1. Are you FDIC insured?
Yes, Northpointe Bank is FDIC insured. Our FDIC number is #34953.
2. Does the rate apply to the full balance or just the amount over $25,000?
The 2.05% APY rate applies to the full balance if the balance is $25,000+
3. How can I move money in and out of the account?
There are several options for moving funds in and out of the account:
- Mobile Check Deposit via our Mobile Banking App – transaction limits vary by account
- ACH in initiated via our External Transfer service within Online Banking – up to $25k per day & $250k per month
- ACH in initiated from your bank, credit union or PayPal/Venmo type service – no transaction limits
- Wire transfer in – no transaction limits
- Mail us a personal check, cashier’s check, or bill pay check – no transaction limits
- ACH out initiated via our External Transfer service within Online Banking – up to $25k per day & $250k per month
- ACH out initiated from your bank, credit union or PayPal/Venmo type service – no transaction limits
- Wire transfer out (fee applies) – no transaction limits
- We can mail you cashier’s check via USPS delivery (fee applies) – no transaction limits
4. Can the account be opened in the name of a trust?
Yes, we allow accounts to be titled in the name of a trust. As an alternative, you can also designate the trust as a beneficiary.
5. Do you offer checks, debit card, or bill pay on this account?
No, as a savings account this account is subject to federal banking Regulation D which limits non in-person withdrawals to up to six transactions per month. Specific to Northpointe, we do not allow checks, debit cards or bill payment on our savings accounts.
6. What are the fees and minimum balance requirements?
There is no monthly maintenance fee or minimum balance requirement to avoid a fee. Our full fee schedule can be reviewed here: https://www.northpointe.com/fee-schedule/
7. How is the interest calculated and when is it credited?
Interest is calculated on the daily balance and credited monthly on the last business day of each month. Accounts closed mid-cycle will earn all accumulated interest.
8. Is this account available on business or non-profit accounts?
Yes, our Ultimate Savings account is available on personal, business and non-profit accounts.