Northpointe Bank Boosts Ultimate Savings Rate

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.95*%$25k$1mNorthpointe BankUltimate Savings
OTHER TIERS: 1.12% Any amount
Rates as of July 19, 2018.

For Ultimate Savings accounts opened on or after May 14, 2018, the new tiered APYs are as follows:

    1.12% APY – Balances of $0-$24,999.99

    2.05% APY – Balances of $25,000-$999,999.99

    1.12% APY – Balances of $1,000,000.00+

Unlike when the Ultimate Savings was introduced in September 2016, there is no rate guarantee. Also, existing customers of the Ultimate Savings won't automatically benefit from this new rate. Like several of today's rate leaders, a new account must be opened to receive the top rate.

UPDATE 5/16/18: In a Live Chat this morning, CSR stated,

We are not changing existing customers’ rates. But if they request the new rate and meet the qualifications [$25k-$1m balance], they are eligible. But it won’t automatically change.

The Ultimate Savings account is fairly straightforward – there are no monthly fees and no minimum opening balance requirement, but there is a $10 fee if the account is closed within 120 days of opening. There is also a $15 fee for each outgoing transaction beyond the allowed six per month.

What You Won’t Find On The Website

My September 2016 contained information that isn’t readily available on Northpointe Bank’s website; CSR confirmed that nothing has changed since that blog post. Here’s a re-cap of what I found out. In summary, you'll probably want to rely on the ACH transfer service of your other bank to move funds.

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?

    Yes

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, Michigan). 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.

Availability

Headquartered in Grand Rapids, Michigan, Northpointe Bank offers its services and product line to all U.S. citizens and resident aliens with a physical address in the U.S. and a valid Social Security number.

Opening an Ultimate Savings account can be done online, or at Northpointe Bank’s single branch located in Grand Rapids on the aptly named Deposit Drive.

Northpoint Bank also has 24 Loan Centers in 15 states across the country.

Bank Overview

Northpointe Bank has an overall health rating of “A" at DepositAccounts.com, with a Texas Ratio of 4.86% (excellent), as of December 31, 2017. In the past year, Northpointe Bank increased its total non-brokered deposits by $122.25 million, excellent annual growth rate of 30.63% growth rate. Please refer to our financial overview of Northpointe Bank (FDIC Certificate # 34953) for more details.

A relatively young institution, Northpointe 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 Savings Compares

When compared to the 213 Savings Accounts tracked by DepositAccounts.com that are available nationally, Northpointe Bank’s Ultimate Savings APY currently ranks first, regardless of minimum deposit.

The above rates are accurate as of 5/15/2018.

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

Related Pages: Grand Rapids savings accounts, savings accounts, nationwide deals

Comments
Brad
Brad   |     |   Comment #1
Is it only money above 25k that earns at the 2.05% rate or does the first 25k also get bumped up to that rate?
Reader1
Reader1   |     |   Comment #6
Comment #1, If your balance is $25K or higher, your entire balance up to $1M (including the first 25K) will earn the 2.05% APY.
deplorable 1
deplorable 1   |     |   Comment #8
@Reader1: Are we sure about that? I had the same question, it looks like that could be read as you only earn 1.12% on the first $25,000 and 2.05% on balances between $25,000 and $999,999.99. In that case a straight 2% would be better. This would have been my first question to them and the website is useless on details like that.
NorthpointeBank
NorthpointeBank   |     |   Comment #16
Deplorable1 -
Perhaps the info on our product page helps clarify: https://www.northpointe.com/ultimatesavings/

This is not a blended rate offer. The amount on deposit earns the rate disclosed for that tier on the entire amount on deposit. For example, if $500k is on deposit, the full balance earns 2.05% APY.

If this was a blended rate (it is not), blended rates are required to be disclosed as a range, such as "on Balances $25,000 - $999,999, APY = 1.96% - 1.12%" since the APY earned can vary based on the actual balance.

Thank you,

Bill C, Northpointe Bank
deplorable 1
deplorable 1   |     |   Comment #20
Thanks Bill for the clarification but if you would have just put your own quote "The amount on deposit earns the rate disclosed for that tier on the entire amount on deposit" at the bottom there would have been no confusion in the first place. This question has come up before with regards to tier level accounts. I was not aware that it was a actual requirement for banks to post a range if the rates are blended. This is indeed a very good rate then.
dlweiss0622
dlweiss0622   |     |   Comment #2
The table at the beginning of this post shows a max of $100k for the 2.05% rate but the text later says the max is $1 million. Can someone clarify what the max is?
Reader1
Reader1   |     |   Comment #4
Max for the 2.05% rate is: $999,999.99
NorthpointeBank
NorthpointeBank   |     |   Comment #15
Reader1 is correct - the 2.05% APY is available on balances up to $1 million on personal, business and non-profit accounts.
Silly Sam
Silly Sam   |     |   Comment #3
Northpointe seems less than forthright.

On this page, the savings account points to footnotes 1 and 2, which do not indicate the tiered interest rates.

https://www.northpointe.com/banking/personal-accounts/

The tiered rates are noted here.

https://www.northpointe.com/banking/rates/
Sperry8
Sperry8   |     |   Comment #13
Yes, this clearly reads as a tiered rate to me. Assuming you put in FDIC maximum of $250k it makes this blended rate 1.96% APY.

First $25k @ 1.12% APY
Remaining $225k @ 2.05% APY
= Blended $250k @ 1.96% APY.

If you put in lower amounts the blended APY comes down. Obviously if you have higher FDIC limits it will push it up. But with their SS# req I'd say it's annoying.
NorthpointeBank
NorthpointeBank   |     |   Comment #14
The rates offered are not blended rates. Blended rates are required to be disclosed as a range, such as "on Balances $25,000 - $999,999, APY = 1.96% - 1.12%" since the APY earned can vary based on the balance.

This account pays the APY disclosed on the *full balance* indicated by the tiers. So if the balance is $250k, 2.05% APY is earned on the entire $250k on deposit.

Thank you,
Bill C, Northpointe Bank
Reader1
Reader1   |     |   Comment #5
Ken, the Deal Summary should be corrected to say 1.12% (not 1.21%) APY on balances below $25K (not $2K). Thanks.
Ken Tumin
Ken Tumin   |     |   Comment #17
Thanks. The summary has been corrected.
Reader1
Reader1   |     |   Comment #19
There were two typos in the Deal Summary. Only one has been corrected. I should have highlighted them better in my comment #5.
deplorable 1
deplorable 1   |     |   Comment #7
This looks good but this is the same bank that took away the 5% rewards checking account and was denying folks the 5% even though they met the monthly debit card requirements because they didn't like the way they were using the account. Not a good track record. At least there are no debit card hoops to jump through.
tightwad
tightwad   |     |   Comment #9
This is one of my local banks. I still have an account but pulled most of my money after their 5% reward checking abruptly ended without giving me notice and I lost a month of interest.. Careful with this bank...They are sneaky.
Tell the truth
Tell the truth   |     |   Comment #10
tightwad #9, They ended the 5% RCA because most of the people learned from blogs like this, how to cheat the bank by making multiple purchases and paying separate for each item or poring 1/2 a gallon of gas at several gas stations or buying chewing gums for 50c and charging a separate purchase. The disclosure said: "...to do normal purchases, where you pay for several items as a single purchase..." and not the other way around.
deplorable 1
deplorable 1   |     |   Comment #11
Actually If you make purchases as they describe with their debit card then Northpointe is cheating you out of the 2-5% cashback you could have been earning using rewards credit cards. As long as the transactions were $1 or more that should have been good enough for them. If they didn't want this to happen then they needed to be upfront about how much in debit card spending would be required per month to earn the 5%. You can't just pick and choose which customers will get the 5% when they are all sticking with the terms. Some of these banks even get all picky whether the transaction is a pin or signature transaction. Who is cheating who?
Tell the truth
Tell the truth   |     |   Comment #12
#11, the bank is offering you 5% on your investment and you try to meet the requirement in 10 minutes with $10 bucks spent, that does not sounds the bank is cheating you, it seams it is the other way around.
Anyhow, killing the golden goose is not a right thing to do, after all, they ask you to do normal purchases throughout the month (please read the disclosure if you still have it), not in just one day and leave the debit card at home until the next month.
If your purchase pattern is to buy one item at a time at the grocery store, it is OK, but you have to do it across the whole month. If you did not agree with their disclosure, you should have not open the account.
deplorable 1
deplorable 1   |     |   Comment #25
@Tell the truth: I considered but didn't do the 5% checking account(because of the debit card requirements). I just read the comments from many unsatisfied customers that claimed they followed all the rules yet had to fight for the 5%. I know there are people who will try and do micro transactions to game the system and I'm not saying that's right either.
RJM
RJM   |     |   Comment #18
Love the rate. Probably not opening an account for a .05% difference but hopefully it gets others to increase their rates too.
The Mighty Sven
The Mighty Sven   |     |   Comment #21
Does anyone know if Northpointe allows credit card funding, on a one-time basis only, to get the account up and running instantly?
deplorable 1
deplorable 1   |     |   Comment #22
According to Doctor of credit they used to but now no longer allow it. Maybe Bill C. will chime in. I think I'm going to open this account either way. I have GM right notes but that 2% isn't FDIC insured and this 2.05% is. This doesn't appear to be a "teaser" rate like Virtual bank but only time will tell.
The Mighty Sven
The Mighty Sven   |     |   Comment #23
Thanks, d1. I hope Bill answers. BTW, I do not know of anyone yet who has successfully opened at VB with a CC. Those guys are sort of the "gang that can't shoot straight". Hope the Northpointe folks are better.
deplorable 1
deplorable 1   |     |   Comment #24
@The Mighty Sven: Yeah I was going to open that one at VB but no successful data points yet for the credit card funding plus a one year teaser rate makes this look like a better deal overall.
NorthpointeBank
NorthpointeBank   |     |   Comment #29
Yes, we do offer limited credit/debit card funding for $100 as part of our online account opening process. ACH funding from another FI is allowed in multiple increments between $100 - $1,000. Subsequent deposits can be made via mobile deposit, wire in, ACH in or old fashioned mailing us a check (personal, cashier's or bill payment). The online account opening process is fully automated for most applicants - in under 10 minutes you apply, sign disclosures and fund the account; no back and forth with IDs or signature cards (in most cases).

Bill C, Northpointe Bank
zjts
zjts   |     |   Comment #53
does the credit card funding post as a purchase or cash advance?
NorthpointeBank
NorthpointeBank   |     |   Comment #55
Hello zjts - it's done as a purchase, not a cash advance.
Anon
Anon   |     |   Comment #26
In the application for the Ultimate Savings account, it does say that 2.05% APY is a 12-month promotional rate ... so I think it is guaranteed for a year.

I applied online with no problem. It lets you attach an image of your Driver's License so you don't need to mail it in.

Biggest issue is that you can't fund it with more than $1000 initially, and their online banking allows only rather small external transfers (nowhere near the $25K required to get the 2.05% APY). So you need to mail in a check, push the funds from an external account or wire in the funds.

I got an email with my account number just hours after I applied.
deplorable 1
deplorable 1   |     |   Comment #27
Nice catch Anon. "Sigh" another teaser rate that won't go up when the FED hikes rates unless you close the account and open a new one. This game is getting old I'm going to max out the GM right note account for the 2.02% APY until rates are done rising and then move back to FDIC insured accounts. These guys will be hiking their rate along with the FED and no need to constantly switch accounts.
NorthpointeBank
NorthpointeBank   |     |   Comment #28
Hi all,

Don't read more into the "12 month guarantee" that what it actually is - a floor to guarantee the rate will be at least 2.05% APY for 12 months. We've run similar promotions the last two years and in all cases the rate after 12 months was *at or higher* than the promo rate. That's not a guarantee of more than the terms of the 12 months rate promise but past behavior is the best predictor of future behavior, right? While we can't be all things to all people, we do possess a track record for offering high rates, being easy to contact and deal with and providing a higher level of transparency than most FIs (how many other banks respond to questions like these on consumer forums?).

Bill C, Northpointe Bank
deplorable 1
deplorable 1   |     |   Comment #32
First off I have to commend Bill C. for responding to this forum. I wasn't trying to single out Northpointe Bank it just seems that all the rate leaders are making us savers jump through hoops to get a decent yield whether that be with debit cards or opening new accounts only to have to close them later and open new ones with new money after the next FED hike. We just want a savings/MMA that will continue to move up along with rates without having to constantly switch accounts.
deplorable 1
deplorable 1   |     |   Comment #36
Here is a perfect example of what I'm talking about. Popular Direct was the rate leader @ 2% recently and just now today they dropped the rate to 1.85% in a rising interest rate environment with a FED hike due next month. This stuff is very frustrating for those of us who just want to park some liquid cash at a top rate.
RJM
RJM   |     |   Comment #38
I think my "exclusive savings" is still 2%. They have apparently changed the name and lowered the rate for new accounts though.

EDIT, I just called to make sure. She said the 2% should remain the same for those of us who already have accounts.

I did not ask but Im wondering if the 2% brought in a lot of money and they no longer need to offer that now?

I just looked it up, I opened my account on 4/6 so I am still within their 60 days.

Also, I read an old email which seemed to indicate I could not link my brokerage account but Im pretty sure she is wrong because my brokerage account is connected to a checking account I think.

Its UMB, NA I believe. I had an issue initially linking it at ally but got it straightened out. I know for a fact i never opened an account with UMB, they must handle my Fidelity banking I guess. But the checks say Fidelity. Although I have not used one in a long time.
moneysaver
moneysaver   |     |   Comment #39
I'll give you credit for being responsive here to clarifying your account details and answering questions of potential applicants.

But I'd give you even more credit, especially considering your comment about past behavior, if your bank hadn't just offered a 5% rewards checking account for some months and then suddenly with almost no notice to your customers pulled the rug out from under them by drastically cutting the rate and what, ultimately eliminating having a rewards checking account altogether?

That's also a kind of past behavior that I, as a former Northpointe customer, take into consideration.
NorthpointeBank
NorthpointeBank   |     |   Comment #48
MS - understood and fair enough although we did mail letters to all account holders 40-45 days prior to the change effective date. And, it's not as if we're getting out of the business of providing great rates...it's simply that we exited out of rewards checking. I understand and respect if that burned bridges with some folks. That was a business decision we made and have earned whatever consequences come with it. Hopefully offers like our 1.50% APY money market last fall (#1 when it debuted) and this 2.05% APY help prove we're in the business of 'great rates' whenever it makes sense for both the customer and the bank. Sincerely, Bill C, Northpointe Bank
rzelman
rzelman   |     |   Comment #33
Not the case, I called and they will raise the rate on my current account without having to change my account number or ACH links
ben
ben   |     |   Comment #30
interest compounded and credited quarterly? Not monthly like most other banks? If the account is closed early will the interest gained still be paid?
RickZ
RickZ   |     |   Comment #31
This is a question for Bill C. at Northpointe Bank (and by the way, I think it's great that you respond to this forum). I called your bank today because I wanted to know how you determine if a customer’s balance is $25K or more for purposes of the higher interest rate - in other words, is it based on a monthly average daily balance, a monthly minimum daily balance or some other calculation. Your CSR told me that one's rate is calculated daily and is based on one’s balance at the end of that day. For example, she said that if in a 30 day month you have 25 days above $25K and 5 days below $25K then you will get the higher interest rate for 25 days and the lower interest rate for 5 days. Would you please confirm that this information is correct. This question is important, especially as it applies to first setting up an account, and I want to make sure I understand your policy.
NorthpointeBank
NorthpointeBank   |     |   Comment #34
Hi RickZ,
Yes, that is accurate - interest on our Ultimate Savings is calculated daily and paid *quarterly* (Mar 31, June 30, Sept 30, Dec 31). I'll add that we don't require minimum balances to avoid fees with any of our accounts so that's a non-issue as a new account gets opened and funded.
Sincerely,
Bill C, Northpointe Bank
Old Guy
Old Guy   |     |   Comment #45
Im opening a Ultimate Savings, what are my options to deposit $25000 + at once, can this be a electronic transfer?
Cycles
Cycles   |     |   Comment #57
Bill, your terms and conditions page contradicts what you have stated here. The "Deposit Accounts Terms and Conditions" under the "Ultimate Savings" sections states:

Compounding and Crediting Frequency: Interest will be compounded quarterly and credited to the account quarterly.

So who do we believe you, or the Deposit Accounts Terms and Conditions?
NorthpointeBank
NorthpointeBank   |     |   Comment #60
Cycles - those items do not conflict. Interest is calculated daily. It compounds and is credited quarterly. (As opposed to compounding quarterly but only crediting annually, for example). Thank you, Bill C. Northpointe Bank
The Mighty Sven
The Mighty Sven   |     |   Comment #35
Appreciate Bill's participation. OK, I'm in with easy CC funding to establish account and kick things off. Thereafter plan is to ACH more than $25k into Northpointe with the transaction initiated at a third party financial institution. If rates ever evolve to where Northpointe is no longer competitive, or if I simply need my money, plan is to leave Northpointe account open regardless with a $1 balance to avoid early closure fee. So account will either contain north of $25k or a buck. The million buck limit is no worry because my liquid funds in toto are south of that figure.

Have I missed anything? Is there a "gotcha" with my plan that I'm not seeing? About the only thing I can think of that could bite me is if they limit ACH withdrawals when (again) the ACH withdrawal is initiated EXTERNAL to Northpointe. Those withdrawals would be limited to $100k each but if that makes them sweat then I should remain clear and not be in Northpointe to begin with. Checks, BTW, are so twentieth century.
111
111   |     |   Comment #37
Sven, I'm not sure you missed anything, but I would add one item. If you decided you needed (or wanted) to remove most of your funds, there are 2 reasons for leaving your Northpointe account open with a balance of $1. There is the early closure fee, which you mentioned, but there is also the fact that Northpointe pays interest only quarterly. To me, that means it is unclear whether accrued (but not paid) interest would be paid if the account is closed before the end of a quarter (see comment #30).

That being said - I think this is a very good offer from Northpointe.
The Mighty Sven
The Mighty Sven   |     |   Comment #40
Thank you, 111. Appreciate your input very much.
The Mighty Sven
The Mighty Sven   |     |   Comment #41
Just as a heads up, I perceive this contradiction:

Ken clearly states, in his writeup: "Unlike when the Ultimate Savings was introduced in September 2016, there is no rate guarantee."

Anon #26 mentions: "In the application for the Ultimate Savings account, it does say that 2.05% APY is a 12-month promotional rate ... so I think it is guaranteed for a year."

Bill, in his comment #28, writes as follows: "Don't read more into the "12 month guarantee" that what it actually is - a floor to guarantee the rate will be at least 2.05% APY for 12 months."

As with Anon, Bill seems to be saying there is a 12 month rate guarantee. I believe the rate guarantee is a big deal. This is because I will be cashing in a number of no-penalty CDs to fund this account. It's a sensible thing to do if there is a rate guarantee. It is not sensible without such a guarantee.
The Mighty Sven
The Mighty Sven   |     |   Comment #42
FWIW, I went forward with the application based on the posts of Anon and Bill. Hence I now can contribute my own data point: I am 99.999% certain there IS a rate guarantee for the first year.

The application process was very straightforward, one of the easiest I ever have encountered.
Anon
Anon   |     |   Comment #43
Good I'm glad my post helped convince you. I have wired in some money and I've found the bank customer service responsive. At this point, I'm happy to be with Northpointe after having problems opening an account at Popular Direct. I have more confidence in Northpointe.
The Mighty Sven
The Mighty Sven   |     |   Comment #44
Thank you, Anon, for your assist. And thanks to Bill as well. I do not know why Ken stated there is no rate guarantee. Perhaps I misread, or misconstrued, what he posted above.
NorthpointeBank
NorthpointeBank   |     |   Comment #47
Hi all, Yes the 2.05% APY is guaranteed for 12 months! I think Ken's post related to when we first introduced Ultimate Savings at 1.12% between 18-24 months ago. This new 2.05% APY promotion *does* offer a 12 month guarantee.

Bill C, Northpointe Bank
pattyb53
pattyb53   |     |   Comment #46
Yes, I agree!!

Opening this application was easy. Online application needed verification of ID. Filled out app 5/18, Faxed ID same day (Friday). Today 5/21, received Welcome with acct # & routing #.

Just started the ACH verification, to connect Northpointe with Alliant CU checking acct. This will make movement of money overnite. Quick & Easy..
111
111   |     |   Comment #49
- To Bill C. from Northpointe Bank -

Thanks for posting here. In my opinion this is good for both those who frequent Ken's website, AND for Northpointe. Why for Northpointe? Because a question answered here on this forum may prevent that same question from being asked many times, perhaps dozens of times, by phone or chat with the Northpointe customer service reps. I think most of us agree that efficiency is a good thing.

My questions are -

1) Just so I'm clear (and I ask this because of the somewhat confused prior history regarding a "Rewards Checking" account) - the Northpointe "Ultimate Savings" account is in no way a checking account of any kind, correct? Meaning, as with other savings accounts there is a fee (and perhaps other bad things) if one exceeds the 6 withdrawals per month? And, there are no checks issued on this account? And, no debit card is issued for it?

2) If a person wanted to open this account (and no other accounts, at least at the same time) from Northpointe - would Northpointe perform a "hard credit inquiry" involving one or more of the three major credit bureaus, or simply a "soft pull" involving ChexSystems, or the like?

Thank you.
NorthpointeBank
NorthpointeBank   |     |   Comment #50
111 - thanks for the positive feedback. To your queries...

1. Ultimate Savings is not a checking account. Yes, the 6 non in-person withdrawal limit applies. There are no checks or debit card available.

2. We do not pull credit with any Northpointe bank account application. We do pull a ChexSystems report.
Badlands
Badlands   |     |   Comment #51
"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."

Can anyone expound on exactly what this means? Surely, it doesn't mean we can only transfer in $2000 a week initially, as it would take 13 weeks to reach the $25k minimum for the top rate. Is this limit only for their ACH system? Can we push greater amounts from other banks through ACH?
NorthpointeBank
NorthpointeBank   |     |   Comment #52
Hi Badlands - yes, ACH limits when initiated within our Online Banking are fairly restrictive. There are no transaction limits or fees for ACH initiated from another bank or credit union or third party service like PayPal or Venmo. We also accept mobile check deposits, wire transfers or old fashion checks via mail. Bill C, Northpointe Bank
BayAreaMike
BayAreaMike   |     |   Comment #61
Bill C, first, I want to commend you on your open and unambiguous answers on this forum. I am about to open an account at Northpointe and your transparency here is the single single biggest factor in my decision.

A few questions:
1) Assuming no Reg D (6 transaction limit) issues, what options are there for larger transfers out of the account? I plan to keep my money there long term but should a need arise, I wouldn't want to be restricted by the rolling $2K-10K limits on ACH. Besides wiring the funds out (with a fee) are there other options to withdraw large amounts when needed?

2) Somewhat related to the above, if I open a checking or money market account as well, can I easily transfer funds from my Ultimate Savings account to this checking or MM account (within Northpointe), and then access the funds using checks and other regular mechanisms? If yes, is the transfer between such Northpointe accounts owned by me, instantaneous?

3) Your interest checking account states a minimum initial deposit of $2500. Is there any minimum maintenance requirement to avoid a fee? Is the only difference between the non-interest and interest-bearing checking accounts the initial deposit or is there any monthly fee or minimum maintenance requirement?

Thanks,

Mike
NorthpointeBank
NorthpointeBank   |     |   Comment #64
Hi Mike, Q&A in order...

1. You can ACH out if originated from an external source with no transaction limit. You could also open a Northpointe checking which would give you access to Bill Pay and/or checks to write yourself. Lastly, we could mail you a cashier's check.

2. Yes, transfers between Northpointe accounts are instant via mobile or onilne banking. This will allow the functionality you describe (access via checks, bill pay, etc.).

3. No minimum to avoid a fee on Interest Checking but balances $2,500 will not earn interest on those days it is under the $2,500 level.

Best,

Bill C, Northpointe Bank
BayAreaMike
BayAreaMike   |     |   Comment #65
Thanks much for the detailed responses, Bill C. I will be opening an account today.

Best regards,
Mike
New
New   |     |   Comment #67
to with originated ACH, is there still $3 fee when pull out?
So, basically, once you moved in, you have to pay a fee to get out?
What about wire transfer, what is its fee?
Thank you.
New
New   |     |   Comment #68
In case, Can I close the account at local branch in Ga or NC?
RateChaser
RateChaser   |     |   Comment #66
Hi Bill, can you tell me if there is a limit on the amount for mobile check deposit? Many thanks.
zjts
zjts   |     |   Comment #54
Is there a limit to # of Ultimate Savings account per person or household?
Cycles
Cycles   |     |   Comment #56
zjts, those limits are tied to a persons SS number. Everyone at the same address can have that type of account but each person must establish the account using their own SSN.

Fact of the matter is that after the account is open, no one will ever know who is contributing the funds to those accounts. So much for all those security checks when opening the account, in the end is just a false sense of security.
Smooth operator
Smooth operator   |     |   Comment #58
Whoa! What???
NorthpointeBank
NorthpointeBank   |     |   Comment #59
Hello ZJTS - please contact us to discuss further. We do not allow an unlimited number of accounts but we also have many customers with more than one Ultimate Savings (often for insurance coverage reasons). Best, Bill C, Northpointe Bank.
all
all   |     |   Comment #62
On a deposit of $25,000, would you earn, for $1 - 24,999.99, the tier rate of 1.02%, and for $1 earn the tier rate of 2.05%? Thus, on $25,000, earn a blended rate of about 1.02%?
all
all   |     |   Comment #63
Question answered. The total $25,000 would earn 2.05%
downer
downer   |     |   Comment #69
Northpoint 2.05 %.....NOW down to 1.95% apy
Check Forum
downer
downer   |     |   Comment #70
only for NEW accts
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.

Ultimate...


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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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Northpointe Bank's UltimateSavings 1.12% APY Guaranteed For 12 Months

UPDATE 10/1/2017: Rate guarantee no longer in effective.

Availability: Nationwide

Michigan-based Northpointe Bank introduced its UltimateSavings account this week. This new account earns 1.12% APY on balances of $10k+, with a rate guarantee for “at least 12 months.”

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.

It is also stated in the fine print that there is "no monthly minimum...


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