Our 2023 Northpointe Financial institution overview

Whereas Northpointe gives aggressive curiosity on a lot of its accounts, the charges should not the perfect within the business. As well as, some Northpointe accounts require steep minimal balances to earn the perfect charges.

All charges and charges are present as of January 18, 2023 and are topic to vary. 

Northpointe Financial institution choices 

Northpointe’s deposit account choices embrace a number of checking accounts, high-yield 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

• APY: 0%
• Charges:
  • Month-to-month upkeep charge: $0
  • Overseas ATM charges: refund of as much as $15 monthly
  • Customized debit card: $4.95
  • Dormant charge: $5 monthly
  • Account analysis charge: $25 per hour
  • Expedited debit card supply: $35
  • Cease cost charge: $25
  • Returned gadgets: $10
  • Assertion copy: $5
  • Wire switch in: $0
  • Wire switch out: $25
• Minimal steadiness to open: $100

This account additionally permits for limitless transactions and comes with an ATM/debit card. Checks and invoice pay options are additionally accessible. 

Curiosity Checking

• APY: 0.05%–0.30%
• Charges:
  • Month-to-month upkeep charge: $0
  • Overseas ATM charges: refund of as much as $15 monthly
  • Dormant charge: $5 monthly
  • Account analysis charge: $25 per hour
  • Expedited debit card supply: $35
  • Cease cost charge: $25
  • Returned gadgets: $10
  • Assertion copy: $5
  • Wire switch in: $0
  • Wire switch out: $25
  • Account closure charge: $10 if closed inside 120 days from the date of opening the account
• Minimal steadiness to open: $2,500

This account features a debit card and test writing privileges. Clients with lower than $2,500 of their account don’t earn any curiosity. The very best rate of interest of 0.30% is offered to these with balances of $100,000 or extra.

Excessive-yield financial savings account 

Final Financial savings

• APY: As much as 3.25%
• Charges:
  • Month-to-month upkeep charge: $0
  • Extra switch charge: $5 per transaction
  • Dormant charge: $5 monthly
  • Account analysis charge: $25 per hour
  • Expedited debit card supply: $35
  • Cease cost charge: $25
  • Returned gadgets: $10
  • Assertion copy: $5
  • Wire switch in: $0
  • Wire switch out: $25
  • Account closure charge: $10 if closed inside 120 days of the account opening date
• Minimal steadiness to open: $100

There’s a restrict of six withdrawals monthly for this account, which incorporates transactions made by way of ACH, automated switch, test, cell banking, cellphone banking, or on-line banking. Transactions in extra of this restrict might not be paid. As well as, there isn’t any ATM card accessible with this account or test writing privileges.

Youngsters Financial savings

• APY: 1.5%
• Charges:
  • Account upkeep charge: $0
  • Extra switch charge: $5 per transaction
  • Dormant charge: $5 monthly
  • Account analysis charge: $25 per hour
  • Cease cost charge: $25
  • Returned gadgets: $10
  • Assertion copy: $5
  • Account closure charge: $10 if closed inside 120 days of the account opening date
• Minimal steadiness to open: $10

The Youngsters Financial savings account is offered to minors who’re below 18 years previous. As soon as account holders flip 18, the account converts to an Final Financial savings account. Transfers from the Youngsters Financial savings account are restricted to 6 monthly, which incorporates automated, phone, or on-line transfers. Transactions in extra of the restrict might not be paid. There is no such thing as a debit card accessible with this account or test writing privileges.

Cash market accounts 

Final Cash Market

• APY: 0%–3.25%
• Charges:
  • Month-to-month upkeep charge: $0
  • Extra switch charge: $5 per transaction
  • Dormant charge: $5 monthly
  • Account analysis charge: $25 per hour
  • Expedited debit card supply: $35
  • Cease cost charge: $25
  • Returned gadgets: $10
  • Assertion copy: $5
  • Wire switch in: $0
  • Wire switch out: $25
  • Account closure charge: $10 if closed inside 120 days of the account opening date
• Minimal steadiness to open: $100

The Final Cash Market account comes with an ATM card and consists of test writing privileges. Nonetheless, much like a few of Northpointe’s different deposit accounts, this account limits customers to 6 withdrawals monthly. Extra withdrawals might not be paid. The very best curiosity on this account, 3.25%, is offered to these with balances of $25,000 or extra. These with balances beneath $2,500 don’t earn any curiosity.

Certificates of deposit

• APY
  • 7–91 days: 0.35%
  • 92–182 days: 0.35%
  • 6–11 months: 0.65%
  • 12–17 months: 1.25%
  • 18–23 months: 1.5%
  • 24–29 months: 2.0%
  • 30–35 months: 2.0%
  • 36–47 months: 2.05%
  • 48–59 months: 2.10%
  • 60 months: 2.15%
• Charges:
  • Month-to-month upkeep charge: $0
  • Early withdrawal penalty: Withdrawals from the account previous to maturity are topic to a considerable penalty primarily based on the withdrawal date 
    • For CD phrases of seven days to 179 days the penalty is 30 days of curiosity on the quantity withdrawn
    • For CD phrases of 180 days to 12 months the penalty is 90 days of curiosity on the quantity withdrawn
    • For CD phrases of multiple yr however lower than three years the penalty is 180 days of curiosity on the quantity withdrawn
    • For CD phrases of three years however lower than 5 years the penalty is 240 days of curiosity on the quantity withdrawn
    • For CD phrases of 5 years or extra the penalty is 12 months curiosity on the quantity withdrawn 
• Minimal deposit to open: $1,000

Except in any other case specified, CDs with Northpointe will robotically renew at maturity. Nonetheless, 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 embrace:

• Well being financial savings accounts (HSAs)
• Particular person retirement accounts (IRAs)
• Enterprise accounts
• House mortgage lending
• Customized debit playing cards
• Enterprise banking companies

The Northpointe Financial institution platform and buyer assist 

Northpointe clients can entry their accounts on-line by signing in by means of the financial institution’s web site.There’s additionally a free cell app that permits customers to entry deposit accounts. Utilizing the app, clients can view balances and transaction historical past, make transfers, and pay payments.

Northpointe customer support representatives could be reached by cellphone Monday by means of Friday from 8 am till 6pm EST. The financial institution additionally gives customer support by way of an automatic cellphone line 24/7 and there’s a separate debit card dispute line that can be accessed 24/7 for debit card considerations. Northpointe can be reached by way of its mailing handle in Grand Rapids, Michigan. As well as, safe messages could be despatched to the financial institution by means of its web site.

Execs and cons of Northpointe Financial institution

Whereas there are numerous advantages related to Northpointe Financial institution, together with the minimal account upkeep charges, it’s necessary to think about all components when on the lookout for a brand new financial institution. Listed below are a few of the execs and cons to remember.

Execs:

• No account upkeep charges: None of Northpointe’s accounts embrace a month-to-month upkeep charge.
• Account possibility for teenagers: The Northpointe Youngsters Financial savings gives a beneficial option to educate youngsters monetary literacy.
• Beneficiant APY: Whereas they might not be the perfect within the business, the APY on Northpointe’s Final Financial savings, cash market and even its Youngsters Financial savings account are beneficiant. 

Cons:

• 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 shoppers.
• Most beneficiant APY solely accessible 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. 

Incessantly requested questions

Is Northpointe Financial institution a reliable 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 may obtain the free Northpointe cell app and use it to entry your deposit accounts anytime.