This bonus has now expired. You can still get a $50 bonus (and $50 to charity) for using the link.
Please be patient with the Northpointe team. They’ve seen a massive increase in the number of applicants and have been putting in 10-12 hour days (as well as working the weekend) to get everybody sorted. It may take them 3-5 days to get everybody sorted, but as long as you apply for the account before Wednesday, March, 23rd you’ll receive the $100 bonus. They have awesome customer service, so just stick with it and be patient and polite as always.
- Maximum Bonus: $100
- Interest Rate:Â 5.00% APY
- Minimum Balance: none  ($100 initial deposit)
- Maximum Balance:Â up to $5,000 (beyond that the rate is .10% APY)
- Availability:Â Nationwide
- Direct deposit required:Â No
- Additional requirements: Yes, see belowÂ
- Hard/soft pull:Â Soft
- Credit card funding: None
- Monthly fees: Â NoneÂ
- Insured:Â FDIC
Contents
The Offer
- Open the UltimateAccount checking account at Northpointe Bank with the promotional code DOC and receive the following:
- Receive a sign up bonus of $100 if the initial deposit is $100 or more
- Receive an APY of 5% on balances of up to $5,000 and ATM refunds (up to $10 per month) when you complete the following requirements each statement cycle:
- Be enrolled in eStatements
- Use your debit card to make 15 or more purchases per month in the amount of $500 or more
- $100 or more in direct deposits or automatic withdrawals per month
Any portion of the balance which is above $5,000 will earn an interest rate of .10%. (The first $5,000 will still earn the full 5% interest.)
The Fine Print
- New account bonus is an interest credit and will be paid within 30 days of account opening
- $100 offer is valid for the next ten days (will expire after Wednesday the 23rd of March, 2016). After that the bonus will drop down to $50 and Northpointe will donate an extra $50 to the Kids’ Food Basket (a charity they have an on going relationship with that is around 1 mile from their main building). You only need to apply before this date, it doesn’t matter when the actual application is processed.
- This offer is limited to one per household (tracked by address)
- Accounts must be kept open for at least 120 days or there is an early withdrawal penalty (forfeiture of bonus)
Funding the Account
The bank requires an initial funding of at least $100. The funding can only be done via ACH transfer from your existing checking or savings account, so be sure to have the routing/account numbers handy at the time of application. They do not allow funding with a credit or debit card.
Avoiding Fees
This checking account does not come with any monthly fees or any fees at all. There is a dormant monthly fee of $5 if the account has no activity for twelve months or more.
ATM Fee Waiver
Not only is the account fee-free, they’ll actually reimburse you for up to $10 in ATM fees charged by the ATM owner. (Northpointe themselves will never charge you any ATM fees from their end.)
This is a really nice benefit of having this account as you can always fall back on it to withdraw money at any ATM nationwide (or even internationally, perhaps) and get the fees reimbursed. Since you’ll already have $5000 in the account, you won’t have to worry about making sure the account has funds which you can withdraw.
Meeting The Debit Card Requirement
This is probably the most difficult part of getting the 5% rate, as you need to make 15 or more purchases that total $500 per month. If you put that on a credit card earning 2% cash back, you’d earn $10 per month (you’d be earning ~$20 per month from the interest, but there are other high interest accounts out there).
Meeting the Deposit/Withdrawal Requirement
The direct deposit requirement is pretty typical, but here they gave us more leeway and allowed an automatic withdrawal as well. The main goal here, apparently, is that you should actually use the account and not just park $5000 in it, so they’re okay as long as they see some regular account activity such as a direct deposit or automatic withdrawal of $100.
Based on my correspondence with the bank:
- The $100 withdrawal requirement can be fulfilled, for example, by making a $100 credit card payment, initiated by the credit card.
- Making ACH transfers from another bank account may work in many cases to fulfill the requirement of a direct deposit, but it can vary by the bank as to whether it gets coded as a direct deposit.
Making an ACH withdrawal should probably work in any case since that doesn’t require a special ‘direct deposit’ coding to qualify. Thus, it should work for you to just have an automatic transfer of $100 from your regular checking account to your Northpointe account and another transfer back. Even if the transfer to the Northpointe account would not come up as a ‘direct deposit’, the subsequent withdrawal should presumably be considered an automatic withdrawal and suffice to make you eligible for the 5% interest rate.
Our Verdict
Opening this account is worth it just for the $100 bonus, there are no requirements other than depositing at least $100 and the account doesn’t have any monthly fees to worry about either. I really look at the ability to earn 5% APY on $5,000 as an added bonus, there are other accounts out there that offer the same rate but none come with a sign up bonus remotely this good.
We’ve added this bonus to our best bank account bonus list, it’s probably between this and the Citi 50,000/40,000 offers as to what’s best – I like this one because of it’s hassle free nature. So even if you don’t usually do bank account bonuses, I’d grab this deal.
Northpointe usually offer a $50 bonus on this account and also give bloggers $50 as commission for every reader they sign up. I asked if they would instead give our readers $100 and they agreed, but as mentioned before this is only for the next ten days so the sooner you sign up the better.
We don’t have any financial relationship with Northpointe (we’ve given up our commission to give you a better bonus), I really like them as a bank as they’ve made this deal possible and Bill Clancy (Vice President, Deposit Banking at Northpointe Bank) has answered your questions before. If you have any questions you’d like answered (not about this promo) then you can ask them over here and Bill will answer these questions sometime this week.
Sigh denied because of Chex systems. Presumably due to too many inquiries.
Yikes! Any idea on how many inquiries you might have over the last 6/12/24?
The account and a bank looks good. However there are some down points, at least for me:
1) Use your debit card to make 15 or more purchases per month in the amount of $500 or more. I would like to see something like: pay 5 or more bills per month in the amount of $500 or more
2) Fee for outgoing transfer. That is just strange due to most of the banks does not have such fee
Maybe I missed something else…
Just a thoughts…
Check your 1099-INT statement. I got mine and it was wrong. It said I got $200 in interest when I only got a $100 bonus. I sent them a message through their contact form.
Mine, too. It’s because they erroneously gave me two bonuses, then took one back. Sigh. Will call tomorrow.
Is there an easy way to close this account online?
Bill’s team instructed me to zero our the account balance and that should do it. A few months later, I had to email Bill as something failed closing it out completely. I would wager since he got mine handled, he sent directives to their IT team to fix that.
NOBODY anywhere is on top of this stuff more than Bill Clancy. I just do not live close enough to do the everyday stuff and my $$ balance is not enough to justify keeping the account. I still give them high marks for this account.
Thanks, Jeff!
Hi DLR,
Several options – use our live chat or pop us a note via email at support AT northpointe.com. Or, per Jeff’s comments you can leave the balance at $0.00 and after 30 days of non-activity we’ll close it out automatically. Please let me know if there’s anything we can do to keep your business – thanks for checking us out. 🙂
Sincerely,
Bill Clancy, VP/Deposit Banking, Northpointe Bank
Hey Bill, any plans on renewing this awesome deal? I definitely could use a 5% account and could use a bonus while I’m at it 🙂
Keep in mind though opportunity cost of the $500/mo is $10 (2% cc).
Real rate is below 3% and you’ll owe taxes on this whereas using a cc is nontaxable. You also miss out on minimum spend capacity. Not to mention the time invested.
Might sound like I’m hating on this bank but the reality is they seem like a good bank but as far as value to the consumer is concerned you may want to begin a search elsewhere, such as LMCU with $15k at 3%.
It is now possible to fund $100 initial deposit with credit card. I managed to do so using a Citi double cash with $0 cash advance limit and the category is showed as ‘PROFESSIONAL SERVICES, NOT ELSEWHERE CLA’ (still pending).
Hi Ted,
Yes – this is correct! Our new online account opening portal went live in early September and allows for ACH funding (as always) plus debit/credit card funding of up to $100 (new). I hope you found the application process fast, simple and intuitive – we think it’s one of the better account opening solutions in banking.
Sincerely,
Bill Clancy, Northpointe Bank
I opened my account mid-March with this promo, deposited the $100, and I never received the bonus! I don’t understand why I didn’t get it. Would appreciate some help. Thanx
Have you tried contacting them? If yes, let me know and I’ll forward this onto Bill.
Hi emak,
Yes, please contact us via chat or email here: https://www.northpointe.com/about-us/contact-us/
As long as you qualified per the terms of the offer (no previous NP bonuses earned in the past 365 days; no duplicate address), there should be no issues and we’ll get this resolved right away.
Sincerely,
Bill Clancy, Northpointe Bank
Coming up on the 120 days minimum account holding period. Any incentives to keep the account after that ???
Jeff, Other than continuing to work with our awesome team of Personal Bankers!?! On a serious note, we recently sent out emails to current customers with client-only special offers like a 1.05% APY savings account and $250 off closing costs on a home loan (plus, our home loan rates are stellar…check it out here: http://www.northpointe.com/home-lending/low-rates/ )
We’re also working on $250-500 gift card give-a-ways this fall for eStatement users and customers that follow us on our social media pages.
So, lots in the works — hope these plus the 5.00% APY each month keeps you here!
Best,
Bill Clancy, Northpointe Bank
Always leave $1 if you plan on using the account….
Yeah.. my account is nowhere to be found either.
Just to give my two cents.
I still have my account available and still see the balance. My advise is probably to put some amount… my rule of thumb is to leave a $10 balance on an account.
If you still have a problem just contact their support. Using their chat seems to be easy based on my experience. I think this is one of the most responsive banks and I didn’t have any issue along the way.
Thanks for the tip. I checked my account, and it was also closed. It had been left at $0.00 balance.
This doesn’t bother me, as I was only planning to keep it open long enough to avoid the EATF and then close it. This bank action closed the account earlier, getting me out of waiting 120 days.
However, I can see how this could bother others who were perhaps planning to continue using their account. I wonder if Bill could take requests to re-open accounts that were closed without a second chex inquiry?
Hi, I have same issue with the sign up bonus. I just sent a message via “contact us”. Thanks.