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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Frito Pendejo
Frito Pendejo (@guest_1403139)
July 1, 2022 10:51

I think Northpointe just dicked me over. I pulled my entire balance near the end of the month to move to a higher yielding bank, and received zero interest for the entire month. As far as I can tell from reading the docs, interest accrues daily for balances over 25k. It doesn’t say anything about not paying if balance is below 25k on the day interest is paid.

Frito Pendejo
Frito Pendejo (@guest_1403154)
July 1, 2022 11:30

hah, so they said because my balance is zero they didn’t credit interest, even though their deposit agreement doesn’t say anything about that, it clearly says it accrues daily and nothing special about zero balances. When I pointed this out the them they said they would manually credit my account the accrued interest, meanwhile every other customer in this same situation will continue to be ripped off.

Frito Pendejo
Frito Pendejo (@guest_1403390)
July 1, 2022 16:34

they said they “are working on a broad resolution”, so if you see mystery interest appear… you’re welcome 🙂

jr
jr (@guest_944499)
March 24, 2020 01:01

money market down to 1%

Alex
Alex (@guest_832744)
October 30, 2019 11:36
Wyle
Wyle (@guest_711019)
January 23, 2019 23:09

I know this post has gone a bit dormant, but its the most recent Northpointe topic and I wanted to add a DP/PSA.

Recently closed my account. No complaints, just meh and other FI serves my needs a little better. Emptied the account and requested closure via their website. While I’m sure its in the T&C somewhere, i was a bit surprised when -after- clicking on the final submit, the confirmation included … “If your balance was $5.00 or less, Northpointe Bank will donate the remaining funds to a local charity. If your balance is $5.01 or greater, a cashier’s check will be mailed to you.”

Bill Clancy
Bill Clancy (@guest_719507)
February 8, 2019 16:56

Wyle – yes, that is the text but it’s disclosed BEFORE you click submit. It’s clearly viewable online here: https://www.northpointe.com/goodbye/

Ivan X
Ivan X (@guest_695524)
December 23, 2018 06:46

Sorry to ask a noob question, but can anyone explain to me the pros/cons of Money Market vs Savings apart from checks and a debit card? (I don’t care much about the checks, and my ACH’s are normally under six per month.)

I opened the Northpointe 2.05% savings guaranteed for 12 months and that has been great, but now of course I’m interested in receiving the 2.30% guaranteed for 24 months. But I don’t understand the significance of it being a Money Market account versus a Savings account, and whether I’m incurring any additional risk or expense one way or the other. Would appreciate any clarity anyone could offer.

Svy
Svy (@guest_668713)
November 6, 2018 19:37

 William Charles There is a new 24-month guarantee period for this account.See https://www.northpointe.com/banking/personal-accounts/

Joseph
Joseph (@guest_668041)
November 5, 2018 14:06

Thanks WC for posting update….
No problems with Northpointe Bank, the interest rates are very good, the website is very good and the customer service via phone is very good.

Bill Clancy
Bill Clancy (@guest_670439)
November 9, 2018 14:38

#HighFive!! -Northpointe Bank

HarryTheFirstHarry
HarryTheFirstHarry (@guest_667473)
November 4, 2018 09:43

seems a little too good to be true….whats the catch? 2.30 if you deposit 25K and can be pulled out any time and no other requirements? Might as well move from Discover/C1/Ally to Northpoint…? How easy/difficult is it to move large amounts in/out of here? Anyone with experience with this banks can comment? Do thy put holds on large transfers? Does interest start earning 2 business days from start of transfer or from the actual date it completes? Can this be used as a hub account? How many externals do they allow?

COBOLCODERUSEALLCAPS
COBOLCODERUSEALLCAPS (@guest_667798)
November 5, 2018 00:56

ACH pushes from NB use the crappy-old Popmoney interface. They use an external provided banking system by Fiserv. I believe there’s a $10,000 limit or so, but you can ACH pull the entire thing. I’ve used them for a year and they were fine, but ACH transfers in or out take 3 days.

HarryTheFirstHarry
HarryTheFirstHarry (@guest_667884)
November 5, 2018 10:20

Thanks for the response. By my calculation, about $43 more per 6 months or $86 annual as compared to the Discover AAII (1.95 APY there vs 2.30 APY here) for every 25K moved. In my opinion Disc AAII is the best in terms of transfer time, etc. So if the rate continues to stay ahead of Disc AAII by 0.35%, that’s about the extra interest on each 25K that you move here.Methinks not worth the hassle to open a new account unless you intend moving 50K+, watch the rate carefully and ask them to jump it up when it goes up plus be struck with the inability to quickly PUSH out more than 10K.

Bill Clancy
Bill Clancy (@guest_668069)
November 5, 2018 14:49

Cobol User — good news to share in that we’ve upgraded our ACH platform in August of this year; it’s no longer the Pop Money platform. The new platform allows for real-time linking of accounts via online banking credentials (for most FIs) – so no more micro-deposits and 2-3 days to set-up. Daily push/pull limits are $25k; monthly limits are $250k. For larger transactions, you can wire, mobile deposit or send a cashier’s check.

Best, Bill C, Northpointe Bank

Brian
Brian (@guest_667449)
November 4, 2018 03:46

Northpointe bank sucks. They refused to pay out my checking at 5% towards the end even though it was obvious it was being used as my primary checking. I switched to Old Missouri Bank for checking and it has been a way better experience.

I don’t understand why anyone would chase down 30 basis points. Just out it in Ally bank and have a way better experience.

COBOLCODERUSEALLCAPS
COBOLCODERUSEALLCAPS (@guest_667451)
November 4, 2018 04:41

If you have definite proof from your end with statements, you can get it back from them by filing a complaint with the CFPB.

Ilya
Ilya (@guest_667408)
November 3, 2018 23:54
Chuck
Editor
Chuck(@chucksithe)
November 4, 2018 16:34

Updated, thanks

Bill Clancy
Bill Clancy (@guest_668070)
November 5, 2018 14:50

Chuck – here’s a direct link to the product page with all details and FAQs: https://www.northpointe.com/earn230/