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Northstar Bank Review

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Northstar Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Northstar Bank first started operating in 2001 with its headquarters in Bad Axe, Michigan. It has $638 million in assets and $564 million in deposits, making it a medium-size bank. Northstar Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With an average 3.9 out of 5 stars, Northstar Bank is a good bank that deserves your consideration. Northstar Bank has the complete slate of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Northstar Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Northstar Bank offers an option without a monthly fee. Finding an institution with no-fee checking as well as a high savings APY is the best bet for returning the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.9
SmartAsset Average: 3.5

With a savings rate of 0.05%, Northstar Bank ranks poorly compared to other U.S. banks. Its one-year CD earns at a rate of 0.35% and the five-year CD has a rate of 1.31%, while its highest-yielding money market account has an APY of 0.10%. Given Northstar Bank's noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Northstar Bank's Savings Rates Compare

Northstar Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Northstar Bank charges customers extremely low fees compared to the national average. Northstar Bank's checking account has no monthly fee, making it excellent for anyone looking for a simple account. Northstar Bank unfortunately doesn't refund out-of-network ATM charges, meaning you will have to search for a Northstar Bank ATM or pay the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Northstar Bank is a brick-and-mortar bank, with 12 total branches in Michigan. It also offers access to mobile and web apps for easy access and banking on the go. Northstar Bank's online and mobile banking services receive poor scores from customers. The Northstar Bank mobile app has been given a 3.4 out of 5 (with 10 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Northstar Bank's mobile app to control your bank accounts by looking at monthly statements, sending and receiving funds as well as reaching support representatives. Northstar Bank receives an outstanding consumer satisfaction score based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.2
SmartAsset Average: 4.8

Northstar Bank is currently a medium-size bank and manages $638 million in assets and deposits totaling $564 million. Northstar Bank's Texas Ratio is 16.75%, signifying a small possibility of failure. Additionally, Northstar Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

16.75%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Northstar Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $2500
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.65% APY
  • 36 Month: 0.75% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.31% APY
$10000 for all terms
Money Market Account 0.05% APY $10000

Northstar Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Northstar Bank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Northstar Bank's CD rates are fair compared to other U.S. banks.

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Find a Northstar Bank Near Me

Northstar Bank has 12 physical branches in the U.S.

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