Northpointe Bank's UltimateAccount (5.00% APY) Raises Limit To $10k

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.00*%-$10kNorthpointe BankUltimate Checking
OTHER TIERS: 0.10% $10k+
Accounts mentioned in this post. Rates as of May 26, 2017.

Qualifying Monthly Requirements:

  • At least 15 debit card purchases (the $500 minimum total is no longer required)
  • Direct deposit or automatic withdrawal of $100 or more
  • Enroll in eStatements

The UltimateAccount can be opened with a minimum deposit of $100, and there are no minimum balance requirements or monthly service fees. ATM fees are refunded up to $10 per month, and up to $3 per month for Person-to-person payments (PopMoney) fees, if qualifications are met.

Thanks to DA reader, Josh Dresslove, for his Forum post about the recent changes to the UltimateAccount.

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 12 months.” The rate guarantee is still in effect.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.12*%$10k$500kNorthpointe BankUltimateSavings Promo
OTHER TIERS: 0.15% Any amount
Accounts mentioned in this post. Rates as of May 26, 2017.

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.

More detail about the UltimateSavings, including ACH and beneficiary information, can be found in my September 2016 blog post.

Availability

Headquartered in Grand Rapids, Michigan, Northpointe Bank offers its services and product line to U.S. residents in all 50 states who have a valid Social Security number or TIN.

Opening an UltimateAccount can be done online, or at Northpointe Bank’s single branch located in Grand Rapids.

Bank Overview

Northpointe Bank has an overall health rating of “A" at DepositAccounts.com, with a Texas Ratio of 6.09% (excellent), as of December 31, 2016. In the past year, Northpointe Bank increased its total deposits by $84.8 million, excellent annual growth rate of 26.98% 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. In 2013, Northpointe Bank was ranked by Independent Community Bankers of America (ICBA) as the number one best performing financial institution in the country among its peers. 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 UltimateAccount Compares

When compared to the 44 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available nationally and have a maximum qualifying balance of at least $10k, Northpointe Bank’s UltimateAccount APY currently ranks first.

Interest RateAccount NameCredit Union/Bank
5.00% APYUltimateAccount ($10k max)Northpointe Bank
4.59% APYFree Rewards Checking-High ($20k max)Consumers Credit Union
4.00% APYExtreme Checking ($15k max)Blue Federal Credit Union

The above rates are accurate as of 5/8/2017.

To look for the best Reward Checking Account rates, both nationwide and in your state, please refer to our High Yield Reward Checking Account rates table or our Rates Map page.

Related Pages: Grand Rapids savings accounts, savings accounts, reward checking accounts, nationwide deals, Internet banks

Comments
JimDavis
JimDavis   |     |   Comment #1
The say they do not waive the 15 transactions for the first cycle, so opening this up early in the month and not getting your card till the last week  (too late to do 15 ?), might cost you a months interest.
gregk
gregk   |     |   Comment #2
Cards generally take no longer than 10 days to receive after account opening in my experience, - and without the previous $500 minimum completing 15 small value transactions that first short month if necessary shouldn't be too onerous.
JimDavis
JimDavis   |     |   Comment #4
Yeah , if you only have 1 account like that ;-). Think I'll do this for next month, not this one
Amy
Amy   |     |   Comment #3
There is a long discussion about the recent changes (and whether there is truly no longer a minimum $ for withdrawals) on doctorofcredit.com blog here: http://www.doctorofcredit.com/northpointe-5-interest-checking-account/. A representative from Northpointe Bank answered many questions.
You'll need to scroll down a bit to go past the older 2015 and 2016 comments.
Anonymous
Anonymous   |     |   Comment #5
When they first offered the 5% return, they did not require a minimum total to be spent, but after a few months, they sent out a letter claiming people were "abusing" the account, then instituted this ridiculous $500 minimum.

If past behavior is any predictor, I would be prepared for the current requirements (no minimum) to last for only a few months before is it reinstated. Might still be worth it if you think of this as a short-term CD @ 5% for 3-6 months (albeit with transactions required), but be prepared to moved your money back out when things change.
calwatch
calwatch   |     |   Comment #6
I don't see a problem because they really want this to be your daily account, although something more reasonable like 15 transactions with a minimum $5 purchase, on credit, would be acceptable (it could cover lunch purchases). They are a smaller bank and if people buy Amazon credit $1 at a time, that isn't keeping with the spirit of the account.
aaa
aaa   |     |   Comment #7
I've heard of the "disclosure" of the account, but not the "spirit" of the account. :-)
qnh1012
qnh1012   |     |   Comment #8
Does anyone know if there is a credit file pull, either soft or hard and which credit bureau? My credit file is frozen so would need to temporarily unfreeze if there is a pull. Thanks.
moneysaver
moneysaver   |     |   Comment #9
According to the terms document on their website, they will accept/count either PIN or signature based purchase transactions toward the required 15 per month.
Also, their terms document says that their debit card has a standard 1% foreign currency conversion fee, and is locked/blocked by default against any foreign transactions, although they also have some language saying you can call and ask for that block to be lifted.
$300 per day limit on ATM withdrawals and $1500 daily limit on POS.
https://www.northpointe.com/wp-content/uploads/Universal-Disclosures-02-2017.pdf
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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.

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