[Expired] Northpointe Bank 2.55% Savings Account [Guaranteed 3 Months]

Offer at a glance

• Interest Rate: 2.55% APY
• Minimum Balance: $25,000
• Maximum Balance: $1M
• Availability: Nationwide
• Additional requirements: None
• Hard/soft pull: Soft
• ChexSystems: Yes
• Credit card funding: None
• Monthly fees:  None 
• Insured: FDIC
• Early Termination Fee: $10 closure fee if closed within 120 days

The Offer

Direct link to offer

• Northpointe  Bank is offering a 2.55% savings account on balances between $25k and $1M.
• Rate is guaranteed for at least 3 months.

The Fine Print

• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them.
• Annual Percentage Yield effective 06/28/19.
• After the three (3) month promotional period, the rate may change based on prevailing market rates.
• Promotional interest rate applies to consumer accounts only with balances between $25,000.00 – $1,000,000.00. Rates are subject to change without notice. Tier 1 $0.00 – $24,999.99: 1.12% APY; Tier 2 $25,000.00 -$1,000,000.00: 2.55% APY; Tier 34 $1,000,000.01+: 1.12% APY.
• The 2.55% APY applies to the full balance if the balance is between $25,000 – $1,000,000.
• Interest is calculated on the daily balance and credited quarterly at quarter-end (March, June, September, December). Accounts closed mid-month will earn all accumulated interest. Contact us prior to withdrawing all funds to ensure proper crediting.
• Fees may reduce earnings on the account.
• All new accounts are subject to Northpointe Bank approval.
• Not valid with any other offers.

Avoiding Fees

There is no monthly maintenance fee and no minimum balance requirement to avoid a fee. (The minimum balance to earn the 2.55% APY is $25,000 – $1,000,000.) Full fee schedule can be reviewed here: Fee schedule

Just don’t close it within the first 120 days as that is subject to a $10 closure fee. If you want to pull the funds out earlier, just leave $1 in there until 120 is up and close then.

Our Verdict

We don’t know if this is meant to be a long term competitive savings account or just a teaser rate for the first 3 months. My inclination is the former as we saw a similar thing with their Northpointe money market account which offers a 3 month guarantee and it maintained its competitive rate long term, but I don’t know for certain.

If this is a long term rate, it’s certainly a great offer. The only one that tops this is the Wealthfront 2.57% account, but that one is not an ordinary bank, doesn’t have an ordinary routing number, and some people consider it a drop riskier than a standard FDIC insured bank.

The quarterly crediting is a bit of a pain, but they say they’ll credit you mid-cycle if you close the account (might require manual adjustment, as per fine print) so it’s not too bad.

Overall, looks like a nice deal. We’ll add this account to our List of Best High Yield Savings Accounts.