interest earnings. With one of the highest earning checking account options around, and specialized accounts such as “kid accounts,” and health savings accounts (HSA), the bank stakes its place as a savings hub. That’s not all Northpointe offers. You’ll also find home loans and insurance offered at the Michigan-based company.

Northpointe Bank Interest Checking Account

Features Details
Minimum Deposit $2,500
Minimum Daily Balance None
Fees No account maintenance fees. You will be charged a $10 fee if you close your account within 120 days of opening.
Security FDIC insurance up to the maximum amount allowed by law. 
Current Terms and Rates
  • Account balances of $2,500 - $24,999.99: 0.15% APY

  • Account balances of $25,000 - $99,999.99: 0.25% APY

  • Account balances of $100,000 and over: 0.30% APY

Interest checking is another way for you to earn a bit of interest for your checking account. While rates aren’t high, they’re comparable to some large banks’ savings account rates, which makes them pretty decent. You won’t have restrictions on the account regarding number of deposits and transactions like the Ultimate Checking Account. You’ll use this as a general checking account, the only difference is the amount of interest you earn with it compared to other banks. There is a rather large deposit necessary to open an interest account, $2,500. Once it’s open, you won’t need to keep that much money in the account. But, keep in mind you can earn more interest with a higher balance. Other features that accompany this account are ATM refunds up to $15 a month for withdrawals from non-Northpointe ATMs. 

Northpointe Bank Free Checking Account

Features  Details 
Minimum Deposit $100
Minimum Daily Balance None
Fees None
Security FDIC insurance up to the maximum amount allowed by law.

If you need a basic checking account that doesn’t require $2,500 to open or adherence to certain guidelines, such as the Interest Checking account and Ultimate Account, you can open a standard checking account instead.  You’ll get up to $15 refunded on ATM withdrawals from non-Northpointe machines. You’ll also have access to all the online and mobile features as the other checking accounts such as mobile deposit and bill pay. There’s nothing particularly special with Northpointe’s free checking account - it’s your standard non-interest earning account.

Northpointe Bank Ultimate Savings Account

Features Details
Minimum Deposit None
Minimum Daily Balance None
Fees You will be charged a $10 fee if you close your account within 120 days of opening.
Security FDIC insurance up to the maximum amount allowed by law.
Current Terms and Rates
  • Account balances of $0 - $24,999.99: 1.12% APY
  • Account balances of $25,000 - $1,000,100: 1.95% APY
  • Account balances of $1,000,100.01 and over: 1.12% APY

Savings accounts come with transaction limits, unlike checking accounts. With a savings account, you can only have six transactions per month, which means if you want to use the account for day-to-day purchases, such as food and gas, you’d be better served with a checking account.

If you want to set aside money, you can earn interest on your savings stash at Northpointe. The Ultimate Savings account offers competitive interest rates, and has no minimum deposit to open. That means you can get started right away, even with just a few dollars. While you won’t earn more interest as you increase your balance, you will earn the same starting with your lowest amount. If you’re just getting started with a savings account, this could be a good option. 

Northpointe Bank Kid’s Savings Account

Features Details 
Minimum Deposit None
Minimum Daily Balance None
Fees You will be charged a $10 fee if you close your account within 120 days of opening.
Security FDIC insurance up to the maximum amount allowed by law. 
Current Terms and Rates
  • Account balances of $1,000 and under: 1.50% APY

  • Account balances over $1,000: 1.50% - 1.30% APY

Ready to teach your kids the value of putting away money for a rainy day? Kid’s Savings Accounts are available for children 0 - 17 years of age, and earn 1.50% APY up until reaching $1,000. After that, accounts will earn between 0.82% and 1.50% APY. The actual rate goes down to 0.15%, and the higher range reflect annual percentage yield (APY) which reflects intra-year compounding interest.

There’s no minimum to open an account, so if your child has a pocketful of change and wants to get started, you can start saving right away. There are no monthly fees to worry about. And, like all savings accounts at Northpointe, your money is secure with FDIC protection. The Kid’s Account has one of the better rates offered at Northpointe. This means if you’re torn between opening a savings account with money earmarked for your child or opening a separate Kid’s Account, it’ll make more financial sense to open the latter. You can earn more interest that way.

Northpointe Bank Liquid High Yield Money Market Account

Features Details 
Minimum Deposit $1,000
Minimum Daily Balance None
Fees None
Security FDIC insurance up to the maximum amount allowed by law. 
Current Terms and Rates
  • Account balances of $0 - $2,499.99: 0.20% APY

  • Account balances of $2,500 - $24,999.99: 0.25% APY

  • Account balances of $25,000 - $99,999: 0.40% APY

  • Account balances of $100,000 and over: 0.50% APY

You have additional savings options at Northpointe, including money market accounts. This type of account is similar to a savings account in that you’re only allowed six transactions per month. At Northpointe, your rate’s lower in a money market account compared to its Ultimate Savings product, so you might want to take a look at your options before committing to this type of account.

It’ll take an initial deposit to open, and after than you won’t have a minimum balance to maintain. Your interest rate improves with the amount of money in the account, but doesn’t reach half the interest of a savings account even if you deposit $100,000 or more.

Northpointe Bank Certificates of Deposit 

Features Details 
Minimum Deposit $1,000 minimum deposit
Access to Your CD Online, mobile or phone access 
Fees No account maintenance fees, but there are penalties if you withdraw from your CD prior to maturity.
Security FDIC insurance up to the maximum amount allowed by law. 
Current Terms and Rates
  • 7 - 91 Day: 0.30% APY
  • 92 - 182 Day: 0.90% APY
  • 6 - 11 Month: 1.00% APY
  • 12 - 17 Month: 1.35% APY
  • 18 - 23 Month: 1.60% APY
  • 19 Month SPECIAL: 2.30% APY
  • 24 - 29 Month: 1.65% APY
  • 30 - 35 Month: 1.65% APY
  • 35 Month SPECIAL: 2.50% APY
  • 36 - 47 Month: 1.75% APY
  • 48 - 59 Month: 2.25% APY
  • 60+ Month: 2.55% APY

Out of the other savings choices offered at Northpointe Bank, a certificate of deposit will keep your money out of reach for a set amount of time. For a minimum of $1,000, you can choose how long you want to set your money aside so that it can earn interest. Northpointe offers a unique CD term sheet. Instead of set month or year CD terms, you can choose any amount of months or days, and receive the corresponding interest rate for the range it fits into. This means if you want exactly 17 months or perhaps 67 days, you have the option to customize your length for your CD term. However, if you find yourself needing the money before your CD reaches maturity, you’ll have to pay a penalty to withdraw funds early.

CDs allow your money to grow with modest interest rates. You’ll usually earn more than a savings account, but generally lower than the returns you could get on the stock market. There are advantages to CDs however, such as FDIC insurance, and a locked in interest rate. This means if interest rates lower, your CD will still have the rate you signed up for, unlike a savings account which will adjust to the current rate. 

Northpointe Bank Health Savings Account (HSA)

Features Details
Minimum Deposit None
Minimum Daily Balance None
Fees You will be charged a $10 fee if you close your account within 120 days of opening.
Security FDIC insurance up to the maximum amount allowed by law. 
Current Terms and Rates 0.50% APY

A health savings account is a place to set money aside, tax-free, to help pay for your high-deductible health insurance policy. At Northpointe Bank, your money can grow at a modest interest rate as you save for possible medical expenses. Before you open this type of account, you’ll want to read up on whether it’s necessary for your health insurance plan. There are also restrictions on what you can buy with a HSA as it’s meant to pay for medically related purchases and services. 

Northpointe Bank Liquid IRA Account

Features Details
Minimum deposit None
Minimum daily balance None
Security FDIC insurance up to the maximum amount allowed by law. 
Current Terms and Rates
  • Account balances of $0 - $2,499.99: 0.20% APY

  • Account balances of $2,500 - $24,999.99: 0.25% APY

  • Account balances of $25,000 - $99,999: 0.40% APY

  • Account balances of $100,000 and over: 0.50% APY

Thinking ahead to retirement? You can open an individual retirement account (IRA) at Northpointe Bank. The liquid IRA option is similar to the bank’s savings account: The interest and balance ranges are the same. The difference is that IRAs have penalties associated with early withdrawal. The account is meant to stay in the bank until you reach retirement age, so you’ll want to keep that in mind before opening an IRA. 

Northpointe Bank IRA CD

Features Details
Minimum deposit $500
Access to your CD Online, mobile or phone access 
Fees You can face penalties if you withdraw from your CD prior to maturity.
Security FDIC insurance up to the maximum amount allowed by law. 
Current Terms and Rates
  • 7 - 91 Day: 0.30% APY
  • 92 - 182 Day: 0.90% APY
  • 6 - 11 Month: 1.00% APY
  • 12 - 17 Month: 1.35% APY
  • 18 - 23 Month: 1.60% APY
  • 19 Month SPECIAL: 2.30% APY
  • 24 - 29 Month: 1.65% APY
  • 30 - 35 Month: 1.65% APY
  • 35 Month SPECIAL: 2.50% APY
  • 36 - 47 Month: 1.75% APY
  • 48 - 59 Month: 2.25% APY
  • 60+ Month: 2.55% APY

You have another retirement savings option at Northpointe Bank: an IRA CD. Similar to the regular CDs offered at the bank, you can choose your term length. Where the IRA CD differs is that the minimum deposit to open is only $500, compared to $1,000 for a regular one. You’ll want to research your options prior to opening an account. IRAs have income limits and rules that limit when you can withdraw your money. It’s always important to compare your options for your savings. 

Northpointe Bank Ultimate Checking Account (no longer offered)

Features  Details 
Minimum Deposit $100
Minimum Daily Balance None
Fees You will be charged a $10 fee if you close your account within 120 days of opening.You can be reimbursed for up to $10 in ATM fees and up to $3 in PopMoney transfer fees.
Security FDIC insurance up to the maximum amount allowed by law. 
Current Terms and Rates
  • Account balances of $10,000 and below: 5.00% APY

  • Account balances of $10,000.01 and over: 2.55% - 5.00% APY

Update: This account is no longer offered by Nortpointe Bank as of 11/20/2017.

You generally won’t find many checking accounts that earn interest, but at Northpointe Bank, you can earn more with an Ultimate Checking Account than with some high yield savings accounts. You won’t get the interest without a little bit of effort, however. To earn the interest, it’ll have to become your primary checking account. You’ll have to set up direct deposit or automatic withdrawal for $100 or more per statement period, which is generally about a month long. You’ll also have to have at least 15 debit card purchases within that timeframe. While you won’t have a minimum account balance to maintain, you do have to open an account with at least $100. The Ultimate Checking Account comes with a few additional features such as up to $10 in ATM withdrawal reimbursements and $3 in person-to-person payment fees. Finally, you’ll earn the most interest on balances under $10,000.

As a provision against customers opening the account as a vehicle just to earn interest, rather than using it as a primary checking, Northpointe has a number of fine print details. You can’t make your 15 purchases rapidly at a single merchant or multiple purchases in a condensed amount of time. Northpointe reserves the right to close your account for any attempt to game the system.

Where Can I Find Northpointe Bank?

Michigan residents can visit Northpointe’s Grand Rapids retail banking center. All other customers can access the bank online, by phone call or through its mobile app. 

The bank also operates a number of lending centers in seven states for mortgage applicants. All other banking will be found online for customers across the country. 

What Can You Do Online With Northpointe Bank?

You can access all retail banking features with Northpointe Bank’s online services. You can open an account, monitor your savings, transfer funds and more. The company has an iPhone, iPad and Android app, so you can choose which device you want to use. Mobile banking includes features such as mobile check deposit, account monitoring, bill pay and money transfers. You’ll be able to open an account and keep an eye on it through the website. Additionally, Northpointe has a chat feature on the website that you can use to speak to customer service representatives. 

How Do I Access My Money?

Most customers will access their money through the mobile app or through the website. If you have an account with an ATM card, you can withdraw from any bank and receive fee refunds up to $10 to $15 dollars per month, depending on which account type you have.

Grand Rapids, Michigan customers can visit the branch directly to take money out. For all other customers, the easiest way is to link an external bank account to your Northpointe account for seamless transfers. Whenever you want to withdraw, you can initiate an electronic transfer to your external account. Or, if you want to deposit, you can use the mobile deposit app which requires you to take a picture of the check you’re depositing. Another way to move money into your account is to deposit electronically, through an external account. 

Northpointe Bank has an iPhone, iPad and Android app so that you can view your account and pay bills on-the-go with a variety of devices. The company also operates a service called PopMoney which is similar to PayPal. You can pay anyone using an email or mobile phone number. 

Finally, you can pay bills through the mail with Northpointe’s bill pay service that will mail a check (the bank will pay postage) to any provider you need to pay, such as cable, a babysitter or your mortgage provider. 

How Can I Save More Money With a Northpointe Account?

You’ll find one of the best rates offered for checking accounts at Northpointe. If you’re one of the many people who regularly use a checking account to pay for rent, groceries, transportation and other necessities, you may want to run the numbers for how much you could earn with an interest-bearing checking account. Since you do need to meet certain criteria each month, such as 15 purchases and direct deposit, you’ll want to ensure it’s an account that you use regularly to reap the benefits. 

As for the other account choices, Northpointe keeps its rates competitive. While you won’t find interest rates as good as the checking account, all of the interest offerings are decent vehicles for savings. 

What’s the Process for Opening an Account With Northpointe?

It’s a simple process to open an account, with the first step of the process shown here. You’ll need to provide personal data, such as your Social Security number, address, driver’s license number or other identifying documents and a few other pieces of information. You can enter all the information online, or you can call and speak to a banker. Or, if you happen to live near Northpointe’s retail banking center in Grand Rapids, you can go in person to open an account.

After you provide your personal information, you’ll need to fund the account if there’s an account minimum. This can be done with an electronic transfer from an external bank account, wire transfer or through mobile check deposit.  

Once the account is funded, you’ll start earning interest if it’s an interest earning account. You’ll have the ability to track your savings progress via the website or mobile app. 

What’s the Catch? 

There isn’t an obvious or blatant catch to this bank. It offers many of the same products you can find at other online banks for similar or better interest rates. Most of the minimum deposits are reasonable and accessible to the average consumer. The bank offers mobile check deposit and phone and chat support, so it’s got those bases covered. You have multiple choices in savings, checking and other accounts. So to be completely fair, there’s not any major downside to this bank. 

As for the little things, if you do require in-person banking, you’ll only have one option at Northpointe. Otherwise, most users will find its online and mobile availability to be more than sufficient. Another potential downside is a lack of college saving plans options. While you can open a Kid’s Account, you won’t find tax-advantaged 529 plans at this bank. And if you’re looking for the absolute highest interest rates for savings and CDs, you may find slightly higher ones at one of Northpointe’s competitors. But, since rates fluctuate, that may also change at any time.  

Bottom Line 

Northpointe Bank offers a suite of competitive savings options, but the most beneficial product is most likely the Ultimate Checking Account. This checking account offers some of the highest, if not the highest, interest earnings possible for a checking account. While some might find the requirements to earn that interest hard to meet, many people would earn a considerable amount of interest if they frequently use their checking account and switch their primary use checking to Northpointe Bank’s Ultimate Checking Account.  

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Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

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Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study