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Get the latest promotions and bonuses from Northpointe Bank updated here.
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.
Northpointe Bank is known for offering good rates on their Savings, Money Market and CD accounts, particularly the ones available online and nationwide. Compare their rates with the best Savings/Money Market and CD Accounts nationwide.
Northpointe Bank Promotions Review Below
Northpointe Bank Ultimate Savings Account Offer
- Availability: Online, nationwide
- Minimum for APY: $25,000
- Maximum for APY: $1 million
- Monthly fee: —
Northpointe Bank also offers several of deposit accounts including CDs, Money Market, Kid’s Savings, IRA, and an array of Business accounts.
They currently have a great Savings account promotion with one of the highest Savings account rates in the country. For all the best Savings/Money Market rates, see our guide here.
- Promotion available for the Ultimate Savings account.
- Account is available to everyone nationwide.
- There’s no minimum deposit required to open the account
Northpointe Bank Ultimate Money Market Rate Offer
- Availability: Online, nationwide
- Minimum for APY: $25,000
- Maximum for APY: $1 million
- Monthly fee: —
READ MORE: See The Best Bank Promotions Here And The Best Investing Promotions Here
This is the worst HYSA I’ve had the displeasure to work with. My plan was to take advantage of the 1.5% interest rate. Opening the account was the usual process – went just fine. After my initial $1k deposit I went to transfer a sizable amount and discovered that this bank does not allow ACH transfers between banks – they can only accept wire transfers or check deposit at a limit of $10k/day. To withdrawl funds, the same process.
I tried calling in to discuss with them and guess what – their phone lines were down. I had to talk via chat and ask for them to call us. I told them I was shocked at their lack of ability to handle ACH transfers and wish to close the account. Because I’m closing before 120 days – a $10 fee and now I get to wait for my $990 check. Costly mistake of time and money.
Please DO NOT open this account. NorthPointe is not being completely honest with customers. Here’s the advertised criteria to earn 5% on balances upto $10,000:
1) Make 15 or more debit card purchases each month.
2) Enroll in eStatements
3) Set up direct deposit OR automatic withdrawal of $100+ per statement period.
So, if you meet these 3 criteria, you should receive the 5% APR, right? WRONG. AFTER you have opened the account and made the qualifying transactions, you will receive an “automated” e-mail from NorthPointe that says:
“The Ultimate Checking account is intended to be the accountholder’s primary checking account in which payroll transactions and day-to-day spending activities including but not limited to grocery, gasoline, apparel, shopping, dining, sporting and entertainment transactions are posted and settled. We expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed period of time, particularly near the end of a statement cycle are not considered normal, day-to-day spending behavior. These types of behaviors appear to be conducted with the sole purposes of qualifying for the account’s rewards, and thus will be deemed inappropriate transactions and will not count towards earning the account’s rewards.
Northpointe Bank reserves the right to determine if the account is being maintained for a purpose other than primary, day-to-day use”.
They will not tell you this when you open the account, but when time comes to pay up, this is the convenient story. It is “up to them” to determine whether or not you qualify and how they make that determination will not be disclosed to you. My advice: stay away. They’re a bunch of crooks. Go with better name banks that actually care about reputational risk.
Hi Emma, thanks for sharing your concerns. There is a lot of misinformation in your post above. This ‘Expected Use’ information is presented up-front and contained in the disclosure materials for all new accounts opened on or after 06/12/17. For accounts opened prior to that date, the update was sent via email. Sounds like you’re part of that latter group and there was a disconnect in what and how we communicated this update. For customers seeking a great rate on their checking account and a new primary bank partner, there isn’t a better account available. But, if someone is only seeking another rewards checking account to manipulate in order to maximize their return without really using the account, these new terms mean Northpointe probably isn’t the best option.
Sincerely,
Bill Clancy, Northpointe Bank
what qualifies as an online purchase? is paying my cell phone and other utility bills considered a purchase?
Hi. I am familiar with Direct Deposit only from my paycheck/credit card rewards to bank account. With banking technology much more available to transfer funds from accounts, are there other methods that can count as direct deposit to satisfy the $100/mo Direct Deposit requirement? (i.e setting up auto transfers from other accounts to deposit $100+/month). Thank you.
Is there a fee to close the Ultimateaccount??
Wow, I totally forgot to reply after putting in the updated info. There is no account closure fee after the first 120 days of account opening.
Must you do all three activities (15 debits, estatements AND direct deposit).
Yes, for the 5% APY earnings. Although, the Direct Deposit requirement can be replaced with the $100 automatic withdrawal monthly instead.
For the $50 bonus, you’ll just need to open an account and deposit $100 within 30 days – easy.
Excellent deal!
(I don’t understand their APY over $5000 calculation (2.54%-5%), as balances above $5000 earn simple interest rate of 0.10%.)