Michigan-based Northpointe Bank recently introduced a 15-month CD Special (1.50% APY). The minimum deposit is $1k, with no stated balance cap.
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penalty is 90 days interest on principal amount withdrawn.
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.
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.
|5.00*%||-||$10k||Northpointe Bank||Ultimate Checking|
|OTHER TIERS: 0.10% → $10k+|
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.
Northpointe Bank has an overall health rating of “A" at EpBooks.us, 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 EpBooks.us 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.