Northpointe Bank is headquartered in Grand Rapids and is the 4th largest bank in the state of Michigan. It is also the 292nd largest bank in the nation. It was established in 1999 and as of March of 2022, it had grown to 1,278 employees at 1 location. Northpointe Bank has a B+ health rating.
Over the years, I have opened and closed dozens of bank accounts. For the most part, banks range from fair to good. Northpointe is the exception. It's a great bank! It has reasonable ACH limits, easy online account enrollment, good online banking and excellent/well-trained reps (who actually have personalities).
I got the 0.9% rate so I got lucky.
I do wish the web account offered notification alerts.
I signed up to this account, and was accepted when it was 0.9%. I just checked the rate at their web site and they have lowered their rate to 0.65%. My money was in transit to my account while the rate lowered. Disappointed. Lets see what rate I will get.
Although the overall Health rating is B, the Bank has an F for Deposit growth. It has been around for a while considering it's an online bank as well.
Does anybody worry that this Heath rating may indicate that it could go bust?
(review comments on the deposit opening process)
I recently applied for, and opened, an Ultimate MMA. In an email acknowledging my application, it ended with the following:
“Leave us a review! Please take 30 seconds to post a positive review for Northpointe Bank on Google. Click here to get started”.
Now I am accustom to online merchants requesting reviews of their products, but never before the product is sent! (or in this case before the account is opened and funded).
I did find the application process to be easy, and clear. However, at the start of the process they indicated what documents and information should be gathered before starting the process. Bonus points for that. One item listed was the Drivers License. However, near the end of the application one finds a requirement to attach an electronic copy of the DL, in addition to all such info that had already been required to be entered in the application. If one doesn’t already have one available this is a pretty inconvenient time to find out one is needed, interrupting the application process to fiddle with this requirement. Minus points for this.
Another odd thing about the application process is that initial funding is limited to the $100 minimum account balance. No other amount is permitted. I find this odd because the minimum to trigger the advertised rate (.90%) for the Ultimate MMA is $25,000. One has to wait for account approval, then set up online banking, link a funding institution and use that to transfer the triggering balance. It took me over a week from starting the application to getting the requisite $ into my account. Notwithstanding these additional steps for the $25,000, the $100 minimum balance was not transferred any faster, both amounts posted on the same day.
Northpointe sent several helpful emails immediately as a result of the application submission. These must come from some sort of automated routine as they were received around 2 AM on a Saturday. I did not receive notification that my application had been approved until Tuesday afternoon, as apparently that review only occurs during normal banking hours.
Every bank seems to have some oddities in their processing, but which are really nothing more than that. Despite being sort of slow with the initial funding, Northpointe was very quick to issue the test deposits needed for account linking. And, they send plenty of emails to advise one of any developments in the process, like when a linked account is ready for use.
|FDIC Certificate #||34953|
|Return on Assets - YTD||1.16%|
|Return on Equity - YTD||11.91%|
|Annual Interest Income||$32.3MM|
|Assets and Liabilities|
|Assets||Q1 2022vs Q1 2021||$4.38B$3.69B|
|Loans||Q1 2022vs Q1 2021||$3.51B$3.20B|
|Deposits||Q1 2022vs Q1 2021||$2.80B$2.03B|
|Equity Capital||Q1 2022vs Q1 2021||$447.6MM$387.7MM|
|Loan Loss Allowance||Q1 2022vs Q1 2021||$4.8MM$5.0MM|
|Unbacked Noncurrent Loans||Q1 2022vs Q1 2021||$8.4MM$9.1MM|
|Real Estate Owned||Q1 2022vs Q1 2021||$1.5MM$176.00K|
Rates for Northpointe Bank are currently being reviewed.
|Northpointe Bank Locations|
|Northpointe Bank||3333 Deposit Dr Ne||Grand Rapids, MI 49546|