Update 02/06/2018: Northpointe Bank has lowered the Interest Rate for the Ultimate Account from 5% to 1%.We received confirmation from CSR that this is a permanent decision, and they have sent out a letter letting account holders know that these changes will become effective starting March 01, 2018. They are still offering Ultimate Savings (1.12% APY) & Money Market (0.40% on balances $25,000-$1,000,000) accounts.
Available nationwide, Northpointe Bank was offering you an attractive rate offer on their Rewards Checking UltimateAccount. They were previously offering you a 5.00% APY on balances up to $10,000 when you follow a few simple requirements, however now they are offering you a 1.00% APY. Also, once you become a member, you can enjoy great features such as 24/7 access to online banking, mobile banking, and bill pay. Make sure you read below to get more details!
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Northpointe Bank Rewards Checking:
- Learn More
- Account Type: Ultimate Checking Account
- Interest Rate: 1.00% APY
- Minimum Balance: $0.01
- Maximum Balance: $10,000
- Availability: Nationwide (Bank Locator)
- Expiration Date: None, but changes are effective as of 03/01/2018
- Credit Inquiry: Soft Pull
- Opening Deposit: $100 minimum
- Credit Card Funding: Up to $100
- Direct Deposit Requirement: None
- Monthly Fee: None
- Additional Requirements: Enroll in e-statements and have $1,000 or more in debit card purchases
- Closing Account Fee: $10 if account is closed within 120 days of the date opened
- Insured: FDIC
How To Earn Up to 1.00% APY Rate:
- Make $1,000 or more in debit card purchases (PIN or signature based) that post or settle during the statement period.
- Then enroll in e-Statements.
Note: Non-Qualified Balances will earn an Interest Rate of 0.05% and an APY Rate of 0.05%.
Bottom Line:
If you are currently in the market looking for a reliable place to stash your funds, you may want to check out other banks or credit unions. Northpointe Bank’s previous 5% APY Rate was good, however their new 1% Rate is no longer worth it. However, we have composed a list of great accounts where you’re able to earn a high rate, so make sure you check out our Best Bank Rates!
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The Ultimate Rewards checking account is dead beginning 3/1/2018. Received notification from Northpointe that rewards rate woyld be reduced to 1.00% APY and there will be a new $1,000 per month spend requirement for the debit swipes.
They’re being cool about it, though, the letter mentions a streamlined account clising procedure for those who immediately recognize that you can get a way higher rate for nothing just about anywhere.
We’ll have to wait and see what Mr. Clancy offers next. The Ultimate Rewards account was an ambitious and effective gimmick to atttact new depositors, and I hope Northepointe is better in the long run for it. Alas, it wasn’t meant to last. Thanks for the great (but short-lived) product, Bill.
I didn’t see any mention of a streamlined procedure to close the account. Can you expand on that? And I agree, the new rate in addition to these ridiculous requirements, its straight trash! At least give me something that will make me consider staying. I foresee most of us who saw the opportunity will likewise pack up and go else where. Loser: Northpointe Bank!
In the letter (link to a copy is posted on this site), it says to visit northpointe.com/goodbye
I’ll be out as soon as my interest payment hit’s for this month.
Have been a member since 2016. Initially having to keep track of min $500 a month spending is a hassle, but since the bank has removed that requirement it has been a good deal for me. I use the account to stash my emergency funds. I set up automatic debits to replenishing funds for EZpass, paying bills, gym membership. Then use it for small things like paying for parking, vending machines, etc. 15 swipes is pretty easily met. The account also frees me from taking on too much credit debt 🙂 it’s a win win for me.
My chex report resulted in a soft pull on my credit for those who are wondering.
Let’s analyze this a little further:
1) To maximize the ROI (Return On Investment), you would keep $5000 in the account at all times to earn the maximum interest at 5%. Over a year’s time, you would earn $250.
2) But, to get the 5% interest, you have to use the debit card 15x/mo. (min.) for a total of $500/mo. spent (min.) Over a year’s time, you would spend $6000 using their debit card.
3) Using a Citi Double Cash Back card instead would get you 2% back. For the same $6000 spent, you would get $120 back.
4) Your net profit on this Northpointe deal is $130 (their $250 less the $120 you could get from Citi credit card instead) plus the $50 bonus for opening the account. Over a year’s time, you would make $180 net, but would have to tie up $5000 for a year, and be sure to swipe 15x and spend $500 every month for a year.
I think I’d rather do a quickie $200 bonus somewhere else, keep things simple by using my cash-back credit card(s), and use my $5000 to get other bonuses during the year.
All those calculations look right to me, Max Cash. I suppose it depends how and why you found us – if your goal is to maximize return by spending the time it requires to open multiple bank accounts and track the activity requirements for $100-$200 bonuses per pop, then the Northpointe account probably isn’t the account for you. But, if you’re looking for a primary checking account (at which point 15 transactions and $500 in debit spend is an easy hurdle to clear) in order to earn up to $250 per year – AND not have to open and track multiple bank accounts – then we’re your huckleberry.
Best,
Bill Clancy, Northpointe Bank
Do you really have to have 15 debit card transactions before you get the 5% interest?
is the bonus still available? from above it looks like it expired on 7-31
It’s still good til 9/30.
This bank seems a bit behind in the technology department. The online application process had some glitches and I wasn’t sure if it was going to work. The online banking system is very primitive and doesn’t even seem to have a transfer function. Also, I got an account opening confirmation email from the bank containing the account number in it (not secure)!
Thanks for the feedback, AA. Are there specific features or technology items you can share with us? A new and greatly improved online application is coming in early September, and we do have External Transfers (it’s located under the Bill Pay tab)!
Thanks again,
Bill Clancy, Northpointe Bank
I received the $100 bonus and I only deposited the $100 to the account.
Can the $50 bonus be received without meeting the DD, swipes, and other requirements to receive 5% interest?
I don’t think you need to meet the requirements of 15 swipes to earn the bonus
Initial signup is good but for 5% its too much to do. If you meet all requirements and with the 5 % interest on 5000 its $ 20.83 per month and that is taxable. Rather if you spend $500 from the Rewards Credit card for 2,3 or 5% in different category. You will receive 10,15 or 25 $ cash back. Like BOA cashreward gives 3% on Gas and AMEX everyday gives 3% on Grocery. And not to forget those rewards are non taxable.
And what’s stopping you from doing both?
5% APY seemed like a great deal until you read the fine print. 15 swipes for an avg of 33$ a swipe. seems a bit excessive
I agree, stopped mid-way 🙁
Elcheapo and Mike, if you change your mind please come back. We’ll be here with 5.00% APY and open arms to welcome you. 🙂
Bill Clancy, Northpointe Bank