Northpointe Bank is offering two competitive CD specials: a 3.00% APY 23-month CD and a 2.65% APY 11-month CD. Minimum deposit is $5,000. These rates are listed on the front page of the bank's website. Note, when you click the link, it takes you to the rate table which lists lower rates. I was told the special rates listed on the front page are correct.
When I called the bank today, 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. According to the CSR, these rates just changed last Friday, but they can change at any time.
It's a small bank with one office located in Grand Rapids, Michigan.
The bank's ratings for safety and soundness are a little weak: 2 stars (below peer group) at Bankrate.com and 2 stars (problematic) at BauerFinancial. Both ratings are based on 12/31/08 financial data. The bank has been FDIC insured since 1999 (FDIC Certificate # 34953).
Other High Certificate of Deposit Rates
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