Posted by Chuck on May 1, 2017
Checking Accounts

Published on May 1st, 2017 | by Chuck

316

Northpointe 5% Interest Checking Account on Balances Up To $10,000

Offer at a glance

  • Interest Rate: 5.00% APY
  • Minimum Balance: none  ($100 initial deposit)
  • Maximum Balance: up to $10,000 (beyond that the rate is .10% APY)
  • Availability: Nationwide
  • Direct deposit required: No
  • Additional requirements: Yes, see below 
  • Hard/soft pull: Soft
  • Credit card funding: Yes, up to $100
  • Monthly fees:  None 
  • Household limit: None (one per SSN/ITIN)
  • Insured: FDIC

The Offer

Direct Link

  • Open the UltimateAccount checking account at Northpointe Bank and receive an interest rate of 5% APY on balances up to $10,000.

Any portion of the balance which is above $10,000 will earn an interest rate of .10%. (The first $10,000 will still earn the full 5% interest.)

northpointe

Requirements

There are three requirements necessary in order to be eligible for the 5% interest rate:

  • Must enroll in e-statements.
  • Must make 15 debit card purchases. (The 15 transactions must post and settle during the statement period to qualify.) More details on this below.
  • Must set up an automatic withdrawal or direct deposit of $100 each month.

These requirements must be met based on the statement period, not based on the calendar month. If you don’t meet these three qualifications, then the interest rate is just .05%.

Meeting the Debit Card Requirement

Initially, this account had a 15 transaction + $500 debit requirement; since May 2017, the $500 requirement has been removed and you just need to hit 15 debit purchases of any amount.

That said, Northpointe has added terms indicating that they’ll switch or close any account that isn’t using the debit card in an ordinary manner for things like gas, groceries, and similar. We wrote more about this in a dedicated post.

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.

Signup Bonus

There isn’t any signup bonus on this account.

At one point there was a $50 or $100 signup bonus offer, but it’s unlikely that will come back. At another point there was a $25 referral bonus offer which gives each party a $25 referral; also unlikely to come back.

The Fine Print

  • Rates are subject to change after the account is open.

Funding the Account

The bank requires an initial funding of at least $100. The funding can  be done via ACH transfer from your existing checking or savings account or via a credit card.

Avoiding Fees

This checking account does not come with any monthly fees.

The only fee to be aware of is a 12-month dormancy fee of $5 (more details here). If you are using the account for the 5% interest, this won’t apply to you as you’ll have activity when meeting the other criteria, but it’s worth keeping in mind.

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.

Our Verdict

Since the account requires ‘ordinary’ debit card usage, it’s not nearly as valuable as a straight 5% APY account. That said, 5% on $10,000 is from the best high-yield options around, and some people will find it worthwhile to use their debit card regularly so as to get the rate.

Check our post on Best High Interest Savings Accounts for other high-yield options.



316 Responses to Northpointe 5% Interest Checking Account on Balances Up To $10,000

  1. gary says:

    I have the northpointe acount. they recently changed the requirements and added the 500 requirement.
    There is one thing to keep in mind that i still havent figured out to fully interpret. Not all debit card transactions counted. my first month there were a few transactions they didnt count. after asking via message why i didnt qualify i was told that those transactions did not count but they gave me credit for that month only. they were pinless debit but still counted a withdrawal not debit. SO not sure if bluebird would work, with evolve there will be the 3% fee

    • Logan says:

      That’s interesting. I could see all of this working if I was able to get the redbird transactions to work but who knows.

      • Fiby says:

        I mean technically we have basically nothing to lose (just one month’s worth of interest if it doesn’t work) because it’s a soft pull to open the account and there are no monthly fees.

        Still though, it’s pretty sleazy that all they say with respect to debit card transactions is “15 or more debit card purchases in the aggregate amount of $500.00 or greater that post and settle per the statement period” and then later tell a customer nope, not all debit card purchases will count.

    • Chuck Sithe says:

      @Gary, thanks for the data point.There’s no indication of such in the terms which is why I didn’t suspect it, but it’s important to know. I’ll add the caution in the post.

    • Paul says:

      I have had this account open for about 4 months now and can confirm that doing small $1 RedCard loads did NOT count as qualifying purchases for earning the 5% rate. You can tell if you’ve made 15 qualifying purchases by logging into your account and looking at your transaction history and seeing what your current interest rate is up in the top box of the screen. When you reach the 15 qualifying transactions it will switch from showing 0.10% to 4.99% if I recall.

    • gary says:

      as a follow up the charges that didnt count were my cable bill payments. it shows on northpoints system as a chk purchase despite me paying under card payment

  2. Vince says:

    For why banks offering rewards checking accounts are starting to require more use of debit cards (beyond the obvious of trying to make these accounts profitable for them), see Growth of PINless Debit Card Transactions May Impact Reward Checking as to why some are imposing a minimum transaction amount of $50.01 (the article explains why the 1¢ in addition to the $50.00 in the same transaction is important).

  3. W D says:

    Do online expenses with the debit card (such as internet/tv bill) count as one of the 15?

  4. Adam says:

    maybe I’m reading this wrong but 5% APY is compounded monthly on $5k, aint it? then this would be worth $3k every year if you met all the requirements every month.

    I guess minus the $120 opportunity cost of using the debit card instead of using a 2% CB CC for the monthly $500 usage.

    the net aint 3%, $3k – $120 still = ~4.8% profit!

    • Fiby says:

      You grossly misunderstand what 5% APY means.
      You did .05*5000*12 = $3000 because you think you earn 5% of $5000 every single month, right?

      APY is annual percentage yield. As in, $5000 held in a 5% APY account will yield 5% BY THE END OF THE YEAR. So 5% of $5000 is $250.
      http://www.investopedia.com/articles/basics/04/102904.asp

      You DO NOT earn 5% of $5000 every month. You earn the x that solves the equation 1.05 = (1+x)^12, which is 0.407%, every month. So over 12 months, your final balance is
      1.0047^12 = 1.05 times the original value.

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  6. Frugal_juan says:

    Too much work if you’re touting this as a backdoor savings account. The bank has carefully structured the deal so that it would only appeal to someone who needs a checking account (or someone with a lot of free time who can stay on top of meeting the requirements).

    Great checking account, but too many hoops otherwise.

    • Mimi says:

      ^^THIS^^

      this is just too much to keep track off for very little gain on $5K. I’d rather do a load and drain to my prepaid at $2.5K twice a month using a 2% card.

  7. Fat Chance says:

    You could never maintain a $5000 balance – more like you’d always be bouncing around between $4k – $5k because money is in constant transit out of the account.

    Get at NetSpend card, earn 5% and be done with it.

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  11. Packetslinger says:

    I’m not a Noob. But, this may be a noob question – Does anyone have thoughts about automating the 15 required debit transactions?

  12. Jeff says:

    NORTHPOINTE CLOSED MY ACCOUNT! I tried to login today, and found my account closed. After receiving the $100 DOC promotion, I haven’t used the account since mid-April ($0 balance). I had been waiting a few months before moving my money over. Bill Clancy and everyone else mentioned dormancy would not come into effect until 12 months! Chatted with representative who said was closed after 30 days with $0 balance. This is outrageous. Nowhere in the terms does it mention this. Waiting for a call from a supervisor. Has anyone had a similar experience? Check your logins people.

    • Binny says:

      Mine was closed too, also signed up for the bonus and never used it. No big deal for me, I just signed up again.

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  14. Bill says:

    My wife and i just signed up for this and so far so good, it appears we hit our 15 transactions and the $500. it’s too bad their system didn’t tell you for sure if the debits count, but then again they are a bank and are trying to make money. I am not sure if my cable bill was allowed or not, it is the only one of my bills that allows using a debit card. And for now I keep track of what I spend for groceries then transfer that money over from my local bank to NP, it takes about 3 days to credit. I think once we are in it a few months will have a better grasp, but we figure if we make money off it then it is worth juggling.

    • Jeff says:

      you can tell if they counted by looking at your interest rate the day after the 15th debit posts. remember you also need $100+ withdrawal

      • Bill says:

        Thanks Jeff, my wife has her car insurance set up as the automatic withdrawal. It did show an interest rate but at 4.199 percent so we were scratching our heads on that, because when we signed up it said it was still at 5% but is subject to change. So that is good to know that once we hit the 15th debit and, $500/$100 requirements when we log in to account it will show the full rate?

        • Jeff says:

          yes. I once saw a strange interest rate similar to that but it usually says 4.8888% which is the interest rate, but compounded over time leads to 5% APY

          • Bill says:

            I have to say their system seems weird. Last week after we hit the monthly requirement we hit the 4.888% threshold, and held that for 6 days, now it is showing 4.03. I mean we are making some nice interest compared to my bank with a crappy .27 rate, so can’t complain too much!

    • Bill Clancy says:

      Hi Bill,

      Not counting the debit transactions is a system limitation without a work-around, not a “bank trying to make money intention.” We’re planning a significant overhaul to Online and Mobile Banking later this year and including an automated tracker is on our ‘Must Haves’ list.

      Sincerely,

      Bill Clancy, Northpointe Bank

      • Jordan says:

        Hi Bill,

        So is there still a $500 spending requirement per month or not?
        I would also like to know whether the timing of meeting the 15 transactions matter (e.g. interest only becomes 5% APY for the month after requirements are met), or is it just a matter of meeting it or not?

        Thank you!

  15. Revil says:

    The limit is up to $10,000 now, and the $500 total in debit card purchases requirement is gone as well (although the 15 debit card transactions part is alive and well).

  16. Matt K. says:

    Crazy good. Was there a household limit? Just thinking of opening one for my wife too to get potential up to $20k.

    • anthonyjh21 says:

      Also want to know this. Hopefully someone will have an answer since they’ve offered 5% since 2014.

      • NBG says:

        In looked up the earlier DoC articles on prior NP posts, it does mention 1 per household in fineprint. For this new offer, i dont see it in DoC or in NP website. I did message them to clarify. Will post what i find out.

  17. JP says:

    does amazon reload count as the debit tx requirement?

    • Bill Clancy says:

      Hi JP,

      I strong recommend against doing this or anything similar. This offer isn’t sustainable based on that type of debit activity. The terms of the account do not prohibit this but folks shouldn’t be surprised if a spike in this type of activity results in a change to the terms of the account (lower rate, lower balance cap and/or minimum debit requirement). If you don’t plan to use this as a primary spending account, it’s best not to open it.

      Sincerely,

      Bill Clancy, Northpointe Bank

      • JP says:

        Totally understandable, Bill. And thank you for actively answering questions here. If you start OR increase the debit requirement due to some folks who will indulge in such transactions, wouldn’t that be penalizing the folks who played by the rules? Shouldn’t Northpointe just act on accounts of those individuals? If I am making the effort of making this account my main account I think I shouldn’t be punished due to behavior of others. Just my two cents. Do you think your bank will take that Into account before implementing any such increase?

        • joE says:

          I think they need to come up with a solution that balances between being profitable and reasonable for people who actually want to keep this as there primary account.

          One thing banks have to understand is the demographic on DOC is not going to use debit cards for everyday purchases when there are rewards credit cards out there. So how do you still get people to use there debit card? Come up with more reasonable and manageable stipulations. For example I doubt many people would be willing to spend $500 a month on their debit card. But $100? I’ll bet you the number will exponentially increase. Then comes the # of transactions 15? That is becoming rather annoying more than anything else. again a number like 10 would be well balanced.

          Moral of the story don’t temp people with no stipulations so suck them into opening an account only to get frustrated as an institution and deploy drastic changes like $500/m requirement, balance it.

          I think 10 transactions $100 in spend per month is very reasonable and has been market tested by other institutions.

          Thanks

  18. JP says:

    And, are they going to offer another bonus Will?

    • Don’t think so, I’ll ask but I doubt it.

      • Bill Clancy says:

        Hi JP, Will:

        Northpointe is no longer offering new account bonuses. In light of the recent bump to our Ultimate Rewards balance cap (5k to 10k) we have no short term or long term plans of offering any new account bonuses.

        Thank you,

        Bill Clancy, Northpointe Bank

      • Jordan says:

        Is there a minimum on the 15 transactions? Would like to know if reloading Amazon balance would do.
        Thanks!

  19. Kashmoney says:

    Stupid question:
    TO satisfy the debit transaction… can i meet it with AmazonGC (i.e. 0.50 transaction?)

    • Chris says:

      I don’t understand how ppl say Stupid question and then ask something…If you think it is stupid then you are admitting you are a person that’s asking stupid questions.
      Instead, you can just own it and ask freely, as if you need the answer it is not stupid…
      Well, anyway, cheers to all!

    • Bill Clancy says:

      Hi Kashmoney,

      I strong recommend against doing this or anything similar. This offer isn’t sustainable based on that type of debit activity. The terms of the account do not prohibit this but folks shouldn’t be surprised if a spike in this type of activity results in a change to the terms of the account (lower rate, lower balance cap and/or minimum debit requirement). If you don’t plan to use this as a primary spending account, it’s best not to open it.

      Sincerely,

      Bill Clancy, Northpointe Bank

      • Kashmoney says:

        Thanks for the transparency. You are correct, in my situation… this would not be beneficial.

  20. NoonRadar says:

    I’m tempted to open an account and move money from other accounts including Alliant. But, Northpointe is fairly new at such offers and keeps changing terms, now up to this too good to be true for long offer. Will it actually last or might they add other hoops to jump through or reduce the interest rate after they fill their new account quotas with this % increase?

    Factoring the hassle of all such changes and paying the credit cards from a new checking + Chex hit (opportunity cost is another new account bonus) I think I’ll wait a couple more months to see if Northpointe will keep this as is or not before jumping in.

    The opportunity cost of waiting is probably around $30/month or so by comparison to a low (vs this offer) Alliant savings. On the other hand I’m also on the fence about getting the new shiny Alliant credit card so keeping more money & activity there probably helps towards that.

    So bottom line I think I’ll stay put for now. What are the rest of you guys doing?

    Anyone knows if they are Chex sensitive? MT has def done a nr on our Chex reports (not that we’re regretting that or anything).

  21. joe says:

    Can you open one of these for your kids?

  22. Brogino Mack says:

    The posts about earning <5% fail to realize that if you deposit the max amount on day 1, there is no way the interest earned will itself earn interest in the subsequent months. If there was a way to earn 5% on the $40.67 you earned on a 10000 deposit the first month, (and $40.83 the second month, $41 the 3rd month, etc) you could get to 5% APY by the end of the month, and earn a full $500 on your 10k. But 10k is the max that earns interest.

  23. joE says:

    Is this a bait and switch rate? 6 month and nerf it?

    I know either, will or you know the guy and have interviewed him, can you see what he has to say about the longevity of this offer?

    Been in this game long enough to realize a too good to be true case or at best getting in line for the nerft bat.

    Thanks

    • They have been offering the 5% rate since 12/19/2014. I wouldn’t expect this to be bait and switch but you never know I guess.

      • Bill Clancy says:

        Hi joE, Will:

        Not a bait-and-switch but in full disclosure this offer is only sustainable if account holders use it as a regular account. If a marked spike in 15 x $1 debit transactions flood in, something will have to change (rate, balance cap and/or debit spend requirement). Based on all the past interactions I’ve had with Will and DoC readers, plus our rates on deposit products and home loans, it should be clear to folks that Northpointe operates differently than most banks and credit unions. Great value, transparency, user experience are all critical priorities for us, as is making a fair return/profit. These don’t have to be mutually exclusive – we see it as a two-way street and are working hard to strike a balance we think maximizing benefits for both.

        Best,

        Bill Clancy, Northpointe Bank

        • Pijacec Ordiner says:

          Bill, thank you for responding to all these questions and comments.

          When you say “use it as a regular account”, would you not qualify just use a checking account to receive the salary and do bill pays?
          That is my regular use for the checking account. All the spend I put on credit cards, for obvious reasons.

          If you are looking to attract customers who do not use credit, but manage all their income/spend via checking and debit, then you are talking with the wrong crowd. If that is not the case, who then would be your normal customer for this account?

          Thank you.

        • John says:

          Bill,
          This has been stated to some extent before but will NP reward those who use it as a regular account and perhaps put the people who are “gaming the system” so to speak on notice that the account needs to be used as a regular account or lose the benefits instead of just punishing everyone across the board and changing the terms? I currently am just getting tiny benefits from my account at a bank I have been a faithful customer for over 10 years and am ready to make the jump but would like to feel somewhat reassured that the terms will be for the long term -thanks, John.

  24. Tan T says:

    They allow to use credit card to initially fund the account ($100), too. It looks like AMEX is not acceptable. Although it doesn’t state in the funding page, I got a message after clicking Submit. I changed to a Alaska Visa card and it worked. Let’s see if it’s considered as cash advance or not.

  25. todd says:

    tried to open few minutes ago online, here is the screen says:

    Sit tight, we need to double-check the information you’ve provided so far. A Northpointe banker will reach out within 1-2 business days with more details.

    In the meantime, if you have questions, please reach out at 888-672-5626 or email us at newaccounts@northpointe.com

  26. boofat says:

    As I’m applying the terms at the bottom of the page state the 5% is only valid on balances up to $5000. Sent a message requesting clarification…: “UltimateAccount annual percentage yield (APY) is 5.00% on balances up to $5,000. Balances above $5,000 earn a simple interest rate of 0.10%, with a corresponding APY of 2.54%-5.00% APY. If qualifications are not met during the statement period, the full account balance will earn interest at 0.05% APY for that statement period. Qualifications include 15 or more debit card purchases in the aggregate amount of $500.00 or greater that post and settle per the statement period, enrollment in eStatements and direct deposit or automatic withdrawal of $100 or more per statement period. $100 minimum deposit required to open. No minimum balance requirement. New accounts subject to approval. Rates are subject to change including after the account is opened.”

    • Chuck says:

      I once asked them about that. It’s legal jargon, don’t worry about it.

      • Chris says:

        It’s not legal jargon; it’s very clear English of a $5,000 limit. I understand it is probably just an oversight that they didn’t change it yet, but I don’t think it’s something to just not worry about. I’m not even sure you read the comment you replied to.

        • Chuck says:

          I made a mistake, thought you were referring to the 2.5-5 lingo which I once asked them about. Totally missed the 5k vs 10k lingo. If you still see it, link the page in and Bill (below) said he’ll get it fixed.

    • Bill Clancy says:

      Hi Boofat — Apologies for any confusion. The rewards balance cap has been increased to $10k. Do you recall specifically what page are you saw this on? If we missed an update I’ll get it updated right away.

      Thank you,

      Bill Clancy, Northpointe Bank

      • Bill Clancy says:

        Update – I believe we’ve located the page referenced; an update is coming momentarily.

        • boofat says:

          Thanks Bill. It was right before the page where we fund the account. Anyway, I went ahead and opened an account today based upon your reply. Thanks for your quick and informative responses.

  27. GMG says:

    Anyone else see that there is a $3 outgoing ACH fee? Does that mean ACH outgoing initiated from NorthPointe only I assume?

  28. The Man says:

    Great news! Great bank to work with!..

  29. Dan says:

    I share the other commenters’ concerns. I had this account in the beginning. Then, they nerfed it by requiring 500 spend each month. I closed.

    Now, if I open, I am concerned they will nerf it soon, again.

    • Wasn’t the $500 in spend always required?

      • Dan says:

        No, used to be only 15 transactions like now.

        • Superchurn says:

          the $500 isn’t a big deal. I can think of one item specifically that would fulfill it nicely, at minimal cost and limited hassle too

          • Dan says:

            It is a big deal. It’s the reason I got rid of Mango. Depositing 500 MO into my account every months is a pain in the ass.

          • Miz says:

            I agree with Dan. The $500 is a deal breaker for me, although they are ways to fulfill the requirement, its hassle is not worth my time and effort.

      • Bill Clancy says:

        Hi Will,

        No, the $500 debit spend came into play approx 6 months after we first introduced our Ultimate Account. With ‘normal and sustained’ debit spending activity there will be no need to reactivate it. However, if we see an increase in 15 x $10 transactions or similar with little or no other activity, folks can expect to see a debit limit reactivated. And, since we’re now paying 5% up to $10k it’s possible that hurdle could increase to more than $500, if it has to come back. I strongly recommend folks only open this account if they plan to use it as a primary spending account…if not, it shouldn’t come as a surprise if changes need to occur. This may come across as unpopular but it’s the reality – it’s not a sustainable offer if folks abuse it.

        Best,

        Bill Clancy, Northpointe Bank

        • joE says:

          Bill,

          Just want to say I really appreciate your transparency, but more so I think it’s educating people about the system so we can make it a win/win.

          Could you expand on why even 15 x $10 is not sustainable? I could understand $15 x $1, but why not $150? I currently bank with an institution that has a requirement of 10 transactions totaling at least $100 and they have sustained this for a long time.

          Could you perhaps educate us on when a transaction is or is not profitable for bank?

          Thanks

          • Bill Clancy says:

            Hi joE,

            Sure thing. Hopefully the following overview will assist

            1. At 5% on 10k, the annual interest expense could be $500 per year.
            2. Card issuer profit is approx. 1% on a card purchase.
            3. At 15 x $10 or $150 monthly spend / $1,800 annual spend that equates to $18 in annual card revenue.

            Now, not everyone qualifies for the 5% or has a full 10k balance so the interest expense can be reduced but you can see where the math can get difficult. Imagine running an ice cream shop where your expenses were 27x your revenues…you wouldn’t last long. Of course, this is a greatly over-simplified example and there are 25+ different cost and revenue factors involved but the basic principles remain unchanged — expense and revenue streams need to stay within a certain balance. That balance varies by bank or credit union. We’re more tolerant than most (hence this offer). However, we’re still running a business and have to be cognizant of finding a sustainable balance.

            I appreciate your willingness to ask these questions. Whatever your decision to apply, thank you for considering us.

            Best,

            Bill Clancy, Northpointe Bank

          • Zack says:

            Hi Bill,

            Thanks for this offer, it’s awesome for my current open account. However I am an engineer, so details is one of my specialties, so just wanted to add something 😛
            Not that I am disagreeing with your statement, but I think your calculations might miss out on the fact that when we leave 10k in your bank, it’s not just sitting there; you’ll be re-investing it/loaning it out/whatever else you do, so your numbers might be missing that. Just pointing it out is all 🙂

            Zack

        • Miz says:

          Hi Mr. Bill Clancy,

          Talking about the checking account, you repeatedly advise people to “use it as a primary spending account” as a way to meet 15 debit transaction per month. My current primary checking does not even get 2 transactions per month, forget about 15. A financially savvy person will not have 15 debit transactions per months in her checking account. People who follow DoctorofCREDIT will laugh at the idea of having a checking account as their “primary spending account”.
          In addition, if sustainability of your business model relies on having large debit transactions (such as transactions totaling $500, or transactions more than $50.01) then why are you shy of including it in the terms of the account? It is not strange that you dropped something from Terms of the account, yet expect people to do that.
          Best,
          Miz.

          • Ken says:

            Then this account is not for you (or us). If you don’t like what they’re offering move on to something you do like.

          • Bill Clancy says:

            Thanks for the feedback, Miz. I expect people will do what they choose to; their decision are their decisions. I also expect people to accept the consequences for their actions. Both tenets apply to me, the DoC readers and the organizations making any offers on this or any other site.

          • Miz says:

            Thanks for your reply, Bill. My question is that why don’t you include the simple requirement (that you believe is necessary for sustainability of 5% rate) in the terms of the account?
            It seems all parties will be worse off by not including the requirement in the T&C, specifically if you believe the requirement is necessary for sustainability of the 5% rate.

        • NBG says:

          Hi Bill, i understand the logic you explained to Joe below this message on the 1% etc. But, am i missing the fact that you have our principal money which you are making profit out of by investing elsewhere?. Shouldn’t that offset your loss logic?. In a ice-cream shop, if all one does is sell ice cream and not do anything with the money he earns, he will not sustain. But most of the time the person is investing the money in other ways to grow..Please correct if my logic is flawed.

  30. NBG says:

    Just applied and got approved. At least that is what i infer from the success message page.

  31. MB says:

    Are there any prepaid debit cards other than Serve/Bluebird that will work to satisfy the debit card requirement (simply by loading funds)? How about loading PayPal with new funds?

  32. kt says:

    If I open multiple accounts and deposit $10k each, will all of them get 5% APY?

    • Bill Clancy says:

      Hi KT,

      No go on multiple Ultimate Checking accounts – we limit to one per SSN/TIN.

      Thank you,

      Bill Clancy, Northpointe Bank

      • NBG says:

        So, I infer it as both me and my wife can have our own separate accounts (obviously 1/SSN)?. No household limit. That is what the CSR emailed me back for my question. But then the phone CSR said otherwise.

  33. Ken says:

    DPs are all over the place re: Chex sensitivity. Wife and I both have tons of recent inquiries with M&T. I wonder if they will approve with a frozen Chex report.

    • Superchurn says:

      i’m in the same M&T boat along there with you…

      i’m too afraid to check chex though…also, i didn’t know u could freeze it. how?

    • Bill Clancy says:

      Hi Ken,

      Frozen Chex will *not* work. Should you choose to apply you will need to unfreeze your Chex profile first.

      Best,

      Bill Clancy, Northpointe Bank

      • Ken says:

        Hi Bill, thanks for the reply.

        Can you provide some insight into someone who has multiple Chex inquiries? Are you guys Ok with that sort of thing? Nothing fishy, we just like to chase yield with multiple accounts.

  34. Steve says:

    I’m thinking this isn’t worth the hassle, for $10,000 maximum. Compared to a 1.25% savings account, this would be $375 more in interest per year, or only $31.25 per month.

    If it didn’t require 15 debit card purchases each month, I might do it. They’ll probably add more requirements soon, like $500 minimum in purchases again, or they’ll stop counting Amazon reloads, or Amazon will increase the minimum reload amount, etc.

    • Ken says:

      How do you expect a bank to pay 5% without requiring activities that make them money? They don’t have a money tree out back.

      And this account is 3.75% HIGHER than your 1.25% savings account. If you can’t see how valuable that is then maybe you shouldn’t be in this game.

      I don’t put any spend on debit cards since I use rewards CCs for all spend so this account isn’t for me, but come on…

      • Steve says:

        “I don’t put any spend on debit cards since I use rewards CCs for all spend so this account isn’t for me”

        So… you agree with me. 🙂

        • Ken says:

          No, I don’t. You said 5% isn’t a big deal over 1.25% when it clearly is. Find me another 5% yield up to $10,000 that has better/easier requirements and I’l open an account with them straight away.

  35. J. Grant says:

    So many tips on here on how to make this actually work. Not sure I want to put in the time. 5% is nice though.

  36. Dougie says:

    Arg, just closed my account 2 weeks ago! Anyone know if one can re-open an account and avoid another Chex inquiry?

  37. charles chang says:

    How about the old account we opened long time ago with $100 DOC bonus, are they bumped up to have the same benefits now?

    • Bill Clancy says:

      Hi Charles,

      Yes, all existing account holders automatically get the new terms – watch for an email in the next few days plus a statement insert at month-end as the official confirmation (in addition to our website updates and coming social media posts).

      Sincerely,

      Bill Clancy, Northpointe Bank

  38. Matt says:

    I opened an account this morning successfully even with ~10 new checking accounts in the past six months (thanks DoC :)). They don’t seem too sensitive!

  39. Scwam says:

    Applied from Japan using a US VPN twice. First app referred to a banker will call back due to having mail forwarding on that address to another in US. 5 minutes later did a 2nd app with the “forwarded to” address and approved. But still no email. Apparently I’ve noticed many of these bank can see if you have your mail forwarded and better to give the final address where the mail is being forwarded to.

  40. Kim says:

    Any DPs on whether non-US citizens with SSNs (i.e. green card holders) can open online easily?

    • Bill Clancy says:

      Hi Kim,

      With the following, you’re good to go: 1) non-expired U.S. government issued ID; 2) Tax Payer ID (SSN or EIN); 3) valid proof of U.S. based address.

      Thanks!

      Bill Clancy, Northpointe Bank

      • Kim says:

        Thanks! Not for me, but for my husband who hates dealing with the extra hurdles that banks sometimes impose on permanent residents when they open accounts. Impressed with the response and I imagine the customer service that goes with it. Now if the bonus to open for DoC subscribers was still around, it would be a no-brainer to open.

        • Bill Clancy says:

          Kim, no go on the bonus. We can’t pay the most interest in the U.S. on checking AND afford a bonus. 🙂

          Hope he signs up. Obviously I’m biased but I think he’ll be happy with the service on top of the great rate.

          Best,

          Bill

  41. Rab says:

    +1
    Also, amazon reloads count as purchase right?

    • Josh V says:

      Yep, but, Bill said it might not be sustainable to have 5% interest if folks keep doing $0.50 amazon reloads x 15/month and thus the deal will probably change. Bill works for Northpointe.

      Might actually just be better to buy bit coins on coinbase > $0.50??

      Thoughts?

  42. Mike A says:

    As this posting notes the offer text does not mention a $500 minimum for debit card purchases. However, as I proceeded with the account application, the terms changed and the $500 minimum debit card purchase requirement appeared in the application’s terms and conditions . The following text is taken directly from my 5/2/17 “Ultimate Account“ application: “Qualifications include 15 or more debit card purchases in the aggregate amount of $500.00 or greater that post and settle per the statement period…”

  43. goodguys21 says:

    I already have Ultimate Account with them. But it shows 0.05% interest rate. Looks like they havent updated old offer reference from everywhere.

    • Bill Clancy says:

      Hi goodguys-

      The rate will show the ‘unqualified’ rate of 0.05% until the qualifications are achieved. At that point, the 5.00% APY will kick in (which equates to a simple interest rate of 4.8888% which is viewable within Online Banking). Does that make sense? Let me know if any additional clarification will assist.

      Best,

      Bill Clancy, Northpointe Bank

      • goodguys21 says:

        Thanks for your clarification !!

      • joE says:

        Hi Bill,

        Any plans to create a simple tracker for this? I find most credit unions and banks that have a high yield checking account have a dashboard that show number of qualified debit purchases, direct deposit, bill pay, online statement status etc. This way the owner can track how close they are to meeting the requirements.

        Thanks

        • Bill Clancy says:

          Hi joE,

          It’s on the top of our list of ‘Must Have’s’ for our new Online and Mobile Banking which we’re hoping to launch by year-end!

          Best,

          Bill

      • John says:

        Bill,

        Say my statement date was from 6/1 to 6/30, and I only achieved the qualifications on 6/10 – does the 5% interest rate apply to the entire month or only from 6/10 to 6/30?

  44. Mike A says:

    The bank just opened and I was able to confirm that there is NO $500 minimum debit card purchase requirement and that the language in the application will soon be updated to reflect this change…

    • Bill Clancy says:

      Hi Mike,

      Yes, confirmed. However, in full disclosure this offer is only sustainable if account holders use it as a regular account. If a marked spike in 15 x $1 debit transactions flood in, something will have to change (rate, balance cap and/or debit spend requirement). Based on all the past interactions I’ve had with Will and DoC readers, plus our rates on deposit products and home loans, it should be clear to folks that Northpointe operates differently than most banks and credit unions. Great value, transparency, user experience are all critical priorities for us, as is making a fair return/profit. These don’t have to be mutually exclusive – we see it as a two-way street and are working hard to strike a balance we think maximizing benefits for both.

      Best,

      Bill Clancy, Northpointe Bank

      • NN says:

        Hi Bill, can you elaborate on the amount of money from debit transactions the bank would like to see? With this interest rate, I don’t mind making it the primary spending account, but there’s a limit of how much I can put on the card.
        Can you give a roughly number ?

        Thanks

      • Dave P says:

        Bill – first of all, appreciate you taking the time to answer questions here.

        I’m an existing account holder from the DOC bonus a year or so ago, and with this change, I’m seriously considering making this my primary account. But, even on my current primary account, I almost never use my debit card. I average probably one debit transaction a month, and only when I need to replenish what little cash I carry in my wallet with a cash back transaction at Kroger or Meijer. I simply don’t want the increased risk of that number being compromised if it’s widely used, and my checking account drained. Yes, I’d almost certainly get my money back in the long run, but the process would likely be tedious and inconvenient. I prefer to put virtually all my spending on a rewards credit card, and pay it in full every month. I can switch my direct deposit and bill pay to Northpointe to earn this interest rate, and I can make the extra effort to get 15 debit transactions, but honestly, they would probably be “manufactured” transactions at Amazon and/or one or two merchants, like self-checkout at the grocery store for small amounts. So, honest question and appreciate an honest answer – is that kind of customer profile something you’d rather not have?

        • Ken says:

          He said they don’t want people doing 15x$1 transactions and other typical MS activities. What do you think?

        • Bill Clancy says:

          Hi Dave,

          I understand and respect your position in regards to debit cards. It sounds like we may not be a great fit. Thank you for being open in asking this question on the front-end…I suspect not everyone would be willing to do so.

          Thank you,

          Bill Clancy, Northpointe Bank

          • Dave P says:

            Bill, thanks for the straight-forward answer. Much respect.

          • EBF says:

            I agree with Dave about not wanting to carry a debit card around attached to an account with $10,000 plus in it. Can I ask, Bill, what value/profit the bank makes off of bill pay? I would be will ong to switch my primary under different circumstances. I might even be willing to start moving some amount of credit card charges to debit, but only if I could keep my money safe in a savings account (with the same interest rate).

  45. Dan says:

    As much as I hate to say it, I think it’s safe to say that the vast majority of people who browse this website are mostly looking for ways to make a little extra money on the side and plan to use the account for the savings benefit and most will probably do Amazon reloads or other small transactions to meet the requirements for the 5% rate.

    Probably a safe bet that Northpointe will have to change the terms in the very near future. Something to keep in mind.

    • Bill Clancy says:

      Hi Dan,

      It’s possible – time will tell. To be clear, I didn’t contact DoC about this offer; Will and Chuck caught wind of it and contacted me. I’m being proactive and open with folks here in the hopes that *nothing has to change* with the account terms. However, I can’t control how folks choose to use the account. Hopefully, folks are tuned into these comments and make the choice that benefits – rather than harms – the greater population of account holders.

      Respectfully,

      Bill Clancy, Northpointe Bank

      • Ken says:

        As long as Will posts a prominent note about how you guys want things to go you shouldn’t have a problem from us. No way to control people from other sites of course.

        And you might want to put something in the terms about this so everyone will see it and know what to expect if things have to change in the future. I have seen other banks with this language in the terms.

        Greed is human nature though, so expect some abuse 😉

    • Charles Chang says:

      Instead, think it in this way, now you suddenly get

      $10k * (%5 – %1.5(other checking interest rate) / 12 * 0.7 (assuming tax rate 30%) = $20 more per month from this checking. Why not just use it through the debit card, treat yourself a few cups of starbucks.

  46. lz80521 says:

    Successfully opened account yesterday. When will I receive the account info and debit card?

  47. Harry says:

    With the official representative answering questions and guiding folks on unwritten rules to follow, even with everything being nice and polite this is looking less of a regular doc post and more of a paid AD. I am beginning to like this bank less and less already. Just think what would happen if Chase, M&T, Insight, Santander, Wells Fargo reps came on here and started guiding people on what they should and should not do outside of the terms and loopholes they have set up themselves…would anyone open those several accounts at all of those banks?

    • Rab says:

      Totall Agree bro

    • Peter says:

      I would absolutely appreciate the transparency from other banks that Northpointe Bank has shown here.

      • Ken says:

        Yes, but if there are unwritten rules how does that help people that don’t read all of the comments? Any rules, requirements, etc should be included in the terms, otherwise it’s deceptive and screws over people who don’t read through and follow all comments.

        Transparency is great, but only if everybody is made aware. Otherwise they’re only being transparent to a select group.

        • Peter says:

          Yes I do agree “unwritten rules” should be formalized in the terms and conditions. There should be clear requirements and if Northpointe wants a specific type of transaction this should be outlined.

      • NBG says:

        I only see the opposite of transparency here. Telling in a remote forum when advertising something else front and center elsewhere is not transparency. This is somewhat akin to insider trading – telling only a select few how to do business.

        • Bill Clancy says:

          NBG – no one is stopping you from opening a bank and running it how you see fit. Have at it.

          Realize we’re in a lose-lose situation here. Options being:

          1. Answer questions with transparency – have some folks appreciate it and others liken it to ‘insider trading’

          2. Ignore questions and misinformation being posted then be on the receiving end of ‘we were misled’ emails, calls and posts down the road.

          Pick your poison, I suppose. We like Option #1 and you are free to maintain your position but it’s exactly why many business don’t do this type of thing – ANY action is perceived as only being done for self-serving reasons….

          • NBG says:

            I am not trying to argue with you..But a fair question: Is the bank willing to put this information front and center or at-least in one of the hard to read fine prints?.
            And like me and other have said, the bank is not sleeping with our money- you are investing and making money- so don’t see a lose-lose. Unless, i am missing something on how the bank is losing including the investment part.

          • Amy says:

            Pretty sure the “lose-lose situation here” comment applies to the whole ‘providing answers/remaining silent’ choices–as he outlined in his options–and not in terms of the bank’s profitability (or lack thereof), NBG. 😉

        • Doc_Liker says:

          I also completely agree with ‘NBG’ that no banks are just sleeping with our invested money and they make atleast 15% profit out of the invested money and give us the max 5% interest back and put the difference 10% back in to their pockets and not calling the rules in their offer and coming here and directing us, doesn’t show the good face and the other banks are not doing this and they honor with whatever they have committed when the requirements are met, irrespective of how minimum those transactions are. I don’t know why Bill Clancy doesn’t want to respond to the genuine concerns/questions that was raised by NBG, where Bill C has time to clarify other questions. I’ve seen below he didn’t answer the same queries raised by our fellow readers. This has nothing to do with Doc/Chuck as they are just sharing the offer/bonus and not even in one instance DOC has never asked/directed to go for something, which shows they are genuine. Said that, I believe Bill C owes us an answer.

          • Doc_Liker says:

            I believe you all remember ‘Seacoast bank’ sending out $200 for all who applied when they initially stated the offer is not limited to FL, even for out of state applicants when their account was closed. It shows their good face that they accept their mistake and honored with what they said by issuing checks for $200. So I cannot take the word of Bill C when he says he will not make money when we make 15 $10 transactions….I can confirm that Georgia Banking Company are honoring 2.15% interest for up to $25k, as long as we meet the requirement of 13 debit transactions (it can be even $.01), they are also small banks and have very few customers. We all know Northpointe would have lifted the $500 debit card transaction as they would have seen 1) not many customers would have joined 2) even the existing customers would have dropped off. With all being said, its an open eye wash when any bank says that they don’t make money out of our money which we invest.

          • bernie says:

            Doc,

            I rather think that Bill C. was rather clear about his communications. I believe he is attempting to attract customers, providing a promotion in an attempt to maintain steady customers.

            The 5% is far and away better then any banks i have seen.

            I am not sure what the ‘beef’ is. If Northpointe could make 15% on the 5% then they are returning more to the customer then most banks.

            I believe, as regards the 10transactions monthly requirement, he has stated that if its satisfied by 10nominial transactions (Amazon, etc), then the bank will have to re-think the interest rate promotion. He is being ‘above board’ on that though.

            Frankly, i have never heard of a bank talking so candidly to its customers and pre-customers in such a candid way and it seems refreshing to me. Just saying.

          • Chuck says:

            For me, I have no problem with Bill’s communication. My issue is that I’m not sure it’s worth the hassle of changing over my regular checking account to Northpointe if the promo will be short lived. Meeting debit requirements is a hassle for me, so if I knew it would be around for at least a few years without debit requirement I’d do it, otherwise not.

    • Chuck says:

      @Harry, @Rab, we didn’t get paid for this post or any ever get any payment at all from Northpointe. We found out about this deal from readers and tweets, like we find out about all other deals.

      We also didn’t ask Bill to reply comments. But I’d actually welcome business reps coming in the comments and clarifying their product. I don’t see why that would harm, only helps.

      • Harry says:

        that’s ok, I am liking this bank less and less…and not this site. The website and The Doc rock as always 🙂

        If the reps are clarifying their product its ok. If the reps are making up and posting rules not explicitly laid out in their publicly available terms or if the reps are trying to tell everyone the way to use their product so it makes profit to their the business, then hmmm,….that is something else.

    • NBG says:

      Can’t speak for the intentions of the post, bank representative guiding us.

      But, given what he said, it’s black and white ‘bait and switch’ to me. There is only one way to be honest – Write the rule and adhere to it. Anything open to interpretation and manual judgement of transactions by bankers accounts to dishonesty. Before anyone starts to bat for the bank, its not like the bank doesn’t do things at a bigger level to save tax , etc..There is no company/bank in the world that doesn’t cut corners to make money.
      If the bank is that honest, they write the rule and see how many people come forward to open the account. The bank shouldn’t be dictating what i legally do with my money within the ambit of the written rule. How is one suppose to know what hidden rules they have.

      Lets say all those who open the account with the new terms are doing MS, still there is no way the bank is losing money. They make a lot from their investment they make with our money. It’s not a bank bonus type thing where people close account after getting bonus.

      • Fred says:

        NBG, I think you are interpreting Mr. Clancy’s statements to mean that the bank will refuse to pay you interest if you use the account a certain way. I think he is just stating that the bank will revise the terms of the account if they have to. And if you noticed the big May 1st update to this post, it’s all about the bank revising the terms of the account. It happens all the time.

      • TYRONE says:

        you know you don’t have to open the account, right?

        • NBG says:

          I am well aware and inspite of my reservations and questions, i did open an account. Just cannot fathom the reasoning behind flip-flop of the terms every now and then. I can only see it as a way to get customers. And if they are going to pick and choose transactions for qualification, i am out. And I don’t plan to do the MS type.

          • Rab says:

            @NBG i completely agree with everything you have said.

          • Eric says:

            Bill is relaxing the requirements in the hopes that he’ll bring in many new customers. Judging by the the majority of the posts here there is a good chance that he won’t be attracting the kind of customers that he wants.

            I believe his point is that he is offering this deal in good faith rather than a “bait and switch” like a few people alleged. He is simply warning us that he may need to worsen the requirements in the future.

      • Wong says:

        Agree with the bait n’ switch wording there. This bank has historically changed rates faster than other banks and I won’t take any risks nor recommend it to others.

    • Hi Harry,

      Just to be clear this isn’t a paid AD, we don’t accept those at all. We’ve worked with Northpointe (again we never received payment, we did receive a better bonus for our readers though).

      I don’t think Bill is saying that specific accounts will be closed/have terms changed. Just giving general advice on what they want to see from all account holders to avoid rate changes. Personally I like financial institutions being active.

  48. zalmy says:

    There’s no household limit, just opened successfully with my wife and I. Used Freedom for her and my new Hyatt for me (thanks Doc) and will report back if it was a purchase. Also, although this works in their favor, the no-fee component makes this a bait-and-switch potential worth trying.

  49. Charles Chang says:

    I am wondering why all the banks insists on debit card spending? Unless it is used as credit card, the bank won’t get much commission, correct? Is it merely a way to make people less likely to get the target interests?

    • Bill Clancy says:

      Charles, debit spend is a major component of revenue for banks and credit unions. Plus, it’s not paid (directly) by account holders – rather its paid by merchants who bake it into the cost of their goods and services. Therefore, it’s a great way to subsidize high interest accounts without having the (full) cost be borne by the bank or customer. At least, that’s the theory behind it…

      • YZ says:

        so there is a difference in terms of “bank revenue” on???:
        1. debit card transaction with PIN
        2. debit card transaction as credit mode(just swipe, press enter without PIN and sign)
        3. debit card used online(because usually the option is “add a debit/credit card”, so I assume there is no difference)

        Please explain more, I am curious about it. Thanks

        • Charles Chang says:

          I am interested too. Thought the swipe commission fee thing was only for credit card since debit card trigger such a tiny portion of commission fee, didn’t realize it is part of the bank revenue that matters.

          • YZ says:

            same here.

            alway think due to the commission fee by CC, that is the reason banks offer rewards program on CC. but very very rarely bank has rewards program for every dollar spending on Debit cards.

            Another proof is Costco, years ago, only AMEX CC accepted, but all kinds of debit cards are ok. now only Visa CC and all debit cards.

            so I always think CC will bring more profit than debit to banks

            Please elaborate on this issue more, bill.

        • Bill Clancy says:

          Yes, there are differences in the card issuer commission on Credit vs. Debit w/ PIN vs. Debit w/o PIN. There are also differences based on the transaction type (industry of the merchant / type of goods or services). This rate info is publicly available on the Visa and MasterCard websites so I will not link it here but you can seek it out, if you are interested in learning more. I’ll add that the differences don’t seem large but for a massive card issuer like Cap One or Citi the difference of even a few tenths or hundredths of a percentage point can equate to millions of dollars…

          • sarah says:

            Hi Bill,

            I really appreciate you replying to all the comments an providing some guidance. I am interested in switching from using my Capital One checking/savings to Northpointe. However, the requirements are confusing. What exactly counts towards the 15 transactions? Some people indicate bill paying doesn’t count, sometime PIN vs non-PIN transactions don’t count, and some even note some online transactions don’t count. How will I know whether a specific transaction does count? If I set up my debit card in Apple Pay, will those transactions count?

            I do the majority of my purchases online- all my grocery shopping is online, i use uber (don’t drive), pay rent online. I’m curious to know whether these transactions/purchases will count towards the requirements for 5% (and what happens if I return an item… does not negate the original transaction?).

            As other readers have stated, they typically use credit cards due to liability limits (ie fraud). Making the min 15 transactions per month makes me nervous, esp since I am not sure what constitutes a transaction. Can you please specify what types of transactions (PIN vs PIN-less, online, touchless pay, bill pay) will count towards the requirement. I’m keen on opening an account and appreciate the transparency.

          • Justin Lover of LIfe says:

            +1 to Sarah

      • TinkoDinko says:

        it’s not paid (directly) by account holders – rather its paid by merchants who bake it into the cost of their goods and services.

        and after that people (consumers) discover churning and abuse it, and took advantage

        • Eric says:

          Bill wrote exactly the same thing that you did so you actually agree. However, he wrote it somewhat awkwardly.

          The funny thing is that you wrote it the exact same way he did yet you didn’t even notice. Search in this thread for the below quote (without the quotation marks) and you will see what I mean.

          “it’s not paid (directly) by account holders”

  50. RogerB says:

    Bill, maybe you already answered this and I missed it….. Can my wife open an account (same address, different SSN)? I have had one for a few years and I have been very pleased.

    Thanks for your willingness to answer questions here. I wish every bank would do this.

    • Bill Clancy says:

      Hi RogerB –

      Yes, a spouse can apply even if you already have an account. There is a limit to one Ultimate Checking per SSN/TIN but not ‘one per household.’

      [To clarify, there was a ‘one per household’ limit to new account bonuses when we previously offered those promotions]

      Sincerely,

      Bill Clancy, Northpointe Bank

  51. frugal_juan says:

    No bank is going to pay $500/yr interest to thousands of people making fifteen $1 charges to game the system. I mean come on…

  52. DirtyLilRat says:

    Has anyone funded with Fidelity Visa?

  53. Helen says:

    I tried to apply this morning and got this message:

    Sit tight, we need to double-check the information you’ve provided so far. A Northpointe banker will reach out within 1-2 business days with more details.

    In the meantime, if you have questions, please reach out at 888-672-5626 or email us at newaccounts@northpointe.com

    What does this mean? Anyone else got this? Maybe I should apply for my spouse and see.

    • thershope says:

      @Helen,
      Yes one of the other comments some where in the middle got this message. Please search the page. I believe account is not auto approved and the bank need verification to do.

      Bank Rep mentioned what document one should have to open an account successfully.
      If you have all those, you can call the number in Business Hours and act accordingly.

      • Bill Clancy says:

        Hi Helen, thershope:

        Yes, something got flagged in the application process. It could be a number of factors – a name, address or other personal identity item mismatch. It could have something to do with your Chex report, or other factors. We’ll be in touch within the next few days to move things forward. Typically that means asking for aditional info such as a ID copy, proof of address, etc. Thank you for considering Northpointe.

        Bill Clancy, Northpointe Bank

    • sarah says:

      hi helen,

      were you able to sign up? if so, can I use you as a referral and you and me both get a $25 bonus?

  54. Pingback: Northpointe: 5% 年利率 Checking Account - 美国信用卡指南

  55. banananon says:

    Oh gee, another bank saying they’ll crack down on promotion gamers. I’m so scared.

    Worst case I take my business elsewhere to another 5% bank.

  56. rich says:

    Dear Bill Clancy is your bank not honoring regular debit card activity as counting toward the 15 required times? I see some confusion as to Pin vs pinless. the terms do not have any stipulations regarding this. Please clarify if I can use my debit card with my pin and get the advertised 5% interest rate. Thank You

    • Bill Clancy says:

      Hi Rich, Today, we don’t specifically limit it to a specific debit transaction type so any / all will work.

      Sincerely,

      Bill Clancy, Northpointe Bank

  57. JASON says:

    10K x 5%/12=$40/month

    Using a 2% reward CC means spending $40/0.02=$2000 per month which is hard, therefore switching from regular CC to Northpointe debit card for daily purchase sounds a good deal to me.

    Keep in mind that if you want to max this deal, you are basically comparing these two things:

    $2000 CC spending per month V.S.15 debit purchases per month

    which one is easier for getting the $40? It’s just too obvious.

    • Mike says:

      To be fair your money wouldn’t be earning 0% otherwise and you have to pay taxes on bank account interest but not the CC rewards.

      So it’s more like $40/month – 10k x 1% / 12 = $33/month

      Minus taxes so you’re down to about $25/month.

      So it’s more like 1k-1.2k CC spending.

      I still agree that 15 transactions, even at a $500 min, is a good deal for many. It’s not for me personally but not a bad deal overall.

    • Terry says:

      Good point although you overlooked one thing — the $40/month in interest is taxable while $40/month in cc rewards is not taxable. Assuming 25% tax bracket, the $40 in interest is more like $30 which would be $1,500 in cc spending.

    • Ken says:

      Unless you work from home and rarely leave the house. That makes many debits a month very difficult to do. And all of my online purchases are large so I’d prefer CC points and warranty protection to a debit card.

    • John says:

      Jason,

      That’s the exact same thing I was thinking – I use my debit card all the time and never mess with a cashback CC much but I do spend $500 a month so that times 1 or even 2 percent is what, $5 – $10 bucks, max, that I guess I missing out on. Looks like I may be the only one not using cashback CC’s but I don’t care. I sometimes use my debit card 5 times a day. So while this deal that NP offers may not be for everyone it sure is for me. The 15 debit transactions will be a cake walk, almost effortless, whereas the terms that Mango, Insight and others offer would be a hassle for me. So I guess the bottom line is to each his/her own, do what ever works best for you. One more cliche to add: if the terms do change in the future I’ll cross that bridge when I get to it.

      • Ken says:

        Insight requires any activity every 3 months. How is a $1 automated transfer every 90 days a hassle?

        • John says:

          I guess that’s true once you get it up and running. I couldn’t get my account to link so I first tried to call them and was on hold for over an hour and never did get to speak with anyone so I sent them an email and here was their response: “..We are sorry to hear that you are having an issue with linking your account. We have reviewed your account and it does not show that there is a problem with your Insight card.However, your card that is drawn on Axiom Bank will no longer be a valid card effective July 31,2017. We are no longer using cards drawn on Axiom Bank effective July 31,2017. We encourage you to obtain one of the newer cards with Republic Bank of Chicago…” So that’s the hassle I was referring to in my case with Insight.

      • sarah says:

        I just spoke with a customer service agent. the 15 debit transactions should be easy to make. bill pay will work (ie Comcast). to make sure you don’t incur any fees/make sure transactions do count towards the 15, CS says to initiate the bill pay/withdrawal from the non-northpointe site. if you initiate the transfer/bill pay from northpointe’s site, then you may incur fees (see fee schedule https://www.northpointe.com/wp-content/uploads/Northpointe-Bank-Fee-Schedule-June-2016.pdf)

        Example:
        Counts towards withdrawal requirement BUT does not incur $3 fee
        -Go to Bank of America checking account.
        -Request withdrawal/transfer of funds from Northpointe account

        And the referral bonus is back on! $25 bonus for both referee/referrer once a direct deposit of $100 made (which again counts towards the requirement!)

        If anyone wants a referral, please email me [edited]

  58. Dan says:

    Dear Bill Clancy I also need more clarification regarding which type of debit transactions count towards meeting the 15 transaction requirement…Pin or pinless or both.
    Thank you

    • Bill Clancy says:

      Hi Dan, Today, we don’t specifically limit it to a specific debit type so any / all will work.

      Sincerely,

      Bill Clancy, Northpointe Bank

      • Wong says:

        Hey Bill,

        If I have more than $10,000 and we still want to get a 5% rate, can we have an additional joint account and still earn the 5% on that one? So 1 personal one, and 1 joint account for a total of $20,000 maxed at a 5% rate for both.

        Also, how does the bank view reloads of prepaid cards of various values around $50+ to satisfy the 15 debit requirement? Is this something frowned on still?

        • Wong says:

          By the way, I noticed one of the requirements are withdrawals of $100 per month, but you charge a $3 ACH transfer out fee. Do external ACH pulls count as a $100 withdrawal AND to avoid the $3 fee?

          • sarah says:

            I was told by CSR that as long as a third-party initiates the withdrawal, there is no fee. so go to your other personal checking/savings website and withdraw $100/mo and you should be fine

          • sarah says:

            idk if anyone noticed it, but the T&C lists one condition as *automatic” withdrawals or direct deposit of $100. so you’d need to set this up as a recurring withdrawal/deposit, otherwise it won’t count. for me, this wasn’t clear.

  59. Devon says:

    Honestly I don’t use my debit that much but probably enough to meet requirements to use this as my main checking. I along with most others I’m sure, need to know exactly what qualifies as a Debit transaction for these 15 before making the switch though. Thanks.

    • Bill Clancy says:

      Hi Devon, Today, we don’t specifically limit it to a specific debit transaction type so any / all will work.

      Sincerely,

      Bill Clancy, Northpointe Bank

  60. JP says:

    After getting “success” message at the end of application how long it takes for them to open account? And does your statement cycle begin? When you’re approved or when you applied?

    • Bill Clancy says:

      Hi JP, Typically 1-2 business days. As you can imagine, we’re quite busy with the new terms having just gone live this week. Please be patient with us as it might be 3-5 days for us to respond. Statement cycle is always the 1st of the month thru the last business day – this is always true for all Ultimate Checking Accounts regardless of the date an account is opened.

      Best.

      Bill Clancy, Northpointe Bank

  61. Brandon says:

    Has anyone used Chase to fund the account?

    • Bill Clancy says:

      Hi Brandon,

      Yes, we accept funding from Chase bank accounts (or did you mean CC)? Looking at past funding report data, we do pretty well assisting their former customers. 😉

      Best,

      Bill

  62. mylifeis24 says:

    Hi Bill,

    Thanks for the transparency you’ve shown here. Hoping this offer lasts. Not to abuse the program, but to ensure that I’m meeting the monthly obligations, how can we be sure that a transaction is counting towards the 15 required? DOC reported that some transactions like Amazon reloads (even if they’re abusive) are not triggering the 15 transactions required. Are all online transactions going to have this same problem? Thanks!

  63. P says:

    @Bill Clancy

    I did not see in the terms that Hawaii is excluded.

    Do you have any issues approving Hawaii residents for new accounts?

  64. kaztrator says:

    Could I just park $10,000 there, do 15 AGC transactions for 50 cents each every month, and an automatic withdrawal of $34.50 a month?

  65. Wyle says:

    Question for Bill Clancy – When I asked, a Northpointe CSR indicated that Android Pay will be an option for Northpointe debit cards “sometime in the future”. Can you confirm and can you narrow the time frame down a bit?
    Thanks for all the information you provide.

  66. sarah says:

    i’m a noob to all this, but why wouldn’t you just get 1 or 2 insight prepaid accounts (5% on $5,000 balance) and not worry about the requirements (15 transactions, $100 withdrawal)? you could use insight to pay off CC bills, so you’re still earning 1-2% CC cashback and be completely covered for any CC transactions (fraud liability). is there a benefit to getting a northpointe account over insight?

    https://www.doctorofcredit.com/insight-5-apy-prepaid-card-5000/

    • Useful for people with over $10k in cash is one reason.

      • Sarah says:

        Trying to get in touch with an insight customer service rep is a nightmare. After reading comments from your thread on insight, it seems withdrawing funds may be cumbersome. I’ll just sign up w northpointe instead!

        • Sue says:

          You will have to be on hold for @ least one hour. But, after that they will credit you $1 if call is not related to something you could do yourself and credit will post immediately.

          • Satah says:

            Thank you! I couldn’t even get in touch when I called since I do not currently have an account. The customer service number listed on the sign up/application page didn’t work since I am not an account holder. It’s too much hassle IMO. Just not the right account for me.

  67. zs says:

    I’m having problem log in my account . ” We were unable to log you in. Try again, or contact customer support.”
    Anyone else having this problem?

  68. Sharee says:

    Will Chase’s autopay on my credit cards work to qualify for the automatic $100+ automatic withdrawal bullet point as long as my credit card statement is over $100 every month? Or must it be manually initiated?

  69. Josh V says:

    For those in the military or federal employees, do you know if an “allotment” of $50 each pay period will count towards the $100 monthly requirement for a direct deposit?

    There are 2 pay periods for military personnel per month and $50 allotment per paycheck = $100

  70. sarah says:

    FYI – there is a $25 bonus (for both parties) when someone signs up for a new account and deposits $100. Bonus is paid within 30 days of direct deposit.

    FYI 2- northpointe’s statement period is approx. 1st of the month until the end of the month. thus, if you open a new account mid/late-month, you will earn the lower APY (0.05%) if you don’t make the 15 transactions + $100 withdrawal/deposit by the end of the month — not the 5% APY. interest is compounded monthly, using average daily balance.

    if anyone needs a referral, please email me [edited] and I can send you the referral card.

    [Mods note: Thanks for letting us know about this offer. I’ve created a dedicated referral post and added your referral there instead.]

    • YZ says:

      Hi sarah,

      where did you find this information ” interest is compounded monthly, using average daily balance.”?

    • YZ says:

      Please ignore me, I found them in T&C
      Compounding and Crediting Frequency: Interest will be compounded monthly and credited to the account every month.
      Balance Computation Method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

  71. Helen says:

    If anyone needs a referral for $25 , please email me [edited]. Thanks!

  72. Chuck says:

    @sarah @helen, I’ve created a separate post for referrals and added your referrals there instead.

    https://www.doctorofcredit.com/25-referral-bonus-parties-northpointe-bank-5-checking-account/

  73. Julia says:

    Just applied. Thank you for posting this, Chuck!

  74. rich says:

    I have already referred 3 people this week to Northpointe, however I hope I am not steering them in the wrong direction.

    I have met all the requirements and used my debit card 20 times this month and my interest rate has not changed. Not looking good.

    • NBG says:

      Amazon reloads or something else?.

      • rich says:

        cable bill, venmo and square. customer service says its an issue on the back end they will “fix”

        • sarah says:

          were they able to fix this? I just got my card today and i’m testing out on venom, amazon, and square. apparently, using their bill pay system does not count toward the transaction requirement. and I can’t set it up in my e-wallet (apple pay/google wallet) until I’ve physically used the card first.

  75. captainsave says:

    So only non pin transactions count? Will buy amazon gift card work?

  76. John says:

    I guess my biggest is concern is if my I lose my debit card somehow, will someone be able to liquidate my account by buying visa gift cards since most merchants only take debit or cash? Said thief will show cashier it’s a debit card and they can just choose to process the transaction as credit by pressing cancel on the keypad then selecting credit?

  77. NBG says:

    Success DP: Did 50c Amazon reloads and bunch of gas and cable bills (under $2) totalling 15 debit transactions. Interest rate changed to 4.888%. Sweet. Interesting that the $100 withdrawal req is still not posted.
    I am going to keep it this way instead of all Amazon reloads.

    • YZ says:

      Have you did any PIN based transactions?

      Meeting the Debit Card Requirement

      Now that there is no $500 requirement for the debit card transactions, getting the 5% rate is significantly easier. In the comments to this post, readers pointed out that Northpointe seems to only count certain debit card transactions for this requirement. Perhaps they are only counting debit transactions when no PIN is used and it’s processed as credit. There is no mention of this in the terms, but it’s worth bearing in mind. It’s likely that online Serve loads would still work since no PIN is entered.

    • NBG says:

      Now i figured why the interest changed even without the $100 withdrawal. The check deposit i did, posted as Credit and then another line a debit for the same check amount (to do the 15 business day hold on check deposits). So that debit kind of triggered as withdrawal.

  78. Cats says:

    They sent me a mail indicate they cant open an account for me. I good good credit score, why?>

  79. Devon says:

    How long did it take to getyour debit card? It’s been almost 3 weeks and I still don’t have it.

    • DirtyLilRat says:

      I’ve been waiting a week so far. Did you transfer your funds over yet? Would be a pity if your cash sat in the account without your being able to perform the requirements for this month.

    • NBG says:

      I got approve instantly and account info came thru next day and card in a week.
      FYI for all: Just don’t try doing mobile deposit of checks. They hold it for 2 weeks or so. But, any ACH push posts quickly.

      • sarah says:

        wish I had seen this first! depositing checks takes FOREVER. the pending check deposit doesn’t show under account balance at all, which scared me at first. didn’t realize it was in the specific “deposit” section of mobile banking. it would be helpful if pending check deposits showed up in all transactions.

        also, my debit card took 10 days to arrive (which is a long time IMO).

        the other funny (annoying) thing they do is make you confirm with a 3rd party before you can add your NP debit card to iTunes/Apple Pay/Google Wallet. If you haven’t physically used your card previously, you cannot verify and add your NP debit card to an e-wallet yet 🙁 it’s added security, but a massive inconvenience IMO

        some improvements NP can make:
        -enable customer service on weekends. currently, CS is only available M-F
        -enable internal bill pay. currently, use a 3rd party site

        • NBG says:

          hope you didn’t put in a check deposit for 10K. It will be 3 weeks before u can see that money usable.
          You could easy do a Amazon reload/gas station/cable online pay, etc and then do the wallet thingy.
          All said and done, i still like the current terms as it is much more manageable.

          • sarah says:

            just a test run, 2 deposits (each $100 or less), but my star one check deposit was instant. spoke w/ CSR – says it can take 5-10 business days for a check to clear, sometimes longer for larger deposits. apparently they manually review/enter deposits (!) which is why it takes longer than some banks. and one cannot cancel the check deposit while it’s in process. good to know if anyone decides to deposit a large check and it’s not going through. annoying that pending check deposits don’t show anywhere but the “deposit” section.

            also, saw your DP success comment. thank for the info! make sure your withdrawal is an *automatic* withdrawal. it’s fine print, but I believe the CSR said it had to be set up as a recurring withdrawal for it count towards the requirements.

          • Bill Clancy says:

            Hi NBG, Sarah:

            To clarify, there are different practices in place for funds availability based on: 1) the age of an account, 2) level of activity and 3) amount of the mobile deposit.

            As you would expect, a brand new account with no history and a large deposit will experience the longest delay in funds availability..up to 10 business days. However, in ~90% of items deposited, funds are available in <= 5 business days.

            A more established account typically has no delay on funds availability (but again, this varies based on the amount of the deposit).

            Our mobile check deposit screens do state – on each the pre-deposit, deposit and post-deposit screen – the timing on funds availability. So, I can understand the desire to avoid any delays but we've also worked hard to make this clear within the deposit process itself.

            Thank you for banking with us.

            Bill Clancy, Northpointe Bank

    • sarah says:

      email I received said i’d receive debit card in 7-10 days (not business days). CS says they use a 3rd party to mail out debit cards, so I think there is an additional 1-day processing time from date account is set up to date debit card is shipped

      my timeline:
      applied and approved online: instant
      account set up (email confirmation): 4 days
      debit card: 9 days from account set up
      total time (application–>debit card delivery): 13 days

      this is a long time in comparison to star one (which I opened the same day). star one instantly approved my online application and provided me with my bank account info. they called me the next business day and shipped out my debit card that same day. I got my debit card within 2 days of applying/opening my account (and they shipped CA>MA!!).

      • Bill Clancy says:

        Hi Sarah,

        We are experience extremely high new account volumes right now due to the recent bump to pay 5% up to $10k, therefore timelines have been extended. Typically, it’s this:

        1. Instant Approval
        2. Account Set-up: +1-2 Business Days
        3. Debit Card Creation: +1 Business Day from Step #2
        4. Debit Card Delivery: +7-10 Calendar Days from Step #3

        Minus the debit card, that’s a quick turn-around on account set-up. Of course, with volumes 10x normal we’re doing the best we can to keep delays to a minimum.

        Best,

        Bill Clancy, Northpointe Bank

  80. jay says:

    can you guys do an article on the northpointe vs lake Michigan credit union.
    northpointe interest is 5% caps at 10k
    lmcu interest is 3% but caps at 15k

    which would be more beneficial?

  81. JP says:

    For $100 withdrawal option does ACH external transfer pull/push meet the requirement? or does it have to be a bill payment via company’s website?

  82. NoonRadar says:

    I decided I’ll pull the trigger, I will open an account and move my primary banking/checking from Alliant to Northpointe. Here’s hoping it will be worth the moving hassle (automated transactions, credit card bill pay) and the rate + $10K limit is here to stay without many hoops to jump.

    Bill @ Northpointe,

    Thank you for answering questions here, I appreciate the effort as well as you being forthcoming on your bank needing to stay profitable with this generous rate, and as such what might kill/change it.

    A lot of us use Alliant or a similar online institution as our primary bank. I’d suggest you guys make your bank at least as enticing as Alliant and you’ll get a ton of business from like-minded people frequenting this website and others. That means typically people with good-great credit scores and lots of money laying around as emergency funds, people who won’t try to defraud your bank, also people with lots of certain high-volume transactions, like paying credit cards for instance.

    Here’s a couple of suggestions that I can think of right now from my perspective as a client:

    1) Increase the interest rate over $10K; 0.10% is punishingly low for financially savvy people, make it at least 1%, it would make us leave a lot more money over $10K in our account for Northpointe to profit from/invest with (I’m sure you’d still make money on over-$10K balances at 1%), otherwise we will try to keep it right at $10K which will add to more things we have to do to maintain a Northpointe account, and likely to lower retention account rates for you. For instance I leave several $K over $5K on my Mango account because they still pay 2% over $5K, to me is worth doing that as opposed to find ways to get the extra money out (via certain debit card transactions at certain stores). Alliant’s savings rate is currently 1.045%.

    2) I’d understand if you need to increase the qualifying criteria for 5% @ $10K, but please consider other things besides debit card transactions. I’m not a banker and further I don’t know your inner projections and models, but keep in mind that we’d rather do more other things that might bring your profitability up to or even greater than your average-optimal debit transactions profit, but with less irritation on our part (again this will likely correlate with acquisition and retention rates for you in the medium-long term). Perhaps you could consider two models to maintain the high earning rate? Like you either do A + B or X + Z, one of them having a high number of debit transactions, the other something else. For instance, many if not most of us pay on average several $K/month from our checking to our credit cards, maybe increase the number and/or volume of such transactions if that adds up your desired bottom line. This by itself will make us more likely to stay; we prefer to use one checking to pay all our credit cards with and our credit card banks prefer we don’t use many sources of payments. This is the main reason I was hesitant to switch from Alliant to Northpointe.

    3) Increase and/or add some small relevant perks, for instance increase the ATM reimbursement fee to $20. Alliant having a $20/month ATM reimbursement for both domestic and international travel is another reason that has made me keep a higher balance on my Alliant account, I’d use that debit card for out of town or international travel as needed. I’ve rarely used the ATM reimbursement feature: I hardly ever use cash in the States and most international ATM’s don’t charge fees nowadays. But, it’s good to have it as insurance, it is another reason that has made me keep Alliant as my primary bank and its debit card with me.

    I don’t know who you’re primarily aiming to compete with, you don’t have to say and it doesn’t have to be Alliant per se. Alliant now also offers other products such as cashback credit cards, but even before that a lot of people switched to it or a similar institution for our primary banking needs because we perceived it as a reliable bank with good and responsive customer service (it certainly been my experience) and good, steady and profitable accounts, by this I mean I never perceived Alliant might drastically switch or decrease the value of accounts, it hasn’t, in fact it has increased it.

    I already decided to switch to your bank, but were Northpointe to consider some of these suggestions it would make me more likely to stay, use it more and not have to wonder or inquire about other banks I might want to switch to. I suspect many others would share similar sentiments, assuming they’d bother to read my very long comment.

    Take care!

    • Eric says:

      Where did you get the idea that Mango pays 2% over $5K? They pay the same .1% as NP does.

      • NoonRadar says:

        Unless I’m wrong or misreading it, it seems to show that online. After you login to Mango go to “Savings” at the top then “Open Statement” down next to the “Transfer” tab and look at a previous month’s statement (with the interest already posted), you will see something like this: i.imgur.com/CnlqYaj.jpg. It will have the corresponding dollar amount next to each percentage rate.

        • Eric says:

          I just looked at last month’s statement and it only shows the below entry. I had over $5K in the account but I only earned the 6% on the first $5K. In fact, I did just did the math and I was cheated by about $.60.

          How much interest was listed under 6% and under 2% for April for you? How much was your ending balance?

          Apr-30-2017 Savings Interest Payment – 6.0% (Annual Percentage Yield Earned)

          • NoonRadar says:

            It turns out that only happened one month on my Mango account, the rest of the months still only earned interest up to the 6% of $5K, that is up to $25/month. I am not sure what made that happen for that month.

            So bottom line Mango is only earning 6% on up to $5K.

    • Bill Clancy says:

      Thanks for the feedback, NR.

  83. Jeremy says:

    Is there a fee to order checks?

  84. gary says:

    any one else having an issue after using the debit card 3x in a day. It declines any transactions after 3. The next day it works fine up to 3 more

    • Bill Clancy says:

      Hi Gary,

      It’s likely getting caught by our debit card fraud detection / prevention system. There isn’t a way to avoid or opt-out of this. If you’re seeing this response, I suggest you check out the latest revision to our Account Agreement, Page 18-19 (effective 06/05/17 for new customers; effective on a date TBD in July for existing customers): https://www.northpointe.com/wp-content/uploads/Universal-Disclosures-02-2017.pdf

      Best,

      Bill Clancy, Northpointe Bank

      • Gary says:

        Thanks. Just thought it was strange. It’s not a new account it’s been open about a year but that explains it. I don’t get a fraud alert call but it seems to work fine the next day

      • Confused User says:

        Hi Bill,

        Thanks for replying to everything here. I had a question regarding your new policy of using the checking account for daily purchases—I’ve always wondered how banks expect this to actually work out practically.

        Northpointe itself specifically recommends [1] that consumers use their credit cards to shop, not their debit cards. (This is universally given advice in the US.) At the same time, you (and many similar banks) are expecting consumers to do all their daily shopping on their debit cards in order to get 5% interest.

        How do you expect that to work? Are you really expecting consumers to stop using credit cards entirely just to get your 5% interest, contrary to your own advice? What am I misunderstanding?

        Thanks!

        [1] https://www.northpointe.com/learn/protect-money-accounts-online

  85. jay says:

    quick question are you able to let’s say keep the about hovering around 9k to get the interest and every week just transferring some money to the savings account so that it says at 9k and won’t go over 10k and lose the interest gaining on it?

    • jay says:

      leave the account hovering*

    • Bill Clancy says:

      Hi Jay,

      To clarify – you don’t “lose” the high rate if your balance goes over $10k. In that scenario, you earn the 5.00% APY rate on the first $10k on deposit and then 0.10% APY on balances above $10k. Easier solution is to just put $11k or more in there and not have to fiendishly track it daily or weekly. 🙂

      Best,

      Bill Clancy, Northpointe Bank

  86. joE says:

    Can one access their account online and get their account# prior to receiving their debit card in the mail?

    • Bill Clancy says:

      Hi Joe,

      Sure thing – refer to the “Welcome to Northpointe Bank” email we send after your account is opened. It contains your account number, which is needed to sign-up for Online Banking. If you cannot locate that info, give us a call at (888) 672-5626 or live chat us at northpointe.com and we’ll get you the info you’re seeking.

      Thanks,

      Bill Clancy, Northpointe Bank

      • PijanecOrdiner says:

        Are you planning Mobile wallet support for the debit card? It would feel safer than carrying the card itself. Thanks

        • lingua says:

          Ctrl-F for ” mobile” shows Bill has twice referenced enhanced mobile services coming towards the end of the year.

  87. Pingback: Northpointe 5% Checking Adds Restrictive Language Regarding Debit Card Usage - Doctor Of Credit

  88. Confused User says:

    (Apologies for the duplicate; I thought the earlier one above didn’t get posted. Please delete these duplicates if possible.)

  89. stacker says:

    Does PayPal count as a direct deposit?

  90. CJ says:

    I just want to say that I’m really pleased with Northpointe bank have been using it as my “real”, everyday bank for over a year now. The fact that the only requirement is 15 transactions now AND that they raised the limit to receive 5% to $10,000 just makes it so much better. I don’t get why there’s so much complaining on here about it? Most people need a real checking account to receive their direct deposit into, and Northpointe is great for earning interest, withdrawing money, mailing checks, paying bills, and even purchases (gasp!). Brinks/Netspend/Insight (which I also have) are really only good for earning interest but not actually using.

    Yes, ACH transfers (pushes) are $3 with Northpointe. But you can use Popmoney to transfer money instead, it’s only $0.50 per transaction AND you get reimbursed for it at the end of the month when you meet the requirements. ACH pulls cost you nothing. Billpay works well. Northpointe customer service has always been great to me. Shout out to Bill Clancy on here answering so many questions, you are awesome!

    • Wilson says:

      The new terms aren’t in effect yet, you’ll only find out if your current usage is not profitable enough when they don’t pay interest or close your account.

  91. Pingback: [Georgia] MidSouth FCU 5% APY Checking Account on up to $10,000 [Requires Debit Spend + Direct Deposit] - Doctor Of Credit

  92. Alex says:

    I calculated that even if opportunity cost is 5% and we consider the 2% difference in interest between it and LMCU, that comes to $200 per 10K, and it allows me to spend $4000 or $333 per month or $22 in average per transaction

    with opportunity cost of 3% I can go as high as 6667 / 556 / 37
    and 2% 10,000/ 833 / 56

    I am not going to mention 1% since I hope nobody here gets that rate with their credit card

    So I I can keep my average transactions $10 to $20 , it would seem like legit day-to-day spending and I will be ahead vs using any other credit card (unless in rare circumstances like Office supplies , INK card for those with CSR)

    I understand the desire to just use it for $1 to $2 dollars, but if we to take a middle 3% opportunity cost that’s at $1 per transaction $5.4 per year vs $54 at $10 per transaction, whereas the interest is $200, and even taking 25% for taxes leaves $150, or $100 more. If we take $20 per transaction that’s about $50 net advantage, and at $30 per transaction in average is the break even point.

    Assuming the bank will consider anything over $10 distributed over many merchants as appropriate spending, even at 5% opportunity cost is $90 per year (15*12*0.05*10) or about $60 more

    Am I missing anything here?

    • Alex says:

      Actually I have to revise the break-even numbers above considering tax implication – 25% tax will reduce it to $150 (whereas credit card rewards are not taxable since they’re treated as a rebate)

      150 1% 2% 3% 4% 5%
      Yearly $15,000 $7,500 $5,000 $3,750 $3,000
      Monthly $1,250 $625 $417 $313 $250
      Per Transaction $83 $42 $28 $21 $17

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