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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Table of Contents
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.