Northpointe Bank Ups Ultimate Savings To 2.55% APY - Expired

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UPDATE: 8/1/2019: The Ultimate Savings with a 2.55% APY is no longer available to new customers.

Deal Summary: Ultimate Savings - 2.55% APY on balances between $25k and $1m, three month rate guarantee.

Availability: Nationwide through online application.

I last wrote about Michigan-based Northpointe Bank’s Ultimate Savings about a year ago, when its rate was increased from 1.12% APY ($10k+ guaranteed for 12 months) to 2.05% APY ($25k+ with no rate guarantee). The 2.05% APY lasted about two months before dropping to 1.95% APY in July 2018, where it remained until mid-May. The May rate increase was a modest 10 bps, but this month’s addition of 50 bps has made the Ultimate Savings a rate leader.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.05*%$25k$1mNorthpointe BankUltimate Savings
OTHER TIERS: 1.12% $100+
Rates as of November 17, 2019.

For Ultimate Savings accounts opened on or after July 1, 2018, the new tiered APYs are as follows:

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

    2.55% APY – Balances of $25,000-$$1,000,000.00

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

The 2.55% APY is guaranteed for at least three months following account opening.

After the three (3) month promotional period, the
rate may change based on prevailing market rates.

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.

Existing Ultimate Savings Accounts

CSR confirmed that existing Ultimate Savings accounts won’t automatically receive this new 2.55% APY. If existing customers meet the deposit qualifications ($25k-$1m balance), they may request the new APY be applied to their Ultimate Savings account.

Ultimate Money Market

In November 2017, Northpointe Bank’s Ultimate Money Market (2.30% APY) offered a 24 month rate guarantee, but within the last week, the guarantee period for newly opened accounts was reduced to three months. For those who have recently opened an Ultimate Money Market, the 2.30% APY guaranteed for 24 months is probably more appealing than the Ultimate Savings’s 2.55% APY guaranteed for only three months.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00*%$25k$1mNorthpointe BankUltimate Money Market
OTHER TIERS: 0.50% $1m+ | 1.05% $2.5k - $25k
Rates as of November 17, 2019.

ACH Transfer Service

The following is from my November 2018 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?

    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, 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.

Availability

Headquartered in Grand Rapids, Michigan, Northpointe Bank offers its services and product line to all U.S. citizens and resident aliens who have 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 Michigan branch located in Grand Rapids on the appropriately named Deposit Drive.

Northpoint Bank also has 50 Loan Centers in 24 states across the country for "custom tailored home loans."

Bank Overview

Northpointe Bank has an overall health rating of “A" at DepositAccounts.com, with a Texas Ratio of 3.43% (excellent), based on March 31, 2019 data. In the past year, Northpointe Bank has increased its total non-brokered deposits by $403.23 million, excellent annual growth rate of 81.23% growth rate. Please refer to our financial overview of Northpointe Bank (FDIC Certificate # 34953) for more details.

Northpointe Bank recently celebrated its 20th anniversary, having been founded in May 1999 by Charles Williams, the Bank's current President and CEO. Currently the tenth largest bank headquartered in Michigan, Northpointe Bank has been honored several times by the Independent Community Bankers of America with a variety of accolades including,

  • 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.
  • 2016 and 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 220 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 7/6/2019.

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, money market accounts, nationwide deals

Comments
Billy Bob
Billy Bob   |     |   Comment #1
"After the three (3) month promotional period, the
rate may change based on prevailing market rates."

Translation: "We plan to reel 'em in and then pull the rug out from under them."
deplorable 1
deplorable 1   |     |   Comment #6
Yeah that's what I was thinking Norther seem like the better bet.
willy12
willy12   |     |   Comment #7
So in your mind, a bank that offers no rate guarantee would automatically lower their rate as soon as they got your money?

Silly.
deplorable 1
deplorable 1   |     |   Comment #8
Many banks lower he interest rate after attracting new customers once the guaranteed rate expires. This kind of thing happens all the time. I'm not switching for .05%
willy12
willy12   |     |   Comment #10
I was talking to the guy above you. Its only happened to me long ago at Emigrant or something like that.

This bank has a history of high rates going back to 2017 so I would not expect such games.

I am not opening a new account over .005% either.

Similarly, I do not expect Northern to drop their rate very low on Jan 1, 2020. They might drop it but I don't expect games.
NorthpointeBank
NorthpointeBank   |     |   Comment #12
Hi Billy Bob,
It's easily to look at this offer on its face and think it's a short term promo followed by a large rate drop but we have a track record over the last 2-3 years of rolling out savings and money market rates at or very near the top of the market and then making the promo rate the permanent rate.  
For us, the true story is much simpler. We're one of the larger mortgage lenders in the U.S. and growing rapidly. We need more deposits to fund our lending activities. High rates attract deposits. Historically, we've offered 12 or even 24 month rate guarantees but with most analysts predicting the Fed to cut rates in July, the longest we're comfortable guaranteeing the top savings rate in the U.S. was three (3) months. After the July Fed meeting, we'll reevaluate to see if 2.55% still makes sense as well as whether to hold or extend the rate guarantee. No malintent here; this is just how bank's need to operate in an uncertain rate environment. Best, Bill C, Northpointe Bank
RZ
RZ   |     |   Comment #15
Well, I would call a 6 week promo followed by a 50 bps cut a "large" drop notwithstanding Bill C's assurances. Northpointe's ultimate saving is nowhere near the top of the market and lags even the big banks. Come October I assume there will be some significant outflow of deposits.
buckeye61
buckeye61   |     |   Comment #2
Exactly! Would like to think that these financial institutions will continue to offer a better rate then the large online banks like ally, but many of them do not, historically
QED
QED   |     |   Comment #3
Very interesting place to put some money. Thank you, Ken, for posting. I already have the Ultimate Savings account. My current balance is slightly over $1. Bank is telling me my interest rate, at present, is 1.356%. With a rate of 2.55% my account could grow to $25000+ at any time. It is tough today to earn 2.55% APY on liquid money.
MEE
MEE   |     |   Comment #4
I've got exactly the same situation. I have the 2.3% guaranteed for 24 months that I'm keeping it as a backup account with $1 in it.

But if I interpret what Ken is saying correctly, you get a choice between keeping that OR getting 2.55% guaranteed for only 3 months and then after that and unknown rate.

So it sounds like if you take this deal, you lose your 2.3% guaranteed floor.

Maybe someone can check and confirm if that's correct.

As Ken said, if that's the choice, then it seems like keeping the 24 months guarantee at 2.3% is a better choice.

Maybe the reason they're offering this 2.55% deal is to get people to give up the 2.3% guarantee. If it's a choice between the two I'm keeping the same arrangement already have. If I get both, I'll be bringing significant new money into that account.
MEE
MEE   |     |   Comment #5
Hmmmmm... Maybe you don't have to choose.

I assume you can open a new ultimate savings account at 2.55%, and also keep your existing ultimate money market account a 2.30% guaranteed for 24 months if you have it. If that's the case it's a good deal.
NorthpointeBank
NorthpointeBank   |     |   Comment #11
Hi Mee -
You are correct in that you don't have to choose one or the other; clients with an existing 2.30% APY Ultimate Money Market account can open a second account to earn 2.55% APY on our new Ultimate Savings promotion. That said, both accounts have minimum balances of $25k so this would require someone having at least $50k to maintain both accounts. Best, Bill C. Northpointe Bank
MEE
MEE   |     |   Comment #13
Thank you for your reply. I was impressed with the quality of service at Northpointe when I opened my account and I'm very likely going to be transferring more funds there shortly.
redfarm
redfarm   |     |   Comment #14
NorthpointeBank, $25k isn't necessary to maintain either the savings or the money market account. At least $25k is necessary to earn the highest interest rate that each account offers. Someone could keep a few dollars in the money market account with the rate guarantee to simply keep it open as a hedge against falling interest rates in the savings account.
Northpointe Bank Boosts Ultimate Money Market Rate
UPDATE 6/29/2019: Northpointe Bank has reduced its rate guarantee from 24 months to "at least 3 months from date of opening new account." This applies to the 2.30% APY for balances between $25k and $1 million. This post has been updated with this new information.

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,...
Continue Reading
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.

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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