Based in 1999, Northpointe Financial institution is a regional financial institution based mostly in Grand Rapids, Michigan that serves prospects throughout the nation by way of its on-line presence. The financial institution gives a various mixture of deposit accounts to swimsuit all sorts of monetary wants and has earned many business awards through the years. For 9 years operating, it has been named a prime performing financial institution within the nation by Unbiased Group Bankers of America.
Whereas Northpointe gives aggressive curiosity on lots of its accounts, the charges are usually not the very best within the business. As well as, some Northpointe accounts require steep minimal balances to earn the very best charges.
All charges and charges are present as of January 18, 2023 and are topic to alter.
Northpointe Financial institution choices
Northpointe’s deposit account choices embody a number of checking accounts, high-yield financial savings, a cash market account, and certificates of deposit. The financial institution additionally gives a financial savings account for youngsters.
Checking and financial savings accounts
Free Checking
This account additionally permits for limitless transactions and comes with an ATM/debit card. Checks and invoice pay options are additionally out there.
Curiosity Checking
This account features a debit card and verify writing privileges. Prospects with lower than $2,500 of their account don’t earn any curiosity. The best rate of interest of 0.30% is on the market to these with balances of $100,000 or extra.
Excessive-yield financial savings account
Final Financial savings
There’s a restrict of six withdrawals per thirty days for this account, which incorporates transactions made by way of ACH, computerized switch, verify, cell banking, telephone banking, or on-line banking. Transactions in extra of this restrict is probably not paid. As well as, there is no such thing as a ATM card out there with this account or verify writing privileges.
Children Financial savings
The Children Financial savings account is on the market to minors who’re beneath 18 years previous. As soon as account holders flip 18, the account converts to an Final Financial savings account. Transfers from the Children Financial savings account are restricted to 6 per thirty days, which incorporates computerized, phone, or on-line transfers. Transactions in extra of the restrict is probably not paid. There is no such thing as a debit card out there with this account or verify writing privileges.
Cash market accounts
Final Cash Market
The Final Cash Market account comes with an ATM card and consists of verify writing privileges. Nevertheless, much like a few of Northpointe’s different deposit accounts, this account limits customers to 6 withdrawals per thirty days. Extra withdrawals is probably not paid. The best curiosity on this account, 3.25%, is on the market to these with balances of $25,000 or extra. These with balances beneath $2,500 don’t earn any curiosity.
Certificates of deposit
Until in any other case specified, CDs with Northpointe will robotically renew at maturity. Nevertheless, account holders have 10 calendar days after the CD’s maturity date to withdraw funds with out incurring a penalty.
Different companies Northpointe Financial institution gives
Along with the deposit accounts already talked about, Northpointe Financial institution gives a various number of extra merchandise. They embody:
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Well being financial savings accounts (HSAs)
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Particular person retirement accounts (IRAs)
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Enterprise accounts
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Dwelling mortgage lending
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Customized debit playing cards
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Enterprise banking companies
The Northpointe Financial institution platform and buyer assist
Northpointe prospects can entry their accounts on-line by signing in by way of the financial institution’s web site.There’s additionally a free cell app that permits customers to entry deposit accounts. Utilizing the app, prospects can view balances and transaction historical past, make transfers, and pay payments.
Northpointe customer support representatives could be reached by telephone Monday by way of Friday from 8 am till 6pm EST. The financial institution additionally gives customer support by way of an automatic telephone line 24/7 and there’s a separate debit card dispute line that will also be accessed 24/7 for debit card issues. Northpointe will also be reached by way of its mailing deal with in Grand Rapids, Michigan. As well as, safe messages could be despatched to the financial institution by way of its web site.
Execs and cons of Northpointe Financial institution
Whereas there are various advantages related to Northpointe Financial institution, together with the minimal account upkeep charges, it’s necessary to think about all elements when on the lookout for a brand new financial institution. Listed here are a few of the professionals and cons to remember.
Execs:
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No account upkeep charges: None of Northpointe’s accounts embody a month-to-month upkeep price.
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Account possibility for youths: The Northpointe Children Financial savings gives a precious option to train youngsters monetary literacy.
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Beneficiant APY: Whereas they is probably not the very best within the business, the APY on Northpointe’s Final Financial savings, cash market and even its Children Financial savings account are beneficiant.
Cons:
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Steep minimal steadiness necessities on some accounts: A couple of of Northpointe’s accounts, such because the Curiosity Checking and its CDs, require minimal balances that could be out of attain for some customers.
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Most beneficiant APY solely out there for steep balances: Some accounts pay no curiosity in any respect for decrease balances. This consists of the Curiosity Checking and Final Cash Market accounts, which don’t pay curiosity on balances beneath $2,500.
Regularly requested questions
Is Northpointe Financial institution a authentic financial institution?
Sure, Northpointe is an FDIC-insured financial institution.
How lengthy has Northpointe Financial institution been in enterprise?
Northpointe Financial institution was established in 1999.
Does Northpointe Financial institution have an app?
Sure, you’ll be able to obtain the free Northpointe cell app and use it to entry your deposit accounts anytime.
This story was initially featured on Fortune.com
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