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||$1m||Northpointe Bank||Ultimate Money Market|
|OTHER TIERS: 0.20% → Up to $2.5k | 0.25% → $2.5k - $25k | 0.50% → $1m+|
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).
Northpointe Bank has an overall health rating of “A" at DepositAccounts.com, 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 DepositAccounts.com 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.