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 1.95% APY rate applies to the full balance if the balance is between $25,000 - $1,000,100.
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
- ACH in initiated from your bank, credit union or PayPal/Venmo type service
- Wire transfer in
- Mail us a personal check, cashier’s check, or bill pay check
- ACH out initiated from your bank, credit union or PayPal/Venmo type service
- Wire transfer out (fee applies)
- We can mail you cashier’s check via USPS delivery (fee applies)
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. The minimum balance to earn the 1.95% APY is $25,000 - $1,000,100. 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 quarterly (Mar 31, June 30, Sept 30, Dec 31). Account closed mid-cycle will earn all accumulated interest.
8. Is this account available on business or non-profit accounts?
Yes, our 1.95% APY Ultimate Savings is available on personal, business and non-profit accounts.