Northpointe Financial institution is a Michigan-based regional financial institution based in 1999. It gives financial savings, checking, cash market and certificates of deposit accounts with minimal charges and better charges accessible to account holders with bigger balances.
Northpointe Financial institution
There’s just one department location devoted to banking companies, positioned in Grand Rapids, Michigan. Northpointe has mortgage workplaces in 25 states, primarily all through the East Coast and South in addition to the Southwest. Northpointe accounts will be opened on-line, apart from its Children Account financial savings account.
Table of Contents
What we like
- Digital banking companies: Most accounts will be opened on-line and managed via its cellular app.
- Minimal charges: There are not any minimal steadiness necessities or overdraft charges.
What we do not like
- Early termination payment: Accounts closed inside 120 days of opening are topic to a $10 early closure payment.
- Restricted entry to bigger annual share yields: Greater APYs are restricted to bigger steadiness minimums.
- Restricted department banking: There’s just one financial institution department, positioned in Grand Rapids.
Who’s Northpointe Financial institution greatest fitted to?
Northpointe Financial institution has some enticing options for bankers preferring to financial institution on-line. There are greater charges on a few of its deposit accounts for individuals who have bigger account balances. Northpointe can be greatest fitted to individuals who use ATMs sparingly as a result of there is no inner ATM community and reimbursements are restricted to $15 a month.
Dad and mom who need to assist their little one create and construct a financial savings account can use Northpointe’s Child Account financial savings account, which has a low preliminary deposit of $10 and earns an APY of 1.50%. The Children Account, nonetheless, should be opened in individual, making this an choice that is excellent for individuals dwelling in, or round, Grand Rapids.
Checking account assessment
Northpointe Financial institution gives two forms of checking accounts: Free Checking and Curiosity Checking. The free account would not cost month-to-month upkeep or overdraft charges and would not have a minimal steadiness requirement. An preliminary deposit of simply $100 is required to open the free checking account. Though Northpointe would not take part in its personal ATM community, you are reimbursed as much as $15 a month in ATM surcharges from different banks.
The best rate of interest for the Curiosity Checking account, 0.30%, is reserved for balances of greater than $100,000. A steadiness of at the very least $2,500 is required to open the account.
Checking account options
Free Checking
| APY | 0% |
|---|---|
| Minimal steadiness | $100 |
| Month-to-month payment | $0 |
| Overdraft payment | $0 |
| Overseas transaction payment | 1% |
Curiosity Checking
| APY | As much as 0.30% |
|---|---|
| Minimal steadiness | $2,500 |
| Month-to-month payment | $0 |
| Overdraft payment | $0 |
| Overseas transaction payment | 1% |
APYs are as of Dec. 18, 2022.
What we like
- ATM reimbursements: You obtain as much as $15 a month in ATM surcharge payment refunds.
- No charges: There are not any minimal balances required to keep away from month-to-month upkeep charges.
- Overdraft forgiveness: You will not be charged a payment in the event that they overdraft their accounts.
What we do not like
- Restricted entry to the very best APYs: The Curiosity Checking account has a tiered APY construction that pays the very best fee — a small 0.30% APY — on balances of $100,000 or extra.
- Paltry yields: The APY for the Free Checking account is zero and the very best fee for the Curiosity Checking account is a mere 0.30% APY for account balances of $100,000 or extra. Northpointe has an Final Checking account for current account holders with an APY of 1.00%, but it surely’s not accessible as a brand new account.
- No ATMs: The financial institution would not take part in an ATM community.
Financial savings account assessment
Northpointe has two forms of financial savings accounts: Final Financial savings and Children Account. The charges accessible with the Final Financial savings account are minimal apart from balances of greater than $25,000. The Children Account pays its highest charges on balances of as much as $1,000. Neither account assesses month-to-month charges nor requires a minimal steadiness to keep up.
Financial savings account options
Final Financial savings
| APY | 0% to 0.35% for balances of lower than $25,000; 3.25% for balances between $25,000 and $3 million |
|---|---|
| Minimal steadiness to open | $100 |
| Month-to-month upkeep payment | $0 |
Children Account
| APY | 1.50% for balances as much as $1,000; decrease APYs for balances of greater than $1,000 |
|---|---|
| Minimal steadiness to open | $10 |
| Month-to-month upkeep payment | $0 |
APYs are as of Dec. 18, 2022.
What we like
- Small preliminary deposits: The preliminary steadiness required to open the accounts are affordable.
- No charges: There are not any minimal balances required to keep away from month-to-month upkeep charges.
- Some aggressive APYs: Aggressive APYs can be found for choose steadiness ranges.
What we do not like
- Excessive balances required to earn the very best APY: Balances below $25,000 do not pay very low charges.
- Entry to funds is restricted: An extra transaction payment of $5 an merchandise applies after six withdrawals a month.
CD account assessment
Northpointe gives an ordinary CD account with phrases that you could purchase in any increment from seven days to 5 years. The charges aren’t extremely aggressive and savers can discover higher charges from different banks and credit score unions. A minimal deposit of $1,000 is required to open an account. When you withdraw funds earlier than they mature, an early withdrawal penalty from 30 to one year of curiosity, relying on the time period, will probably be utilized, decreasing positive factors for account holders.
CD account options
| CD time period | APY |
|---|---|
| Seven to 182 days (six months) | 0.35% |
| Six to 11 months | 0.65% |
| 12 to 17 months | 1.25% |
| 18 to 23 months | 1.50% |
| 24 to 35 months | 2.00% |
| 36 to 47 months | 2.05% |
| 48 to 59 months | 2.10% |
| 60 months | 2.15% |
APYs are as of Dec. 18, 2022.
What we like
- Reasonably priced preliminary deposit: An inexpensive preliminary steadiness of $1,000 is required to open the account.
- Many phrases can be found: The phrases will be bought in any increment making the variety of accessible phrases greater than most different banks.
What we do not like
- Low APYs: The CDs usually earn decrease APYs in contrast with extremely aggressive charges discovered at different banks.
- No specialty CDs: The financial institution would not supply any variation apart from the usual CD.
Cash market account assessment
Northpointe Financial institution’s cash market account gives enticing charges for the very best balances. Nevertheless, you may want at the very least $25,000 to qualify for the very best APY of three.25%. Greater charges can be found for smaller balances at different banks. Solely balances of least $2,500 earn curiosity with any such account. The account gives check-writing privileges.
Cash market account options
| APY | 0% to three.25% |
|---|---|
| Minimal steadiness | $100 for its Final Cash Market account |
| Month-to-month upkeep payment | $0 |
| Overdraft payment | $0 |
| Extreme transaction payment | $5 an merchandise |
| Overseas transaction payment | 1% |
APYs are as of Dec. 18, 2022.
What we like
- No charges: There are not any month-to-month upkeep or overdraft charges charged.
What we do not like
- Minimal balances required: Solely balances of greater than $2,500 earn curiosity.
- Tiered APY construction: The best APY is simply paid on balances from $25,000 to $3 million.
- Higher charges accessible elsewhere: General, charges are decrease than high-yielding choices accessible at different banks.
Banking expertise
Though Northpointe Financial institution has just one bodily financial institution department in Grand Rapids, account holders can handle their financial institution accounts both on-line or via the financial institution’s cellular app. The financial institution neither operates ATMs nor participates in an ATM community. It does, nonetheless, present a $15 a month ATM surcharge payment reimbursement.
Overdraft charges
Northpointe Financial institution would not cost overdraft charges.
Customer support
Customer support is offered throughout common enterprise hours, Monday via Friday 8 a.m. to six p.m. ET by calling 888-672-5626 or by sending a safe message from its web site.