Over the past two years, Michigan-based Northpointe Bank has been added a series of “Ultimate” accounts, including Ultimate Checking and Ultimate Savings. Northpointe Bank is ending the month by introducing the Ultimate Money Market with a truly "spook-tacular" 1.50% APY on balances between $25k and $1m, with a rate guarantee for “at least 12 months from account opening.”
|1.50*%||$25k||$1m||Northpointe Bank||Ultimate Money Market|
|OTHER TIERS: 0.20% → Up to $2,500 | 0.25% → $2,500 - $25k|
Balances between $2,500 and $24,999.99 earn 0.25% APY, with balances less than $2,500 earning 0.20% APY.
The Ultimate Money Market is so new it doesn’t yet have a landing page on the Bank’s website. The following information is taken from the Terms and Conditions document.
After the 12 month promotional period, your interest rate and annual percentage yield may change at any time.
If the balance in the account exceeds $1,000,000, the amount in excess of $1,000,000 earns interest at a rate of 0.50%.
A deposit of at least $1,000 is required to open this account.
A fee of $10.00 will be charged against the account if it is closed within 120 days of the date opened.
A year ago in a blog post about the Ultimate Savings, I included a section about information that’s not available on the Bank’s website. I’ve confirmed that the following statements are still in effect. Bottom line, moving money into and out of the account is best done by using the ACH transfer service of another bank.
Is there an ACH transfer service that customers can log into and initiate a transfer to/from accounts at other banks?
Yes, this is offered in Online Banking within the Bill Pay section.
Is it free to initiate ACH transfers?
There is no charge to pull money into Northpointe Bank via ACH. There is a $3 per transfer fee to push money out of Northpointe Bank via ACH.
What's the maximum dollar amount for incoming and outgoing transfers?
Limits are dynamic based on the account relationship. New customers have a $2,000 limit per rolling seven (7) days. That limit can increase to $10k over time based on average balance and account activity.
For the ACH transfer service, how many accounts at other banks can be linked to?
At some point, I believe there is a maximum limit but I am unsure on the exact figure (I have several set-up and would think 3-5 would suffice for most consumers).
Does Northpointe allow ACH deposits and/or withdrawals that are initiated by you from another bank?
How many days after an ACH deposit are the deposited funds placed on hold (inaccessible)?
Typically available same day received/processing.
What is the transaction time for ACH transfers for incoming and outgoing transfers?
We process the same day as received. Typical transfer times through the Fed result in 2-3 business days between when an ACH is sent and when we receive/deposit the funds. This may change soon with Same Day ACH going into effect.
My final questions concerned the ability to establish beneficiaries and trust accounts.
Yes, beneficiaries (i.e. POD or ITF) can be listed.
Yes, multiple beneficiaries can be listed.
Name, address, SSN, and DOB are required for each beneficiary listed.
Yes, the account can be opened as a trust account, although Trust accounts cannot be opened via our online application. Trust accounts can be opened via phone (888-672-5626) or in-person (only branch is in Grand Rapids, MI). A copy of the Certificate of Trust Existence and Authority document is required as part of this process, in addition to the standard information required of the trustee(s) – name, address, SSN, DOB, copy of government issued ID, etc.
Headquartered in Grand Rapids, Michigan, Northpointe Bank offers its services and product line to U.S. residents in all 50 states with a valid Social Security number or TIN.
Northpointe Bank has an overall health rating of “A" at DepositAccounts.com, with a Texas Ratio of 4.74% (excellent), based on June 30, 2017 data. In the past year, Northpointe Bank has increased its total deposits by $140.59 million, excellent annual growth rate of 41.31% growth rate. Please refer to our financial overview of Northpointe Bank (FDIC Certificate # 34953) for more details.
Northpointe Bank is currently the 15th largest bank headquartered in Michigan, with assets in excess of $694 million. A relatively young institution, Northpointe Bank was founded in 1999 by Charles Williams, the current President and CEO. In April, 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 Ultimate Money Market Compares
When compared to the Money Market Accounts tracked by DepositAccounts.com that are available nationwide, Northpointe Bank’s Ultimate Money Market APY currently ranks first, regardless of minimum or maximum deposit. All America Bank’s Mega Money Market and Redneck Bank’s Mega Money Market Account share the 1.50% APY, but are capped at $35k.
The above rates are accurate as of 10/31/2017.
To look for the best Money Market Account rates, both nationwide and state specific, please refer to our Money Market Account rates table or our Rates Map page.