Posted by William Charles on November 3, 2018
Savings Accounts

Published on November 3rd, 2018 | by William Charles

63

Northpointe Bank Ultimate Money Market Account Review – 2.30% APY On Balances $25,000-$1,000,000

November 3, 2018: Rate is up to 2.30% APY now with a 24 month guarantee. 2.30% is the best rate currently available anywhere. Keep in mind that Northpointe doesn’t automatically increase your rate as interest rates go up, you’ll have to request that.

Offer at a glance

  • Interest Rate: 1.5% APY
  • Minimum Balance: $25,000 for 1.5% rate  ($100 initial deposit)
  • Maximum Balance: up to $1,000,000 (beyond that the rate is 1.17% APY)
  • Availability: Nationwide
  • 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 to account | New Link

  • Northpointe Bank is offering an APY of 1.5% (guaranteed for 12 months) on balances of $25,000-$1,000,000 on their money market account. The APY tiers are as follows:
    • Tier 1 $0.00-$2,499.99: 0.2% APY
    • Tier 2 $2,500-$24,999.99: 0.25% APY
    • Tier 3 $25,000.00-$1,000,000: 1.5% APY
    • Tier 4 $1,000,000+: 1.17% APY

 

Avoiding Fees

Account has no monthly fees to worry about

Our Verdict

1.5% APY is currently the top basic savings accounts. Salem Five Direct offers the rate without the $25,000 minimum balance requirement, All America Bank & Redneck Bank also offer the rate but the downside on those accounts is that it’s capped at $35,000. The other advantage to Northpointe is that the rate is guaranteed for at least 12 months. For the majority of people you’ll be best off focusing on rewards accounts offering APY’s of 5%. Northpointe also offers one of those accounts, the best is undoubtedly the Insight cards though. It’s nice to see interest rates trending upwards and there seems to be genuine competition among the financial institutions offering these products currently.



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Justin
Justin

Bill Clancy is extremely helpful and responsive to customers. Northpointe has been great to me thus far.

Yet Another Redditor

I had the Northpointe Checking account for the 5% APY.
It was initially very well received in the comments on DoC given that the $250 or $500 per month purchase restriction was removed for a previous version of the account/offer.
After it got too popular, they added restrictions on what debit transactions count
I think even Doc had suggested that they make the requirements of debit transaction clear, upfront – which they did not.
Bait and switch.

And they have a horrible website not hosted on their own domain.
The app is terrible – The layout was bad/wrong and I dont think I was able to login even. Designed for pre iPhone 5days, if it ever was designed.

If a bank/company puts so little effort behind their presentation, I am not sure I am comfortable with it.

Justin
Justin

I put about 20 normal debit card transactions on the card each month and I’ve been getting the 5% interest regularly.

Yet Another Redditor

No reason to use a debit card normally, much less one that is tied to a checking account with $10K in it.

Bill Clancy

Hi YAR, Is there a question in here? Seems like just a lot of misinformation and opinions. We’re a growing community bank that gainfully employs nearly 500 people based out of Grand Rapids, Michigan. We create jobs. We pay local, state and federal taxes. We offer customers good value via great rates onthis product and our Ultimate Savings and Ultimate Checking. Why so much hate?

Bill C, Northpointe Bank

Yet Another Redditor

> Is there a question in here?
I did not ask a question.

> Seems like just a lot of misinformation and opinions.
What part is misinformation? Opinion – of course, but based on my experience and facts –
1. Is the banking application not hosted on web5.secureinternetbank.com instead of northpointe.com? The is not normal and is reassuring.
2. The banking app I use was updated in March of this year and had major layout issues. It is the only banking app I ever uninstalled. I see there is an updated app now, but I am not going to use it.
3. Did Northpointe not add restrictive language to the checking account, after the fact? https://www.doctorofcredit.com/northpointe-5-checking-adds-restrictive-language-regarding-debit-card-usage/

> We’re a growing community bank that gainfully employs nearly 500 people based out of Grand Rapids, Michigan. We create jobs. We pay local, state and federal taxes.
Not relevant to the discussion

> We offer customers good value via great rates onthis product and our Ultimate Savings and Ultimate Checking.
I left my feedback for others to decide if this is a good option for them or not. In the end, it is their decision. But as a part of DoC community, I can share my feedback on my experience.

> Why so much hate?
This is a business transaction, not an emotional one. Hence no hate.

Yet Another Redditor

* typos

This is not normal and is not reassuring.

2. The banking app I used was updated in March

Ace Malik
Ace Malik

There was no hate, it is a valid statement

I personally use credit cards all the time because its not my money if it gets stolen and more incentive for the CC to fight for me

Sean X
Sean X

Okay, I have to keep a hefty chunk of change in cash, and I’d love to get a better return than what I’m getting now. I’m very interested in this high yield account, but this exchange really makes me pause. Although I think it’s true that YAR is being a little harsh, he’s obviously bringing up valid concerns– how secure is this bank’s site, and by extension, how safe is our money? Instead of addressing these concerns, the bank rep talks about creating jobs and paying taxes (umm, every business has to do that, why tout it?). He ends with “Why so much hate?,” which comes off as dismissive and condescending. Not good. I found myself thinking that he’d write an email to victims of a bank hacking with much the same tone.

Bill Clancy

Hi Sean,
I see your perspective. A bit of background — there is a lot of history here with me posting on the DoC sites over the past 28-24 months. Over the time frame, there are a lot of post like YAR’s and it’s disappointing seeing posts containing misinformation and opinions stated as fact; the post questioned things YAR isn’t an expert in. YAR didn’t ask questions for the sake of the community, he stated opinions as facts and called into questions things he isn’t an expert in (if he were, he wouldn’t have questioned our Online Banking URL). I’m around on these threads to answer valid questions, and I’m also going to call a spade a spade when I see it. Harsh? Perhaps. Others have found the transparency and directness refreshing in an age where most businesses are overly concerned with being PC and not offending anyone, anytime, anywhere. YMMV.

Best,

Bill C, Northpointe Bank

Yet Another Redditor

Hello Bill – I did not see a response to my follow-up comment.

Can you tell me where I am misinformed? If I am misinformed, please correct me.
I am not your typical internet commenter who is trolling you.

However, if you do not have those details, please do not continue to misguide people.
What are you saying I am not an expert in? Why are you saying I did not ask questions for the sake of the community? I did not ask questions at all.

I stated facts and my experience. It is called sharing my feedback. You can engage in a game of semantics with others, not me.

Your online banking URL – https://www.northpointe.com/#login – where does it redirect to after login? https://web5.secureinternetbank.com/

What is your mobile banking URL? This –
https://fmm.mbgo.net/webkit/default.aspx (The URL contained a session string that I removed – but clicking it will take you to an error page and then prompt you to login by clicking Main Menu)

And these URLs are not the only reason to not continue to bank with Northpointe – the bait and switch was primary. Though you may not have closed people’s Ultimate Checking accounts for doing 50 cent Amazon reloads – your updates rules arent stopping you from doing it in the future and clawing back interest.

I have no interest in continuing to argue. This is a time when misinformation rules the airwaves – no reason it cant here too 🙁

Too bad you are using DoC’s good name to do it.

artgriego
artgriego

Bill, this is the second post you’ve made in response to YAR talking about misinformation without citing any specifics. What’s the misinformation?

tyrone
tyrone

Don’t be so cynical. That makes you age faster.

Shiva
Shiva

Maybe I am reading too much into this but this is not a 1.5% APR account.

Assume I have $100000

Since I get 0.25% APY on the first 25000, the return is more like:

25000 * 1.0025 + (1.015 * (100000 – 25000))

101187.5/100000 = 1.011875

So more like 1.1875% APY

Alliant, Ally, Discover etc are matching (and exceeding) this on liquid accounts.

Yet Another Redditor

Damn! You’re right.. Totally skipped over that part.
So, if you have a 25K balance, you are getting 1.5% APY only on 1 cent since the rate for 2500-24999.99 is 0.25%

@Doc – should that be called out more prominently?

Bill Clancy

Hi Shiva,

The full balance earns 1.50% APY if the balance is between $25k – $1mm. 🙂

Sincerely,

Bill C, Northpointe Bank

JASON
JASON

Hello Bill, thank you for clarifying this.

AD
AD

Does the first 25k earn interest at 1.5% or is it just the balance above 25k but below 1M that earns 1.5%?

Bill Clancy

Hi AD, The full balance earns 1.50% APY if the balance is between $25k – $1mm. 🙂

Sincerely,

Bill C, Northpointe Bank

Curious
Curious

If I already have checking with them will they pull chex again?

Radster
Radster

FYI. Just applied. No CC funding option was offered. Savings or checking only.

Bill Clancy

Hi Radster,

Yes, correct – we allow CC funding up to $100. Any funding options over $100 are ACH via savings or checking.

Thanks,

Bill C, Northpointe Bank

mysteryjoe
mysteryjoe

Does your mm acount have debit or atm card

JASON
JASON

Salem five direct declined my application. It’s totally OK. I’ll apply for NP MM and move funds from Alliant to NP now. Is NP Chex inquiries sensitive, Bill?

Bill Clancy

Hi Jason,

That’s really difficult to answer without the specifics of an application to review. There’s a spectrum to the ‘Chex sensitivity’ scale among FIs. We’re not the most or the least. If you ping me via our Chat tool at northpointe.com, I’d be happy to jump on a secure chat and give you a better idea after we work through 3-4 questions. Let me know.

Sincerely,

Bill C, Northpointe Bank

JASON
JASON

Thanks, Bill! Account open successfully! I just wait for the saving account to appear after login to my existing checking account.

Bill Clancy

MJ — No, not at this time.

Dan
Dan

It appears my NP account was closed without my knowledge or consent, presumably due to inactivity, and without an email or notice of termination. Account was opened June 2016, made transactions as recently as June 2017. What the hell is this?

Dan
Dan

Doc, would really appreciate you severing ties with this institution. Incredibly shady.

Bill Clancy

Hi Dan,

Sorry this caused you angst. See the Bottom of Page 8 here on the/your account agreement – any zero balance accounts not used for 30 days are closed. (We consider it abandoned)

https://www.northpointe.com/wp-content/uploads/terms-conditions.pdf

Best,

Bill C, Northpointe Bank

Dan
Dan

Dear Bill,

Yeah, just because you bury that in the terms on page 8 doesn’t excuse a) not contacting your customers to warn them that their account will be closed if they do not take action, b) not contacting your customers to inform them that their account has been closed, and c) the ridiculous policy in the first place.

I have referred people (read: real customers who use the account as intended, as I did) to Northpointe in the past. I will be sure to suggest they close their accounts and in the future I will alert people to the institution’s shady practices.

Oh, and I still get spam emails from Northpointe. Despite having my account involuntarily closed.

Once again, DoC should really stop promoting this institution. Short of that, DoC should start including as a massive caveat, upfront and directly, the negative experiences so many of us have had.

Dan

John
John

Hi Bill,

Is Northpointe Bank’s bill payment service serviced by Fiserv Inc? My Northpointe Bank account became dormant due to inactivity. I tried to schedule a bill payment to reactivate the account, but received an email from Fiserv. It states that they could not withdraw money from my account and disabled my bill payment service. If I want to reactivate the bill payment service, I need to call them and also pay a fee.

Is there a way to reactivate the bill payment service and not pay the fee?

Thanks

JASON
JASON

12/1, interest on 5% checking posted, but interest on 1.5% saving not posted.

Zonghan Xu
Zonghan Xu

Same problem here

K
K

same here. 1.5% Money market has not yet posted.

JASON
JASON

Account open on 11/9
Interest post on 12/7

I guess 12/7 is my statement date since it’s close to 29-30 days and I would assume the interest post on your statement date while the 5% interest on checking post by end of month

Frito Pendejo
Frito Pendejo

More info on the 2.3% please

gary
gary

had issues with this bank, like to change rules midstream. may want to take a pass on this one

COBOLCODERUSEALLCAPS

Nice, add Northpointe Bank to the wall of shame you just created.

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