Posted by Chuck on July 2, 2019
High-Yield APY Accounts

Published on July 2nd, 2019 | by Chuck

14

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.



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CO
CO

Can anyone confirm if they also raised the rate for existing “Ultimate Savings” accounts? I hate when banks create new tiers for new customers

Bill Clancy

CO – shoot us an email or give us a call and we’ll get the new rate added to your existing account. No need to open a new account. Thank you. Bill C, Northpointe Bank

anthonyjh21
anthonyjh21

Based on their history I’m inclined to think anything they provide will be short lived.

Bill Clancy

Perhaps a reference to our 5% rewards checking that we offered for 2.5 years but then ceased a few years back? If so, I suppose it depends on your definition of “short lived.” 2.5 years seems pretty solid for what was the highest RCA rate in the U.S. during that time period. Since then, we’ve moved to focusing on high interest savings and money market accounts. Over the past two years, we’ve introduced 4-5 different promotions and each one has been among the Top 3 (#, not %) of all bank rates in the U.S. at the time of roll out. That’s pretty solid – and sustained. Of course, YMMV. Best, Bill C, Northpointe Bank

Vy
Vy

Northern Bank Direct has 2.50% APY guaranteed thru 12/31/19 on all balances–no tiered interest rates.

Ann
Ann

One caveat, that’s only true up to $250k total now. NBD now drops to a lower interest rate on your entire balance if you exceed $250k.

Sam
Sam

Guaranteed for 3 months….clear bait and switch

Bill Clancy

Hi Sam, While we can’t guarantee what the rate will switch to after this initial promo, we’ve run 4-5 similar promotions over the past two years and in each case the promotional rate become the ‘permanent rate’ after the promo rate expired. So, at a minimum, we have a 100% track record of offering rates among the Top 1% or so of all savings accounts in the country, even if we’re not always #1. Best, Bill C, Northpointe Bank

KD
KD

A lot of cynical people in the comments. I’ve been a Northpointe customer since 2016 with their 5% checking, which I never had a single problem with. I’ve opened ultimate savings and money market accounts, and their reps have always made things super easy and been Midwest nice. I inquired about this new rate with existing ultimate savings accounts, and got a super fast reply saying they could apply the new rate upon request as soon as I had the 25k minimum in it again. This may sound like I’m a plant but honestly, thank you Northpointe and your tireless customer service on these sites. I just saw Bill commenting on the depositaccounts website too. And of course thank you for the most consistently competitive rates out there.

KD
KD

A lot of cynical people in the comments. I’ve been a Northpointe customer since 2016 with their 5% checking, which I never had a single problem with. I’ve opened ultimate savings and money market accounts, and their reps have always made things super easy and been Midwest nice. I inquired about this new rate with existing ultimate savings accounts, and got a super fast reply saying they could apply the new rate upon request as soon as I had the 25k minimum in it again. This may sound like I’m a plant but honestly, thank you Northpointe and your tireless customer service on these sites. I just saw Bill commenting on the depositaccounts website too. And of course thank you for the most consistently competitive rates out there.

Andre
Andre

Question for Bill Clancy: It looks like there is a daily limit on ACH transactions going in and out, if initiated in Northpointe account. How about ACH transactions initiated from an external account – do you set any daily or other limits? Thanks!

Bill Clancy

Hi Andre, ACH limits for transfers via our Online Banking are $25k per day and $250k per month. For external transfers from another bank (or PayPal/Venmo/etc) have no limits. Best, Bill C. Northpointe Bank

SkinnyWallet
SkinnyWallet

Great to have answers directly from Northpointe Rep. Thanks, Bill C. Do you have directly links to the above answers?

al
al

Bill Clancy, instead of a 3 month Guarantee can you offer a 6 months similar to NASB? 3 month is just too short to switch to. If you make it 6 months you got my business.

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