Northpointe Bank Reviews: Savings, Checking, CD, Money Market and IRA Accounts

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Updated on Sunday, November 1, 2020

Northpointe Bank savings account options

Ultimate Savings

The Ultimate Savings account has no monthly service fee or minimum deposit requirement.

APY

Minimum Deposit Amount to Earn APY

0.25%

$100-$24,999.99

0.55%

$25,000-$999,999.99

0.55%

$1 million +

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • Overdraft fees: $29 plus an $8 automatic overdraft transfer charge

Northpointe Bank’s Ultimate Savings account comes with online banking capabilities and offers a decent annual percentage yield (APY). One thing it does not come with, however, is an ATM card.

Any transaction you make per month past six may incur a fee, which is standard for this type of account due to the Federal Reserve’s Regulation D. Federal law mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. Go over six transactions and you’ll pay a $15 fee to the bank.

Taking into consideration the transaction limit, you’ll benefit the most from the Northpointe Bank’s Ultimate Savings account if you plan to put away cash you won’t need to access frequently. For example, rainy-day savings that you rarely dip into could find a suitable home in the Ultimate Savings account.

How to open a Northpointe Bank Ultimate Savings Account

You can complete the entire application for the Ultimate Savings account online. You’ll need to have basic information like your name, email access, an existing bank account to fund your new account, address and identifying documents, such as your driver’s license, state ID, passport or military ID.

Kids Savings

The Kids Savings account boasts a high interest rate, but can’t be opened online.

APY

Minimum Deposit Amount to Earn APY

1.50% APY

Up to $1,000

1.11% APY

$1,000+

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0

The Northpointe Bank Kids Savings account offers a two-tier interest rate. This account for kids actually has the highest interest rate among the bank’s basic savings accounts. It does not come with an ATM card. Regulation D applies here as with other savings accounts. Your child’s account will be charged a fee if you do more than six transactions in a month.

How to open a Northpointe Bank Kids Savings Account

Northpointe Bank Kids Savings accounts are for minors up to 18 years old. It’s one of the accounts that you can’t set up online with Northpointe Bank. You must call to complete the application or visit a local branch, or mail in a completed paper application.

Health Savings Account (HSA)

A savings account with tax benefits that people with a high-deductible health plan can use to stash away cash for health expenses.

APY

Minimum Deposit Amount to Earn APY

0.50% APY

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: None for both in-network and out-of-network ATMs. However, the owners of out-of-network ATMs may charge surcharge fees.
  • ATM fee refunds: None
  • Overdraft fees: None

The benefit of opening an HSA for medical expenses is that your contributions to that account reduce your taxable income. Tax benefits are a clear pro for this account. The Northpointe Bank Health Savings Account is an interest-bearing account as well — and free. You get an HSA debit card, which makes it convenient to pay medical expenses whenever necessary. As it is an HSA, you are not allowed to overdraft the account.

There are some guidelines for this and any other HSA account. You can only sign up for the HSA if you have a high-deductible health plan (HDHP). According to the IRS, 2020 HDHP plans are generally those that have a deductible of at least $1,400 for individuals and $2,800 for a family. The annual out-of-pocket expenses are capped at $6,900 for individuals or $13,800 for families, although these limits don’t apply to out-of-network services.

Thankfully, this isn’t a use-it or lose-it situation. You can roll over your HSA money year after year. Be aware that you may face a steep $50 fee to transfer your HSA funds to an account with a different bank.

Anyone who qualifies for an HSA account should at least review what it has to offer. Making contributions now can come in handy when you hit retirement. You can use money contributed to the HSA account on qualified medical costs including premiums, medical services, equipment, transportation and long-term care.

Review IRS guidelines carefully before withdrawing cash from the HSA account. You can incur tax penalties if you don’t use the account properly.

You can apply for the Northpointe Bank Health Savings Account online. Select the option to open an account at the top of the page — there’s a choice to select the Health Savings Account further into the application.

How to open a Northpointe Bank Health Savings Account

You can complete the entire application for the Health Savings account online. You’ll need to have basic information like your name, address, email, an existing bank account to fund your new account, and identifying documents, such as your driver’s license, state ID, passport or military ID.

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How Northpointe Bank saving accounts compare

The Kids Savings account leads the pack with the highest interest rate — but it’s only for kids. The Ultimate Savings account for adults, despite its name, isn’t quite as ultimate as it could be. The rates are good but only if you pony up significant cash. The bottom line is you can get better rates on savings accounts listed on our site. There’s stiff competition when it comes to online-only savings accounts, which works to your favor. The Health Savings Account is a decent option, but only if you have the right health care plan.

Northpointe Bank checking account options

Interest Checking

Requires a pretty high balance to earn a so-so interest rate.

APY

Minimum Deposit Amount to Earn APY

0.15% APY

$2,500 - $24,999.99

0.25% APY

$25,000 - $99,999.99

0.30% APY

$100,000+

  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $0
  • ATM fees: None for both in-network and out-of-network ATMs. However, the owners of out-of-network ATMs may charge surcharge fees.
  • ATM fee refunds: Up to $15 per statement cycle
  • Overdraft fees: $29

Northpointe Bank’s Interest Checking account comes with online and mobile banking capabilities. The account also has a wide interest rate spread, depending on your balance. You can look forward to getting reimbursed up to the monthly limit if you use ATMs from other financial institutions.

Other fees include an overdraft fee of $29 per transaction, which isn’t unusual for a checking account. Keep tabs on your balance, and you won’t run into much trouble here.

When you try to make a transaction that would overdraw your account, some banks will cover the balance and charge a fee. The overdraft is essentially a courtesy — the institution is covering the transaction for you because you didn’t have the cash. Northpointe mentions in its disclosure agreement that it may honor withdrawal requests at its discretion that will put you into overdraft and a fee can be assessed.

The alternative is that some banks will just decline the transaction resulting in no fee. Of course, the no-fee course of action is ideal. Northpointe also has an option where you can connect your checking to savings account to avoid overdraft fees.

You must be able to maintain the daily balance necessary to earn interest from the Interest Checking account. You won’t earn interest otherwise, which isn’t good — your money should always be working for you when it’s sitting in an account.

How to open the Northpointe Bank Interest Checking account

You can apply online for this account right on the Northpointe Bank website. You’ll need to provide basic information like your name, address, email, an existing bank account to fund your new account, and identifying documents, such as your driver’s license or government-issued ID.

Free Checking

No fees or minimum balance required — no interest earned, either.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fees: None for both in-network and out-of-network ATMs. However, the owners of out-of-network ATMs may charge surcharge fees.
  • ATM fee refunds: Up to $15 per statement cycle
  • Overdraft fees: $29

The Northpointe Bank Free Checking account is an all-round free account. You even get ATM fee reimbursement up to a certain limit when you get charged while using ATMs from other banks. The lack of fees is great news. The lack of interest is where the news isn’t so great. There are just too many other online bank accounts that offer you no fees with interest for you to go with this option.

This Free Checking account is also one of the many accounts that you can sign up for online through Northpointe Bank’s website. Check out our ranking of the best high-yield checking accounts.

How to open the Northpointe Bank Free Checking account

You can complete the entire application for the Free Checking account online. You’ll need to have basic information like your name, address, email, an existing bank account to fund your new account, and identifying documents, such as your driver’s license, state ID, passport or military ID.

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Northpointe Bank's website is secure

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How Northpointe Bank checking accounts compare

Overall, the Northpointe Bank checking accounts leave a lot to be desired in the interest rate department. The accounts listed in our round-up of the best online checking accounts offer higher APYs and may require lower minimum daily balances to earn them. The Interest Checking account, which does offer interest, makes you maintain a pretty high average daily balance to get any reward.

Northpointe Bank CD rates

Northpointe Bank has fixed-rate, fixed-term CDs with decent interest rates, although not the highest around. The CDs requires a high balance to earn APY, watch out for the fine print.

Term

APY

7-91 days

0.30%

92-182 days

0.30%

6-11 months

0.30%

12-17 months

0.50%

18-23 months

0.50%

19 month CD Special

2.05%

24-29 months

0.50%

30-35 months

0.50%

36-47 months

0.50%

48-59 months

0.65%

60+ months

2.70%

  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalties, which depend on the original term of the CD, are:
    • 7 to 179 days: 30 days’ interest penalty
    • 180 to 364 day: 90 days’ interest penalty
    • 1 to 3 years: 180 days’ interest penalty
    • 3 to 5 years: 240 days’ interest penalty
    • 5 years or more: 365 days’ interest penalty

A certificate of deposit (CD) is an account in which you can park your money for a set period and earn a fixed interest rate. When the CD matures, you have a certain amount of time to withdraw that money before the account renews.

Always remember that a CD is a place to put money that you don’t regularly need because it can be pricey to withdraw early. There are pros and cons to locking into a fixed rate. You’re in the clear if offered rates decrease. Your money will continue to earn the interest rate you signed up for initially. On the other hand, you’re stuck with your CD rate until the end of the term, and out of luck if rates increase.

You’ll get the most from these CDs if your term is longer. The short-term CD rates are nothing to write home about, and are probably not worth the hassle of opening.

How to open Northpointe Bank CDs

To open a CD at Northpointe Bank, you’ll need to go to a branch. You’ll need to have basic information like your name, address, email, an existing bank account to fund your new account as well as identifying documents, such as your driver’s license, state ID, passport or military ID.

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How Northpointe Bank CDs compare

Northpointe Bank CD rates are lower than what you can get from other financial institutions. Check out our best CD rates roundup to see our top choices. Other accounts let you deposit a lower amount while still earning interest as well.

Northpointe Bank Money Market rates

Ultimate Money Market

This account doesn’t come with an ATM card, but you can purchase checks.

APY

Minimum Deposit Amount to Earn APY

0.25%

$2,500-$24,999.99

0.55%

$25,000-$99,999.99

0.55%

$100k+

  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $0
  • ATM fee: No card
  • ATM fee refund: No card
  • Overdraft fee: $29

If you’re looking for a money market account with an ATM card, this account won’t be your first choice. Note, however, that the account has no monthly maintenance fee, which is a plus.

Keep in mind that there’s a limit to how many transactions you can make with this account, as well. The limit is six transactions due to the Fed’s Regulation D. Surpass six transactions and you’ll be charged a $15 fee per item. Take care to avoid this and you can enjoy this account with no fees.

The Ultimate Money Market account may be a good place to put savings that you need to have easily accessible because you can use checks. Be mindful of the starting minimum balance required.
The Ultimate Money Market account is another one offered by this bank that you can open online. You need to have the minimum deposit ready to get started.

How to open the Northpointe Bank Money Market account

You can complete the entire application for the money market account online. You’ll need to have basic information like your name, address, email, an existing bank account to fund your new account, and identifying documents, such as your driver’s license, state ID, passport or military ID.

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How the Northpointe Bank Ultimate Money Market account compares

The Northpointe Bank Ultimate Money Market account has an interest rate spread that’s pretty competitive compared to the money market accounts on our round-up.

Northpointe Bank IRA accounts

IRA CD Rates

A secure investment option to stash some retirement cash.

Term

APY

7-91 Days

0.30% APY

92-182 Days

0.30% APY

6-11 Months

0.30% APY

12-17 Months

0.50% APY

18-23 Months

0.50% APY

24-29 Months

0.50% APY

30-35 Months

0.50% APY

36-47 Months

0.50% APY

48-59 Months

0.65% APY

60+ Months

0.65% APY

  • Minimum opening deposit: $500 for fixed IRA CDs and $1,000 for IRA special CDs
  • Minimum balance to earn APY: $500 for fixed IRA CDs and $1,000 for IRA special CDs
  • Early withdrawal penalties, which depend on the original term of the CD, are:
    • 7 to 179 days: 30 days’ interest penalty
    • 180 to 364 day: 90 days’ interest penalty
    • 1 to 3 years: 180 days’ interest penalty
    • 3 to 5 years: 240 days’ interest penalty
    • 5 years or more: 365 days’ interest penalty

Individual retirement accounts (IRAs) offer tax perks for people saving for their golden years. The money you deposit into an IRA account is tax-deductible and thus tax-deferred until you withdraw funds in retirement. Withdrawing money from an IRA before you reach the age of 59½ can cost you a pretty penny in income tax and other penalties. Northpointe Bank offers both IRA CDs and IRA savings accounts.

Northpointe Bank’s IRA CDs offer a wide spread of interest rates that get higher the longer you keep money in the account.

You must keep your money in the IRA CD account for the entire term to avoid a penalty from Northpointe Bank and the IRS. There is one exception for early withdrawal penalties: You may catch a break if you have to withdraw money for hardship or medical expenses. Even with the possible loopholes for IRS-related penalties, people who will benefit from the IRA CD the most are those who will leave the money in the account for its entire term.

The IRA CD is a savings vehicle for retirement that earns a set amount of interest for an assigned period. An IRA CD may be the right addition to your retirement plan if you’re looking for a safe and predictable place to put your savings.

How to open a Northpointe Bank IRA CD

The IRA CD is one of the Northpointe Bank accounts that you can’t apply for online. You must call customer service to open this account, email the bank, or fill out and send a paper application.

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How Northpointe Bank IRA CDs compare

Most of the Northpointe Bank products have lower interest rates than those we list on our round-up of the best IRA CDs. Competitors offer comparably higher fixed interest rates for the shorter-term IRA CDs. You can also find accounts that let you earn APY with a lower balance.

Ultimate IRA Money Market

A place with potential tax benefits to put your retirement savings. IRS penalties can apply if you withdraw early.

APY

Minimum Deposit Amount to Earn APY


0.20%

Up to $2,499.99

0.25%

$2,500-$24,999.99

0.55%

$25k-$1,000,000


0.50%

$1,000,000+

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: No card
  • ATM fee refund: No card

The Ultimate IRA Money Market account is another place to put cash for retirement that comes with potential tax benefits.

The IRA CD discussed in the previous section has a fixed interest rate for a fixed term. This account does not have a fixed term, and the APY can change at any time. The Regulation D’s six-transactions-per-month limit applies here as well. Go over six transactions per month and you’ll encounter a $15 fee per item.

Ultimately, the money you contribute to an IRA is money you don’t plan to touch until retirement age to avoid penalties. Retirement could be years or even decades away for you. The interest rate on this account is pretty low if your money is going to be baking for quite a while. An IRA CD would probably be a better option to consider if you prefer to put some of your nest egg in a place that’s low risk.

How to open the Northpointe Bank Ultimate IRA Money Market account

The Liquid IRA Savings account is one that you can’t apply for online. You can call Northpointe Bank to set up this account instead.

Overall Review of Northpointe Bank’s banking products

Northpointe Bank gets high marks for its lack of fees, a variety of account offerings and good user experience. If you’re not located near a branch, you can apply for many of the accounts online from the comfort of your own home.

The accounts that can’t be applied for online can be done over the phone. Someone who wants to be loyal to one bank will likely benefit the most from doing business with Northpointe since there are so many account types available, and you can most likely fulfill all of your banking needs in one place.

Interest rates are where Northpointe Bank doesn’t quite stack up against the competition. The highest APY for a basic savings account is the Kids Savings account. There’s nothing remarkable about the APYs on other accounts that should sway you to bank here instead of other online banks that also have no fees and offer top-notch online services. As we have mentioned, there is not much information available on the bank’s website, so you’ll need to chase down any answers beyond the bare minimum of information online.