John Egan is a veteran personal finance writer whose work has been published by outlets such as Bankrate, Experian, Newsweek Vault and Investopedia.
John Egan Personal Finance ExpertJohn Egan is a veteran personal finance writer whose work has been published by outlets such as Bankrate, Experian, Newsweek Vault and Investopedia.
Written By John Egan Personal Finance ExpertJohn Egan is a veteran personal finance writer whose work has been published by outlets such as Bankrate, Experian, Newsweek Vault and Investopedia.
John Egan Personal Finance ExpertJohn Egan is a veteran personal finance writer whose work has been published by outlets such as Bankrate, Experian, Newsweek Vault and Investopedia.
Personal Finance Expert Doug Whiteman Personal Finance EditorDoug Whiteman is an award-winning journalist with three decades of experience covering personal finance, starting when he was the Washington, D.C.-based consumer news editor and reporter for Associated Press Radio in the 1990s and early 2000s. He's p.
Doug Whiteman Personal Finance EditorDoug Whiteman is an award-winning journalist with three decades of experience covering personal finance, starting when he was the Washington, D.C.-based consumer news editor and reporter for Associated Press Radio in the 1990s and early 2000s. He's p.
Doug Whiteman Personal Finance EditorDoug Whiteman is an award-winning journalist with three decades of experience covering personal finance, starting when he was the Washington, D.C.-based consumer news editor and reporter for Associated Press Radio in the 1990s and early 2000s. He's p.
Doug Whiteman Personal Finance EditorDoug Whiteman is an award-winning journalist with three decades of experience covering personal finance, starting when he was the Washington, D.C.-based consumer news editor and reporter for Associated Press Radio in the 1990s and early 2000s. He's p.
| Personal Finance Editor
Updated: Apr 26, 2024, 3:31pm
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Founded in 1999, Grand Rapids, Michigan-based Northpointe Bank offers savings, checking, certificates of deposit (CD) and money market accounts. It also provides health savings accounts (HSAs), individual retirement accounts (IRAs), business products, home loans and insurance.
Northpointe operates only one traditional bank branch, which is in Grand Rapids. Locations elsewhere in Michigan and other states are geared toward lending.
This review focuses on Northpointe’s banking products. Here’s a look at what Northpointe offers and how it stacks up against online banking competitors. Account details and annual percentage yields (APYs) are accurate as of April 26, 2024.
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Northpointe Bank offers two types of savings account: Ultimate Savings and Kid’s Savings. However, the Kid’s Savings account can’t be opened online.
The Ultimate Savings account requires a minimum $100 deposit to open it. APYs range from 0% for balances up to $24.999.99 to 3.25% for balances from $25,000 to $2 million. Interest is compounded and credited monthly.
The Ultimate Savings account comes with some hefty fees. A $5 per month dormant-account fee applies after 24 months of inactivity on a Northpointe savings account. The bank charges an excess transfer fee of $5 for transfers exceeding the transaction limits.
Savings accounts are subject to Regulation D, which traditionally has imposed limits on certain electronic withdrawals and transfers. Transfers from this account or to third parties by check or by preauthorized, automatic, telephone or online transactions are limited to six per month. In addition, Northpointe charges a $10 fee if the account is closed within 120 days of the opening date and assesses a $50 fee for a direct transfer to another financial institution.
There is no monthly account maintenance fee.
One disadvantage of Northpointe’s Ultimate Savings account is that it doesn’t offer debit cards, checks or bill pay.
Deposits can be made by:
Withdrawals can be made by:
Northpointe offers two checking accounts: Interest Checking and Free Checking. The Interest Checking account requires a minimum opening deposit of $2,500. APYs range from 0% on balances up to $2,499.99 to 0.30% for balances $100,000 and above. Interest is compounded and credited monthly.
The Free Checking account requires a minimum opening deposit of $100 and a minimum balance of $0.01. This account pays no interest.
A $5 per month dormant-account fee applies after 12 months of inactivity on Northpointe checking accounts. It charges a $10 fee if you close an interest-bearing checking account within 120 days of opening it. There are no monthly account maintenance fees.
Unlike its savings accounts, Northpointe checking accounts offer checks, debit cards and bill-pay capabilities.
Here are the rates for Northpointe’s Interest Checking account:
