Get a $50 bonus for a new Northpointe Bank UltimateAccount Free Online Checking account that earns 5.00% APY.
This $50 bonus and Northpointe Bank’s Online Checking account is open to everyone nationwide. It’s one of the easiest bank bonuses to obtain currently, and is also one of the best free checking accounts options.
*The $50 bonus is no longer available for this account, but you can still earn 5.00% interest on up to $10,000
All you have to do is open an account with the $100 minimum opening deposit (must be received within 30 days of opening). More details below.
Online checking accounts are becoming more popular everyday and Northpointe is setting itself apart with an awesome interest rate. Like other online-only bank accounts, one big perk is that there are no monthly service fees to worry about.
Based in Grand Rapids, Michigan, Northpointe Bank opened its doors in 1999 and is rated “superior” by bankrate. They are the 23rd largest bank in the state of Michigan. They have been featured on CNBC, The Washington Post, Fox Business, Bankrate, etc.
$50 Northpointe Bank Ultimate Checking Promotion
Their featured checking account is the UltimateAccount, which earns 5.00% APY on balances up to $10,000. Balances above $10,000 earn a corresponding APY of 2.54%-5.00% (more on this below in the FAQ section).
There is a $100 minimum deposit required to open an account, but there is no minimum balance requirement to keep it open.
Aside from the great 5.00% APY rate, you can also use any ATM you like and get up to $10 in ATM fees reimbursed each month. They will also refund up to $3 a month in person-to-person payment fees.
You get free online banking, mobile banking, and bill pay with this account.
- $50 bonus offer expired on 03/31/2017 and there is no intention of renewing the promo
- Earn up to 5.00% APY on balances up to $10,000 with this offer
- The UltimateAccount is eligible for this offer
- There is NO monthly service fee
- Direct Deposit is NOT a requirement for the $50 bonus
- Minimum opening deposit is $100
- Application will trigger a Soft credit inquiry, which doesn’t affect your credit score
- You can fund your new account with a credit/debit card up to $100
- You can fund your new account via ACH up to $1,000
Getting The 5.00% APY
Here’s what you need to do each statement period for the 5.00% APY:
- Make 15 or more debit card purchases totaling $500 or more.
- Enroll in eStatements.
- Set up direct deposit OR automatic withdrawal of $100+ per statement period.
FAQ On The 5.00% APY
I received a number of questions concerning how the APY rate works with the UltimateAcccount, along with how to qualify for the 5.00% APY monthly. I’ll go over some important details below.
1. Can you explain the third requirement for the 5.00% APY (direct deposit OR automatic withdrawal)? With either option, it must be a total of at least $100. One $100 direct deposit or automatic withdrawal will fulfill the requirement. Two $50 direct deposits or two $50 automatic withdrawals will also work. However, one $50 direct deposit and one $50 withdrawal does not fulfill the requirement.
2. What counts as an automatic withdrawal?
This is when you use Northpointe’s routing number and your customer account number to pay utility bills (electric, water, gas, trash/recycling, cable, internet, cell phone) or loans (auto, home, rent or student loans) or other expenses. It’s a common option for a method of payment when choosing to pay your bills.
An automatic withdrawal to another deposit account (i.e. Savings, Checking) at Northpointe or any other bank does NOT count towards the qualification. Also, bill payment transactions using Northpointe Bank’s bill pay system do NOT qualify.
3. Can you explain the “balances above $10,000 earn a corresponding APY of 2.54%-5.00%”? Banks are required to disclose interest rates using APY based on Truth in Savings regulations. This gets tricky for rewards checking accounts which almost always have caps on up to what balance the top rate is paid. Northpointe Bank pays 5.00% on balances up to $10,000. At $10,000 and under the APY is simple – it’s 5.00%.
However, if a customer’s balance is $20,000 then they earn 5.00% on the first $10,000 and 0.10% on the second $10,000. When you combine these, the APY earned on a balance of $20K would be 2.54%.
Why did they choose $20K and the representative 2.54% APY? There’s no magic formula and regulations leave it up to the bank to choose the balance so they chose a figure 2X the balance cap to show what the APY would be if the balance exceeded the $10K cap. They could have chosen $12,500 or $25,000 or any other number. What confuses customers the most here is seeing 2.54% (or some other figure less than 5% on their statement) and thinking they didn’t get the 5.00%. They did…but only on the first $10K. If the balance was greater than $10K, Northpointe has to disclose the total interest earned on the full balance.
With the UltimateAccount, interest is calculated daily and paid monthly. Here’s a big perk with Northpointe: if the 5.00% isn’t qualified on until the end of the month, they do make it retroactive back to the 1st of that month.
This is a great offer if you have $10,000 you can deposit to get the most out of the 5.00% APY rate. A 5.00% APY is one of the best around for a checking account. You’ll be able to use it like any other checking account – making deposits, paying bills, and making purchases with the debit card.
If you can set up your paycheck to be directly deposited monthly, that makes the third 5.00% APY requirement easier. For many customers, it’s also easy to automatically withdraw more than $100 towards bills (just be sure you use the option where you enter in Northpointe’s routing number and your account number). I’d recommend a sweet spot of maintaining around a $11,000 balance, which would provide enough to meet the $500 in debit card purchases, along with the $100 towards bills. You can then maximize with the 5.00% APY on the first $10,000 of your balance.
Next Page: Online Savings & CD Account Offers…