Our 2023 Northpointe Bank review

Founded in 1999, Northpointe Bank is a regional bank based in Grand Rapids, Michigan that serves customers across the country through its online presence. The bank offers a diverse mix of deposit accounts to suit all types of financial needs and has earned many industry awards over the years. For nine years running, it has been named a top performing bank in the nation by Independent Community Bankers of America.

While Northpointe offers competitive interest on many of its accounts, the rates are not the best in the industry. In addition, some Northpointe accounts require steep minimum balances to earn the best rates.

All rates and fees are current as of January 18, 2023 and are subject to change.

Northpointe Bank offerings

Northpointes deposit account offerings include multiple checking accounts, high-yield savings, a money market account, and certificates of deposit. The bank also offers a savings account for children.

Checking and savings accounts

Free Checking

APY: 0%
Fees:
- Monthly maintenance fee: $0
- Foreign ATM fees: refund of up to $15 per month
- Custom debit card: $4.95
- Dormant fee: $5 per month
- Account research fee: $25 per hour
- Expedited debit card delivery: $35
- Stop payment fee: $25
- Returned items: $10
- Statement copy: $5
- Wire transfer in: $0
- Wire transfer out: $25
Minimum balance to open: $100

This account also allows for unlimited transactions and comes with an ATM/debit card. Checks and bill pay features are also available.

Interest Checking

APY: 0.05%0.30%
Fees:
- Monthly maintenance fee: $0
- Foreign ATM fees: refund of up to $15 per month
- Dormant fee: $5 per month
- Account research fee: $25 per hour
- Expedited debit card delivery: $35
- Stop payment fee: $25
- Returned items: $10
- Statement copy: $5
- Wire transfer in: $0
- Wire transfer out: $25
- Account closure fee: $10 if closed within 120 days from the date of opening the account
Minimum balance to open: $2,500

This account includes a debit card and check writing privileges. Customers with less than $2,500 in their account do not earn any interest. The highest interest rate of 0.30% is available to those with balances of $100,000 or more.

High-yield savings account

Ultimate Savings

APY: Up to 3.25%
Fees:
- Monthly maintenance fee: $0
- Excess transfer fee: $5 per transaction
- Dormant fee: $5 per month
- Account research fee: $25 per hour
- Expedited debit card delivery: $35
- Stop payment fee: $25
- Returned items: $10
- Statement copy: $5
- Wire transfer in: $0
- Wire transfer out: $25
- Account closure fee: $10 if closed within 120 days of the account opening date
Minimum balance to open: $100

Theres a limit of six withdrawals per month for this account, which includes transactions made via ACH, automatic transfer, check, mobile banking, phone banking, or online banking. Transactions in excess of this limit may not be paid. In addition, there is no ATM card available with this account or check writing privileges.

Kids Savings

APY: 1.5%
Fees:
- Account maintenance fee: $0
- Excess transfer fee: $5 per transaction
- Dormant fee: $5 per month
- Account research fee: $25 per hour
- Stop payment fee: $25
- Returned items: $10
- Statement copy: $5
- Account closure fee: $10 if closed within 120 days of the account opening date
Minimum balance to open: $10

The Kids Savings account is available to minors who are under 18 years old. Once account holders turn 18, the account converts to an Ultimate Savings account. Transfers from the Kids Savings account are limited to six per month, which includes automatic, telephone, or online transfers. Transactions in excess of the limit may not be paid. There is no debit card available with this account or check writing privileges.

Money market accounts

Ultimate Money Market

APY: 0%3.25%
Fees:
- Monthly maintenance fee: $0
- Excess transfer fee: $5 per transaction
- Dormant fee: $5 per month
- Account research fee: $25 per hour
- Expedited debit card delivery: $35
- Stop payment fee: $25
- Returned items: $10
- Statement copy: $5
- Wire transfer in: $0
- Wire transfer out: $25
- Account closure fee: $10 if closed within 120 days of the account opening date
Minimum balance to open: $100

The Ultimate Money Market account comes with an ATM card and includes check writing privileges. However, similar to some of Northpointes other deposit accounts, this account limits users to six withdrawals per month. Excess withdrawals may not be paid. The highest interest on this account, 3.25%, is available to those with balances of $25,000 or more. Those with balances below $2,500 do not earn any interest.

Certificates of deposit

APY
- 791 days: 0.35%
- 92182 days: 0.35%
- 611 months: 0.65%
- 1217 months: 1.25%
- 1823 months: 1.5%
- 2429 months: 2.0%
- 3035 months: 2.0%
- 3647 months: 2.05%
- 4859 months: 2.10%
- 60 months: 2.15%
Fees:
- Monthly maintenance fee: $0
- Early withdrawal penalty: Withdrawals from the account prior to maturity are subject to a substantial penalty based on the withdrawal date
  - For CD terms of seven days to 179 days the penalty is 30 days of interest on the amount withdrawn
  - For CD terms of 180 days to 365 days the penalty is 90 days of interest on the amount withdrawn
  - For CD terms of more than one year but less than three years the penalty is 180 days of interest on the amount withdrawn
  - For CD terms of three years but less than five years the penalty is 240 days of interest on the amount withdrawn
  - For CD terms of five years or more the penalty is 365 days interest on the amount withdrawn
Minimum deposit to open: $1,000

Unless otherwise specified, CDs with Northpointe will automatically renew at maturity. However, account holders have 10 calendar days after the CDs maturity date to withdraw funds without incurring a penalty.

Other services Northpointe Bank offers

In addition to the deposit accounts already mentioned, Northpointe Bank offers a diverse variety of additional products. They include:

Health savings accounts (HSAs)
Individual retirement accounts (IRAs)
Business accounts
Home mortgage lending
Custom debit cards
Business banking services

The Northpointe Bank platform and customer support

Northpointe customers can access their accounts online by signing in through the banks website.Theres also a free mobile app that allows users to access deposit accounts. Using the app, customers can view balances and transaction history, make transfers, and pay bills.

Northpointe customer service representatives can be reached by phone Monday through Friday from 8 am until 6pm EST. The bank also offers customer service via an automated phone line 24/7 and theres a separate debit card dispute line that can also be accessed 24/7 for debit card concerns. Northpointe can also be reached via its mailing address in Grand Rapids, Michigan. In addition, secure messages can be sent to the bank through its website.

Pros and cons of Northpointe Bank

While there are many benefits associated with Northpointe Bank, including the minimal account maintenance fees, its important to consider all factors when looking for a new bank. Here are some of the pros and cons to keep in mind.

Pros:

No account maintenance fees: None of Northpointes accounts include a monthly maintenance fee.
Account option for kids: The Northpointe Kids Savings offers a valuable way to teach kids financial literacy.
Generous APY: While they may not be the best in the industry, the APY on Northpointes Ultimate Savings, money market and even its Kids Savings account are generous.

Cons:

Steep minimum balance requirements on some accounts: A few of Northpointes accounts, such as the Interest Checking and its CDs, require minimum balances that may be out of reach for some consumers.
Most generous APY only available for steep balances: Some accounts pay no interest at all for lower balances. This includes the Interest Checking and Ultimate Money Market accounts, which do not pay interest on balances below $2,500.