Northpointe Bank Offers Nationally Available 17-Month CD Special
Michigan-based Northpointe Bank has added a 17-month CD Special that earns 1.75% APY. The minimum deposit is $1k, with no stated balance cap.
The CD Special is also offered as an IRA, earning the same APY with the same funding requirements.
As stated in the Truth in Savings disclosure, 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penalty is 90 days interest on principal amount withdrawn.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 Checking
Many DA readers are familiar with Northpointe Bank’s Ultimate Checking account, which is a rewards checking account that currently earns 5.00% APY on qualifying balances up to $10k. Qualifying balances over $10k earn 0.10% APY, with non-qualifying balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 5.00*% | - | $10k | Northpointe Bank | Ultimate Checking | |
| OTHER TIERS: 0.10% → $10k+ | |||||
The Ultimate Checking account was added to the product line in January 2015 and has maintained its 5.00% APY since its introduction. Five months the balance cap was raised to $10k from the original cap of $5k.
Availability
Headquartered in Grand Rapids, Michigan, Northpointe Bank offers its services and product line to U.S. residents in all 50 states with 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 4.74% (excellent), based on June 30, 2017 data. In the past year, Northpointe Bank has increased its total deposits by $140.59 million, excellent annual growth rate of 41.31% growth rate. Please refer to our financial overview of Northpointe Bank (FDIC Certificate # 34953) for more details.
Northpointe Bank is currently the 15th largest bank headquartered in Michigan, with assets in excess of $694 million. A relatively young institution, Northpointe Bank was founded in 1999 by Charles Williams, the current President and CEO. In April, 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 143 similar length-of-term CDs tracked by DepositAccounts.com which require a similar minimum deposit and are available nationally, Northpointe Bank's 17-month CD Special APY currently ranks fourth.
| Interest Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 2.07% APY | 18-Month Promotional Share Certificate | GTE Financial |
| 1.81% APY | 15-Month Special CD | Veridian Credit Union |
| 1.75% APY | 17-Month CD Special | Northpointe Bank |
The above rates are accurate as of 10/16/2017.
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.
