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
6/24 - I Love An Institution That Lets Its Depositors Know Of Rate Changes
3/25 - Northpointe Bank Offers Promotional Rate On Its Ultimate Money Market - Expired
7/1 - 2.55% APY Savings Account Over 25K
11/6 - Northpointe Bank Boosts Ultimate Money Market Rate
10/23 - Ultimate Savings Rate Increase For Jumbo Deposits
7/9 - Ultimate Savings Rate Decrease
5/15 - Northpointe Bank Boosts Ultimate Savings Rate
10/31/17 - Northpointe Bank Unveils Ultimate Money Market
10/16/17 - Northpointe Bank Offers Nationally Available 17-Month CD Special
6/13/17 - NorthPointe Notifies Customers of New Ultimate Checking Requirement
6/13/17 - Update To Your Ultimateaccount
6/8/17 - Northpointe Bank Adds Nationally Available 15-Month CD Special
5/8/17 - Northpointe Bank's UltimateAccount Raises Limit To $10k
5/8/17 - Northpointe Bank Increases 5% Cap On Ultimate Checking Account To $10,000
9/15/16 - Northpointe Bank's UltimateSavings 1.12% APY Guaranteed For 12 Months
3/31/15 - Northpointe Bank Offers Competitive 12-Month And 24-Month CD Specials
1/29/15 - Northpointe Bank’s High-Yield, Low-Cap Reward Checking Account
3/7/12 - Special CDs with Competitive Rates at Northpointe Bank
10/21/10 - Special No-Penalty 3-Year CD at Northpointe Bank - Michigan Only
10/19/10 - 1.40% Money Market Account At Northpoint Bank - Michigan Only
6/18/09 - 2.70% 15-Month CD & 3.00% 23-Month CD at Northpointe Bank in Michigan - Nationally Available
6/3/09 - 3.00% 23-Month CD & 2.65% 11-Month CD at Northpointe Bank in Michigan
I Usually Don’T Give 5 Star Review, But I Had Really Good Experience With This Bank.
I try not to give five or one star bank reviews because I do not want to be bias.
This time it is an exception. I had to break a CD due to emergency. Even though my circumstances were very unusual, the bank had all legal rights to charge me penalty per agreement I had signed.
The bank was kind enough to waive all the penalties, released funds in a timely manner and wire transferred funds the same day!
Previously, I had no problems opening accounts with Northpointe Bank and I had no problems working with the bank while accounts were opened.
I would use this bank again for my financial needs.
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!
Overall Grade… B -
Opening the Ultimate Money Market Account was easy.
Setting up the bill pay was swift.
Interest rate is relatively high.
The ACH fund transfer speed between banks originating with Northpointe is slow – three days when many banks routinely carry it out in one day.
Customer Service is poor – once logged-in it’s impossible to find a method to contact it. On the bank’s home page there’s a ‘contact your expert’ link – used it to send an email which was never acknowledged or answered.
Account Opening Process Is ARCHAIC!
I opened the 2.05% APY Ultimate Savings account yesterday at which time the maximum initial funding limit via an ACH pull into Northpointe is $1,000 I believe. I assumed that once the account was opened I could pull additional funds into the account by setting up the funding account as an "external account" with Northpointe.
Well, you know what happens when you assume! Northpointe does not provide that functionality. The only options are sending in a check, wire the money to Northpointe or ACH the money from the funding account. I bank with Wells Fargo and like all other banks I can think of they have very LOW $ limits on what they allow their customers to ACH OUT of their accounts.
The bottom line is I just closed the Northpointe account the day after I opened it because of their antiquated policies.
Since the 2.05% rate is only available on balances over $25k and they restrict the opening deposit that they do fund via ACH, the customer is forced to either fund by check or wire transfer. An ACH push out of Wells is not an option due to Wells' low $ limits.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34953 |
| Year Established | 1999 |
| Employees | 1266 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.43% |
| Return on Equity - YTD | 4.23% |
| Annual Interest Income | $68.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $3.97B$3.67B |
| Loans | Q2 2022vs Q2 2021 | $3.42B$3.23B |
| Deposits | Q2 2022vs Q2 2021 | $2.42B$2.11B |
| Equity Capital | Q2 2022vs Q2 2021 | $439.4MM$393.2MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $6.5MM$3.9MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $8.2MM$13.3MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $1.2MM$162.00K |