Dedicated to Deposits: Deals, Data, and Discussion

2.70% 15-Month CD & 3.00% 23-Month CD at Northpointe Bank in Michigan - Nationally Available


Northpointe Bank
Northpointe Bank continues to offer competitive CD rates. Two of their CD specials that are listed on their front page as of 6/18/09 include a 2.70% APY 15-month CD and a 3.00% APY 23-month CD. Minimum deposit is $5,000. Note, when you click the link, it takes you to the rate table which lists lower rates. When I called earlier in the month about this discrepancy, I was told the special rates listed on the front page are correct. Their regular CD rates are also competitive. The most competitive include a 2.50% APY 12-month CD and a 3.50% APY 60-month CD.

I last posted on Northpointe earlier this month when their short-term CD special was an 11-month CD rather than a 15-month CD. I had called the bank before that post, and the CSR said that these CDs can be opened by mail from any state. To open an account, you'll need to call, (phone # 888-672-5626), and request that they email you the application. Once they email you the application, they give you a week and a half to mail in the forms and check to lock in the current rate.

Northpointe Bank is a small bank with one office located in Grand Rapids, Michigan. They seem to be aggressively looking for deposits. I noticed that they were bidding on MoneyAisle. So perhaps they won't get overwhelmed by having their CDs available nationwide.

The bank's ratings for safety and soundness are weak. Their rating at BauerFinancial fell from 2 stars (problematic) based on 12/31/08 data to 0 stars (lowest) based on 3/31/09 data.'s ratings are still based on 12/31/08 data so they still have a 2-star rating (below peer group). As I recommend with any bank, it's best to stay under the FDIC limits. Northpointe Bank has been a FDIC member since 1999 (FDIC Certificate # 34953).

Other High Certificate of Deposit Rates

  Tags: Michigan, CD rates, Northpointe Bank

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