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

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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.”

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.12*%$10k$500kNorthpointe BankUltimateSavings Promo
Accounts mentioned in this post. Rates as of September 25, 2016.

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 balance requirement." The only fee listed for this account in the deposit account disclosure is for early closure:

A fee of $10.00 will be charged against the account
if it is closed within 120 days of the date opened.

In an email exchange with Northpointe Bank, I found out a lot of information about the UltimateSavings account that isn’t readily available on the Bank's website. Here’s what I discovered:

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.

UltimateAccount

In early 2015, I wrote about Northpointe Bank’s then new high-yield reward checking account, UltimateAccount, which earns 5.00% APY on qualifying balances up to $5k. Qualifying balances over $5k earn 0.10% APY, with non-qualifying balances earning 0.05% APY. The details of this account are as follows:

Qualifying Monthly Requirements:

  • At least 15 debit card purchases, totaling $500 or more
  • Direct deposit or automatic withdrawal of $100 or more
  • 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.

Availability

Headquartered in Grand Rapids, Michigan, Northpointe Bank offers its services and product line to residents in all 50 states.

Opening an UltimateSavings account 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 6.58% (excellent), as of June 310, 2016. In the past year, Northpointe Bank increased its total deposits by $73.9 million, excellent annual growth rate of 20.59% growth rate. Please refer to our financial overview of Northpointe Bank for more details.

A relatively young institution, Northpointe Bank (FDIC Certificate # 34953) 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 UltimateSavings Compares

When compared to the 163 Savings Accounts tracked by DepositAccounts.com that are available nationally, Northpointe Bank’s Ultimate Savings currently ranks second, regardless of minimum deposit.

Interest RateAccount NameCredit Union/Bank
1.26% APYPopular Direct Savings ($5k min/no max)Popular Direct
1.12% APYUltimateSavings ($10k min/ $500k max)Northpointe Bank
1.11% APYIncredible Savings (no min/no max)Incredible Bank

The above rates are accurate as of 9/15/2016.

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

Comments
Anonymous
Anonymous   |     |   Comment #1
Ken you quoted:
"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."

If you look at it from a legal point of view, it means nothing.

However, I called a CSR and she was not sure if the balance ever falls bellow $10K in that period or if that was and average balance or if that was blended balance.
I ask if she can call a supervisor to explain it, but was not available. I think there is where they can cheat on the rates. Example: $500K plus interest at 1st of the month puts you over $500K and they keep the interest until you bring the balance bellow $500K or they may say, you balance went over $500K and that is all you get for the whole month a 0.15% interest. Same thing may apply if the balance falls bellow $10k any time during that statement period, they will pay you only 0.15%.
Ken Tumin
Ken Tumin   |     |   Comment #2
I took another look at the account disclosure, and here what it says about the balance computation method:
"Balance Computation Method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day."
Anonymous
Anonymous   |     |   Comment #4
Thanks for the reply Ken, I just finished speaking with another CSR and she said:

"If the daily balance falls anytime during the month under $10k the rate will be 0.15% on the entire daily balances collected divided by 30 days. If the daily balance never falls bellow $10K, 1.11% rate will apply."
Anonymous
Anonymous   |     |   Comment #3
Was thinking about going with this for my emergency fund until I saw these.  I'll just keep with GS Bank

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.
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