UPDATE 5/16/18: Existing Ultimate Savings account may qualify for new rate. See below for more details.
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.
|1.95*%||$25k||$1m||Northpointe Bank||Ultimate Savings|
|OTHER TIERS: 1.12% → Any amount|
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?
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.
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.
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.