Northpointe Bank Adds Nationally Available 15-Month CD Special

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Deal Summary: 15-month CD Special, 1.50% APY, $1k minimum.

Availability: Nationwide

Michigan-based Northpointe Bank recently introduced a 15-month CD Special (1.50% APY). The minimum deposit is $1k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.60%$1k-Northpointe Bank15 Months CD Special
Accounts mentioned in this post. Rates as of August 23, 2017.

As stated in the Deposit Accounts Disclosures, the Early Withdrawal Penalty reads as follows:

For CD Terms of 1 year but less than 3 years the
penalty is 90 days interest on principal amount withdrawn.

Ultimate Savings

Last September, Northpointe Bank added its UltimateSavings, which earns 1.12%APY on balances of $10k+, with a rate guarantee for “at least 12 months.” The rate guarantee is still in effect.

According to the fine print on the promo page,

If the balance in the account is less than $10,000 or greater than $500,000,
an interest rate of 0.15% APY will apply to the entire balance in the account.

More detail about the UltimateSavings, including ACH and beneficiary information, can be found in my September 2016 blog post.

UltimateAccount

DA readers are probably familiar with Northpointe Bank’s UltimateAccount, which is a rewards checking account that currently earns 5.00% APY on qualifying balances up to $10k. The UltimateAccount was added to the product in January 2015 and has maintained the 5.00% APY since that time.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.00*%-$10kNorthpointe BankUltimate Checking
OTHER TIERS: 0.10% $10k+
Accounts mentioned in this post. Rates as of August 23, 2017.

Availability

Headquartered in Grand Rapids, Michigan, Northpointe Bank offers its services and product line to U.S. residents in all 50 states who have a valid Social Security number or TIN.

Opening the CD Special (or any other type of account) can be done online, or at Northpointe Bank’s single brick-and-mortar branch located in Grand Rapids.

Bank Overview

Northpointe Bank has an overall health rating of “A" at DepositAccounts.com, with a Texas Ratio of 5.99% (excellent), based on March 31, 2017 data. In the past year, Northpointe Bank increased its total deposits by $106.58 million, excellent annual growth rate of 33.45% growth rate. Please refer to our financial overview of Northpointe Bank (FDIC Certificate # 34953) for more details.

Northpointe Bank is currently the 20th largest bank headquartered in Michigan, with assets in excess of $597 million. A relatively young institution, Northpointe Bank was founded in 1999 by Charles Williams, the current President and CEO. Last month, the Bank was ranked by Independent Community Bankers of America (ICBA) as one of the top performing financial institutions in the country among banks with assets between $300 million and $1 billion. ICBA also named Northpointe Bank in 2014 as a "top-performing lender, one out of nearly 450 community banks that have been successful in providing loans to individuals, families and small business."

How the CD Special Compares

When compared to the 168 similar length-of-term CDs tracked by DepositAccounts.com which require a similar minimum deposit and are available nationally, Northpointe Bank's 15-month CD Special APY currently ranks fifth.

The above rates are accurate as of 6/8/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table or our new Rates Map page.

Related Pages: Grand Rapids savings accounts, savings accounts, reward checking accounts, 1-year CD rates, nationwide deals

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Northpointe Bank's UltimateAccount (5.00% APY) Raises Limit To $10k
Deal Summary: UltimateAccount (rewards checking), 5.00% APY, up to $10k.

Availability: Nationwide

More than two years ago, Michigan based Northpointe Bank added a new Rewards Checking Account, UltimateAccount, which earned 5.00% APY on qualifying balances up to $5k. Northpointe Bank has recently raised the qualifying balance limit to $10k, while maintaining its 5.00% APY. Qualifying balances over $10k earn 0.10% APY, with non-qualifying balances earning 0.05% APY.

Qualifying Monthly Requirements:

  • At least 15 debit card purchases (the $500 minimum total is no longer required)
  • Direct deposit or automatic withdrawal...
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Northpointe Bank's UltimateSavings 1.12% APY Guaranteed For 12 Months
Availability: Nationwide

Michigan-based Northpointe Bank introduced its UltimateSavings account this week. This new account earns 1.12% APY on balances of $10k+, with a rate guarantee for “at least 12 months.”

According to the fine print on the promo page,

If the balance in the account is less than $10,000 or greater than $500,000,
an interest rate of 0.15% APY will apply to the entire balance in the account.

It is also stated in the fine print that there is "no monthly minimum balance requirement." The only fee listed for this...


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Michigan's Northpointe Bank is bidding farewell to Winter with two CD Specials: a 12-month CD (1.15% APY) and a 24-month CD (1.30% APY). The minimum opening deposit is $5K and there are no balance caps.

According to CSR, the Early Withdrawal Penalty is the same for both CDs: 90 days interest on the amount being withdrawn.

UltimateAccount

In January, I wrote about Northpointe Bank’s new high-yield reward checking account, UltimateAccount. The details of this account are as follows:

Limitations:

  • 5.00% APY on balances up to $5K
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Northpointe Bank’s High-Yield, Low-Cap Reward Checking Account

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Northpointe Bank has launched a high-yield reward checking account that it calls the UltimateAccount, and it’s nationally available. If you meet the monthly requirements, you’ll receive an interest rate that’s much higher than rates offered by most all other reward checking accounts. The downside is that the top interest rate only applies to a relatively small balance. For many savers, the low balance cap may be a deal killer. Nevertheless, it’s nice to see a new nationally available reward checking account that offers savers a way to get a...

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Special CDs with Competitive Rates at Northpointe Bank

Update 4/14/2012: The special early withdrawal feature now only applies to the 3-year CD.

Northpointe Bank is offering some unique CDs with competitive rates. They're unique because there's no early withdrawal penalty for the second half of the term. For example there is no early withdrawal penalty after 18 months for a 36 month CD. The bank calls these the Special Compass CDs, and they have the following rates and terms:

  • 1.80% APY 5-year CD
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  • 1.20% APY 3-year CD
  • 1.00% APY 2-year CD

These rates are listed at the bank's CD page...

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