Northpointe Bank Boosts Ultimate Money Market Rate


UPDATE 11/6/2018: I just noticed that Northpointe Bank has extended its rate guarantee from 12 months to 24 months. This applies to the 2.30% APY for balances between $25k and $1 million. This post has been updated with this new 24-month guarantee period.

UPDATE 11/1/2018: A Northpointe Bank official has informed DA about new enchancements made to the ACH Transfer Service. I've updated the ACH Transfer Service section below.

Deal Summary: Ultimate Money Market, 2.30% APY on balances between $25k - $1m, rate guaranteed for 24 months from account opening.

Availability: Nationwide

It was exactly a year ago today that I wrote about Northpointe Bank’s new Ultimate Money Market. At the time, the initial rate was a truly "spook-tacular" 1.50% APY on balances between $25k and $1m, with a rate guarantee for “at least 24 months from account opening.” Last week, the APY for balances of $25k-$1m was increased to 2.30% APY.

2.30*%$25k$1mNorthpointe BankUltimate Money Market
OTHER TIERS: 0.20% Up to $2.5k | 0.25% $2.5k - $25k | 0.50% $1m+
Rates as of May 26, 2019.

The rates for smaller balances have not changed, with balances between $2,500 and $24,999.99 still earning 0.25% APY and balances less than $2,500 earning 0.20% APY.

A representative from Northpointe Bank responded to a Forum post about this latest rate increase:

Yes, our new 2.30% APY money market
promotion is available to new and existing customer.

According to the Terms and Conditions document,

After the 24 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 full balance 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.

Each transaction in excess of six per month may not be paid.

ACH Transfer Service – Updated 11/1/2018

The following is from the October 2017 blog post, but CSR confirmed the information is up-to-date.

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 within Online Banking under the “Transfers > External Transfers” menu options.

Is it free to initiate ACH transfers?

    There is no charge to send or received money into Northpointe Bank via standard ACH transfers (2-3 business days). Expedited transfers are available on eligible accounts for $4.95 per transfer (1 business day).

What's the maximum dollar amount for incoming and outgoing transfers?

    ACH Transfers are allowed up to $25k per day per account, with a $250k monthly maximum per account.

For the ACH transfer service, how many accounts at other banks can be linked to?

    Account holders can link up to five (5) external accounts to a single Northpointe Bank account.

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 in all 50 states to U.S. residents who have a valid Social Security number or TIN (Taxpayer Identification Number).

Opening an Ultimate Money Market, as well as any other Northpoint Bank account, can be done online, or at the Bank’s single brick-and-mortar branch located in Grand Rapids.

Bank Overview

Northpointe Bank has an overall health rating of “A" at, with a Texas Ratio of 5.78% (excellent), based on June 30, 2018 data. In the past year, Northpointe Bank increased its total non-brokered deposits by $139.14 million, excellent annual growth rate of 28.93% growth rate. Please refer to our financial overview of Northpointe Bank (FDIC Certificate # 34953) for more details.

Northpointe Bank is currently the 13th largest bank headquartered in Michigan, with assets in excess of $1 billion. A relatively young institution, the Bank was founded in 1999 by Charles Williams, the current President and CEO. Northpointe Bank has been honored several times by the Independent Community Bankers of America with a variety of accolades including,

  • 2013 – Ranked as the number one best performing financial institution in the country among its peers.
  • 2014 – Ranked 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.
  • 2017 – Ranked as the ninth best performing financial institution in the country, according to return-on-equity during 2016 for banks with assets between $300 and $1 billion.

How the Ultimate Money Market Compares

When compared to the Money Market Accounts tracked by that are available nationwide, Northpointe Bank’s Ultimate Money Market APY currently ranks first, regardless of minimum or maximum deposit.

The above rates are accurate as of 10/31/2018.

To look for the best Money Market Account rates, both nationwide and state specific, please refer to our Money Market Account Rates Table page.

Related Pages: Grand Rapids money market accounts, money market accounts, nationwide deals, Internet banks

QED   |     |   Comment #1
Darn it. I have their Ultimate Savings account, still alive and sitting there with a $1 balance. Guess this is a different account type. Hope they raise the interest rate on the Ultimate Savings as well. 2.3% is an attractive interest rate for liquid money.
payitforward   |     |   Comment #2
What is preventing you from taking advantage of this Ultimate MM account? What difference does it make if you already have a Ultimate Savings account ($1 balance)? The Ultimate MM promotional is available to new and existing customers.
QED   |     |   Comment #5
Oh, nothing I guess. It's just that my savings is already set up, linked, and ready to go. 'Twould be nothing to flip some money into it.
NorthpointeBank   |     |   Comment #6
Good morning QED - shoot us an email or give us a call; we'll allow you to keep the current savings account with its existing linked accounts but still get the new 2.30% rate. :)


Bill C, Northpointe Bank Customer Service
DA thanks u
DA thanks u   |     |   Comment #7
Bill C
An Excellent response
Starbucks on us.
NorthpointeBank   |     |   Comment #20
DA - cool beans. I wouldn't want anyone to get roasted with a lower rate elsewhere. Yes, just shoot us a note and we'll get the 2.30% apy going espress(o)ly. At this rate, it's a latte more interest than most other banks... (too much on the coffee puns?)

Bill C, Northpointe Bank
Ricochet   |     |   Comment #21
and your funny too?
you'll fit right in with our resident Burma Shave quips poster
Anon   |     |   Comment #8
Hey Bill, what's with your phones. I've tried to call 3 times this morning and the call doesn't go through. I'm not having a problem calling any other number. I'm trying to call 888-672-5626. I was able to call this number yesterday no problem.
Anon   |     |   Comment #10
Fixed now, there was a phone problem earlier this morning. I got the 2.30% APY put on my existing savings account. Nicely done, Northpointe!
QED   |     |   Comment #9
Bill, thanks. I will take you up on that offer absolutely ASAP!!

NorthpointeBank ROCKS!!
Sett   |     |   Comment #22
Mr. Bill C., if you raise the ACH transfer amounts to at least $100K, I guaranteeing you, your bank will triple the business.
QED   |     |   Comment #23

That's a tough ask. Northpointe is not a huge bank; not at all. Higher limits impose on any financial institution seriously increased threat of loss from fraud. The Northpointe limits, given the size of the bank, are already quite generous.

Your best bet, if you seek higher limits, is Purepoint.
Daivd   |     |   Comment #3
Is there any rate bump between 10/31/2017 and 10/31/2018 to this ultimate money market account?
Carpline   |     |   Comment #4
If you click on the arrow below "Detail" in the graphic below the first full paragraph, you can see the rate history.
RichReg   |     |   Comment #11
Just an F.Y.I;
checks ain't free: $15 for 20, $27 for 100. Probably not a deal breaker for most.
QED   |     |   Comment #13
Agreed. But if they ever commence charging for ACH it'll all be over, and I'll be gone, in a heartbeat.

Checks, OTOH, are so twentieth century.
RichReg   |     |   Comment #14
Until you need to withdraw a good amount of your principal & you find out their ACH efficiency has suddenly decreased ;;taking an extra day for your money to move.
Like maybe you find a REALLY awesome CD deal at another bank & they don't offer funding by ACH. Yeah I know,.. slim chance (but COULD happen), but I hate being put in a pinch when it comes time to start something new.
JackBauer   |     |   Comment #12
I opened the 2.30% MM Acct and the customer service and response time have been grade A. Their online banking is fairly elegant and no need for micro deposits to set up external transfer, real time external account confirmation when allowing credentials for confirmation. So far this bank as exceeding my expectations!
Basil   |     |   Comment #24
Did you have to upload any documents, driver license? "Real time external account confirmation" - you mean you provided them with your external account's Login and Password info?
Also, did they pull your credit report, leaving an inquiry?
NorthpointeBank   |     |   Comment #27
Hi Basil - yes, we do require an upload of a government issued ID during the application process - driver's license, state ID, passport or military ID. The real time external account confirmation is completed via log-in and password info from the other bank or credit union. Re: credit inquiries - we do not do a hard pull for opening bank accounts (only with actual loan applications). Thank you, Bill C., Northpointe Bank
tommy   |     |   Comment #15
Am I reading this correctly? I can only push or pull $25000 per day? If I want to deposit $50000, I have to make two different transfers on two different days? And the same for withdrawals?
deep thoughts
deep thoughts   |     |   Comment #16
how many days to transfer $50,500?
Low ACH transfers
Low ACH transfers   |     |   Comment #17
I have $250K ready to transfer, but will not open the account there, because the money is sitting in 2.2% saving account that can only transfer $15k per day and it take 3 business days per single transfer, do you see the problem here?
The 3 days float will eat all of the profits made at NP bank do to lost of 3 days of interest on every transfer. How many transfers I have to do again?
I do not have hub accounts for transfers anymore, they were closed do to inactivity issues. There are many other banks that allow much bigger transfer via ACH, some allow a $1 million a day and pay very good interest rates, almost as NP bank.
QED   |     |   Comment #18
Comment #17:

Really unable to relate. Got a word for you, anyway:

Sam   |     |   Comment #19
I was in similar situation and what I did, I opened a checking account at a bank with no limit and one day ACH transfer and lost only 2 day to transfer from bank A to bank C, using bank B as hub (fast transfers).
JML   |     |   Comment #25
If I were to deposit $200K in this 2.3% NP Ultimate Money Market account, does that mean I will earn interest in this way:

$0.00 – $2,499,99: 0.20% APY
$2,500.00 - $24,999.99: 0.25% APY
$25,000.00 - $1,000,000.00: 2.30% APY


The whole $200K will earn 2.3%.

thank you
thank you   |     |   Comment #26
200 k will be 2.3%
less than 25k will be .25% (1/4 percent of 1%)
DCGuy   |     |   Comment #28
I asked several questions to them through email and they said that the online application only allows two names when you apply, but you can add additional owner names after the account is opened. So opening a joint account with ten names allows up to $2,500,000 of FDIC insurance coverage. Regarding the dormant account fee (applied after one year of no activity for checking accounts and two years for savings accounts), the charge is made after you are notified that the inactivity period is coming up (so you are not blindsided). You can also link brokerage accounts to the bank accounts. It is very rare to be able to link brokerage accounts to bank accounts (at least from the online banking platform). Nice additional option to have.
RZ   |     |   Comment #29
Might be better to link from your brokerage account instead. For example Vanguard does not charge for outgoing wires and has no restrictions on incoming pulls other than a holding period on the funds received.
Scott   |     |   Comment #30
if interest rates are raised in december as the FED has promised, will Northpointe raise their rates as well? and if so, will that be reflected in existing money market clients? ty!
Northpointe Bank Boosts Ultimate Savings Rate

UPDATE 5/16/18: Existing Ultimate Savings account may qualify for new rate. See below for more details.

Deal Summary: Ultimate Savings - 2.05% APY on balances between $25k and $999,999.99 and 1.12% APY on balances below $2k.

Availability: Nationwide

In September 2016, Michigan-based Northpointe Bank introduced its Ultimate Savings, which at the time earned 1.12% APY on balances of $10k+, with a rate guarantee for “at least 12 months.” Since being added to the product line, the Ultimate Savings has had no rate changes, until now.

Continue Reading
Northpointe Bank Unveils Ultimate Money Market
Deal Summary: Ultimate Money Market, 1.50% APY on balances between $25k - $1m, rate guaranteed for at least 12 months from account opening.

Availability: Nationwide

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.”

Balances between $2,500 and $24,999.99 earn...

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Northpointe Bank Offers Nationally Available 17-Month CD Special
Deal Summary: 17-month CD Special, 1.75% APY, $1k minimum.

Availability: Nationwide

Michigan-based Northpointe Bank has added a 17-month CD Special that earns 1.75% APY. The minimum deposit is $1k, with no stated balance cap.

The CD Special is also offered as an IRA, earning the same APY with the same funding requirements.

As stated in the Truth in Savings disclosure, 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.


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Northpointe Bank Adds Nationally Available 15-Month CD Special
Deal Summary: 15-month CD Special, 1.50% APY, $1k minimum.

Availability: Nationwide

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.

Ultimate Savings

Last September, Northpointe Bank added its UltimateSavings, which earns 1.12%APY on balances of $10k+, with a rate guarantee for “at least...

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Northpointe Bank's UltimateAccount Raises Limit To $10k

UPDATE 11/30/2017: The Ultimate Account is no longer being offered.

Deal Summary: UltimateAccount (rewards checking), 5.00% APY, up to $10k.

Availability: Nationwide

More than two years ago, Michigan based Northpointe Bank added a new Rewards Checking Account, UltimateAccount, which earned 5.00% APY on qualifying balances up to $5k. Northpointe Bank has recently raised the qualifying balance limit to $10k, while maintaining its 5.00% APY. Qualifying balances over $10k earn 0.10% APY, with non-qualifying balances earning 0.05% APY.

Qualifying Monthly Requirements:

  • At least 15 debit card purchases (the $500...

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