Northpointe Bank


Overview / Commentary
888-672-5626
3333 Deposit Drive NE
Grand Rapids, MI 49546-1467

Northpointe Bank is headquartered in Grand Rapids and is the 4th largest bank in the state of Michigan. It is also the 312th largest bank in the nation. It was established in 1999 and as of June of 2022, it had grown to 1,266 employees at 1 location. Northpointe Bank's money market rates are 7X the national average, and it has an A health rating.

Related Posts

Ultimate MM APY Increases To 1.85% - 8/13/2022

I received an e-mail from Northpointe Bank with an update on the Ultimate MM and Ultimate Savings accounts. The text of the e-mail is clipped and pasted below. Maybe they read the DA readers reactions to Northern Bank. ;-) Northpointe Bank is happy to announce that the top interest rate on our Ultimate Money Market & Ultimate Savings accounts are increasing to 1.85% APY as of Wednesday, August 17! No action is required of you – our new, higher rates will automatically be applied to your account. For more details, log into online banking or visit our website after August 17.

I Love An Institution That Lets Its Depositors Know Of Rate Changes - 6/24/2022

Too many just let you discover them on your own (or depend on Ken to find out for us). Here is an email I just received: INTEREST RATES ON OUR BANK ACCOUNTS ARE INCREASING! Northpointe Bank is happy to announce the top interest rate on our Ultimate Money Market & Ultimate Savings accounts are increasing to 1.25% APY as of Friday, July 1! No action is required of you – our new, higher rates will automatically be applied to your account. For more details, log in to online banking or visit our website after July 1:

Northpointe Bank Offers Promotional Rate On Its Ultimate Money Market - Expired - 3/25/2022

Northpointe Bank's nationally available Ultimate Money Market (new and existing) had a promotional rate guaranteed for 6 months. The promotion ended on 4/26/2022.

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Great Bank!

Posted by: |

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 Disagree.

Posted by: |

About 1/3 of banks I've dealt with call their high yield money market fund checking rather than savings. The NorthPointe account was easy to open and they helped me add beneficiaries to my account. I recommend NorthPointe Bank. Chucke

Fishing For Complements

(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.

No Good Review Goes Unpunished.

Northpointe raised the MMA rate again, to 2.15 but this time there was no email and the new rate did not apparently apply to existing customers as my account continued to show the 1.85 rate. I emailed them and asked that my account be converted to the new rate. I received this email response (in part):
"Yes, I’m happy to assist and good news – the 2.15% APY top rate has been made active on your account and will be effective retroactive back to the new promotion start date of 08/17/22."
So, if you have one of these accounts, you are going top have to ask...and keep a sharp eye on your account in the future!

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Health

Health Grade Components

Overall
FDIC Certificate #34953
Year Established1999
Employees1266
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.43%
Return on Equity - YTD4.23%
Annual Interest Income$68.8MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$3.97B$3.67B
LoansQ2 2022vs Q2 2021$3.42B$3.23B
DepositsQ2 2022vs Q2 2021$2.42B$2.11B
Equity CapitalQ2 2022vs Q2 2021$439.4MM$393.2MM
Loan Loss AllowanceQ2 2022vs Q2 2021$6.5MM$3.9MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$8.2MM$13.3MM
Real Estate OwnedQ2 2022vs Q2 2021$1.2MM$162.00K
Rates
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Always verify rates and promotions with the bank or credit union. We are not Northpointe Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Northpointe Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.25%*$25k*-Ultimate Savings
OTHER TIERS: 0.25% $100 - $25k | 0.30% $2m+ | 0.35% $5k - $1m
1.50%*-$1kKid's Savings
OTHER TIERS: 0.34% $10k+ | 1.11% $1k - $10k
0.50%--Health Savings Account

Northpointe Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.25%*$25k*$3mUltimate Money Market
OTHER TIERS: 0.25% $2.5k - $5k | 0.35% $5k+
0.35%*$25k*$500kBusiness Money Market Account
OTHER TIERS: 0.20% Up to $2.5k | 0.25% $2.5k - $25k | 0.30% $500k+
0.35%*$25k*$1mIRA - Ultimate Money Market
OTHER TIERS: 0.20% Up to $2.5k | 0.25% $2.5k - $25k | 0.30% $1m+

Northpointe Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.30%*$100k*-Interest Checking
OTHER TIERS: 0.05% $2.5k - $10k | 0.15% $10k - $25k | 0.25% $25k - $100k
0.10%--Business Plus Checking

Northpointe Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.15%$2.5k-60 Month CD
2.10%$2.5k-48 - 59 Month CD
2.05%$2.5k-36 - 47 Month CD
2.00%$2.5k-24 - 29 Month CD
2.00%$2.5k-30 - 35 Month CD
1.50%$2.5k-18 - 23 Month CD
1.25%$2.5k-12 - 17 Month CD
0.65%$2.5k-6 - 11 Month CD
0.35%$2.5k-92 - 182 Day CD
0.35%$2.5k-7 - 91 Day CD

Northpointe Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.15%$1k-60 Month IRA
2.10%$1k-48 - 59 Month IRA
2.05%$1k-36 - 47 Month IRA
2.00%$1k-24 - 29 Month IRA
2.00%$1k-30 - 35 Month IRA
1.50%$1k-18 - 23 Month IRA
1.25%$1k-12 - 17 Month IRA
0.65%$1k-6 - 11 Month IRA
0.35%$1k-7 - 91 Day IRA
0.35%$1k-92 - 182 Day IRA
Locations


Northpointe Bank Locations
Northpointe Bank3333 Deposit Dr NeGrand Rapids, MI 49546

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