Northpointe Bank

Overview / Commentary
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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I Usually Don’T Give 5 Star Review, But I Had Really Good Experience With This Bank.

Posted by: |

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 -

Posted by: |

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!

Posted by: |

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.



Health Grade Components

FDIC Certificate #34953
Year Established1999
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
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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

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
0.35%*$25k*$1mLiquid IRA Account
OTHER TIERS: 0.20% Up to $2.5k | 0.25% $2.5k - $25k | 0.30% $500k+

Northpointe Bank Money Market Rates

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

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

4.50%$1k-12 Month CD Special
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

4.50%$1k-12 Month IRA Special
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

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

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