The Northpointe Bank was established in 1999. The Michigan-based bank offers checking, saving, money market accounts, and certificates of deposit. Additionally, it provides individual retirement accounts, health savings accounts, insurance, business products, and home loans. It has one traditional bank branch in Grand Rapids and other locations in Michigan as well as other states that are focused on lending. If you have been contemplating using Northpointe Bank, here are a few reasons why you should go for it.
1. Kid’s Savings Account
The most important reason to choose Northpointe Bank is the types of savings account it offers. There are two accounts for you to choose from- the Ultimate Savings and Kid’s Savings. The Kid’s account is an opportunity for you to start investing in your child’s account from a young age. It will also help teach financial values to your children as they grow up. But the Kid’s account cannot be opened online.
You will require a minimum deposit of $100 for the Ultimate Savings account. The APYs range from 0% for a balance up to $99.88 and 0.45% for a balance ranging from $5,000 to $2 million. The interest is credited each month and is compounded. It does not offer checks, bill pay, or debit cards. You can make deposits through wire transfer, personal check, mobile check deposit, ACH through the bank or credit union, and ACH through the bank’s website.
2. Access on the go
The bank has a mobile app for Android and iOS devices. The app is easy to use and mobile check deposit is also available through the app. When you use a Northpointe debit card, the point of sale transactions are restricted to $2,500 per day. The ATM withdrawals are limited to $500 per day. The debit card/ ATM card works on any ATM network without any additional charges. The debit card can be used with Google Pay and Apple Pay. Northpointe reimburses $15 a month for the ATM providers who charge a fee.
3. Competitive interest rates
The first thing you consider when opening a new bank account is the rate of interest and this is where Northpointe Bank stands out. It offers competitive interest rates on the accounts. In the checking account, the APYs range from 0% on a balance up to $2,499 to 0.30% for a balance of $100,000 and above. In the Ultimate Money Market account, the minimum opening deposit is $1,000, and the APYs range from 0% for an account balance up to $2,499 to 0.45% for the balance ranging from $5,000 to $2 million. They have CDs ranging from 7 days to 60 months and the APYs range from 0.30% to 0.65%. It also requires a minimum deposit of $1,000.
4. Free non-interest-bearing checking account
The Bank offers two checking accounts– interest checking and free checking. In an Interest checking account, you need a minimum deposit of $2,500. The interest is compounded and credited each month. The free checking account needs a minimum deposit of $100 at the time of opening and a minimum balance of $0.01. It pays no interest and there are no monthly maintenance fees. Additionally, the account offers debit cards, checks, and bill pay capabilities.
5. Relatively low minimum deposit requirement for savings and money market accounts
A huge advantage of opening a savings or money market account with Northpointe Bank is that there is no need for a huge minimum deposit amount. You can open a money market account with a balance as low as $1,000. The Savings account can be opened for just $100. This works best for those who do not want to set aside a huge amount at the time of account opening.
These are the pros of using the bank but there are some cons that should not be overlooked. The interest rates offered by Northpointe Bank compare favorably with other online competitors, but they also come at a price. You need to keep in mind that there is only one physical branch and there are no checks, debit cards, or bill pay capabilities for savings accounts. Besides that, there are fees and penalties for a number of accounts.
However, if you enjoy a digital experience, this bank is an ideal choice for you.