Posted by William Charles on May 16, 2018
Savings Accounts

Published on May 16th, 2018 | by William Charles

57

Northpointe UltimateSavings Review – 1.95% APY

07/09/18: Rate decreased to 1.95% (stays at 2.05% for existing customers)

05/16/18: Rate increased to 2.05% for balances $25,000-$1,000,000.

  • Interest Rate: Up to 2.05% APY
  • Availability: Nationwide
  • Direct deposit required: No
  • Additional requirements: Yes, see below 
  • Hard/soft pull: Soft
  • ChexSystems: See below
  • Credit card funding: Yes, up to $100 
  • Monthly fees:  None 
  • Insured: FDIC
  • Household Limit: One per household

Introduction

Direct link to account

  • Northpointe is offering 2.05% APY on its UltimateSavings if your balance is $25,000-$1,000,000 (balances above or below those thresholds earn 1.12% on the full balance). They are guaranteeing the rate for 12 months.

 

Avoiding ChexSystems Inquiry

It’s possible to get this account without a ChexSystems inquiry if you’re an existing Northpointe Bank customer. To avoid the ChexSystems account you need to contact them directly via email, chat or phone to set-up the account since the online application automatically completes a Chex pull as part of the application. In addition they stated via e-mail that this account is not as sensitive to too many ChexSystems inquiries as the checking account is.

Our Verdict

I suspect a lot of readers still haven’t forgiven Northpointe for getting rid of the 5% APY account they used to offer. This 2.05% APY account is the current top rate for basic savings accounts, next best are 2.01% & 2%. The downside to this account is you need a minimum of $25,000 in there to earn the 2.05% APY rate (if your balance is above $25,000 then the whole balance earns that rate as long as it isn’t in excess of $1,000,000). Having the rate guaranteed for 12 months is not that useful as rates are expected to raise. As always you can view the best current high interest rates by clicking here.

 

Useful posts regarding bank bonuses:



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The difference between 1% is 1.12% is pretty marginal. Don’t see why would anyone bother.

Not everyone already has a 1 percent account. It seems better to set up a 1.12 percent in the first place.

As long as you’re keeping at least 10k in it at all times…

At that point why not go red neck? The main group who can use this are those who have maxed out the 5%, have another 10k, and don’t want to juggle multiple banks. Could be pretty useful for a lot non-churners.

check out Popular Direct, which has a 1.25% interest rate on savings.

Recently signed up for this account. There’s is no longer a minimum to earn the 1.12%.

After the stunts they pulled with their 5% account. Not worth the trouble .

Agreed. No doubt the popular sentiment around here.

Hey Will, minor typo here I think “It’s possible to get this account with a ChexSystems inquiry” I think you mean to say get this account without an inquiry.

Also you didn’t mention, but they are Chex Sensitive.

They mentioned via email that savings accounts don’t have the same sensitivity as checking accounts.

For anyone thinking of doing business with these jokesters, do a search on DoC before you even thing about wasting your time and hard earned money.

I am one of the readers who hasn’t forgiven for the 5% take away. Seems this Bank just plays games with people hoping they won’t jump thru all their ridiculous hoops/terms conditions. In my opinion they blew it with doc readers.

Sorry Northpoint but NO Thanks!

The level of animosity towards this bank among the readers must be pretty high.

Fool me twice at this point.

DoC, you wrote: “Additional requirements: Yes, see below”, but you do not list what those additional requirements are.

I wish DoC would stop supporting companies that at one point or another have in any shape or form screwed over DoC readers, specially directly buy advertising on this site.

I always support this site and it’s unbiased and consumer friendly approach, so it’s hard to criticize anything they do, hence this is just a “I wish” more than a criticism.

If it was up to me, I’d stop advertising anything Northpointe related, no matter how good of a deal, ethics before anything else is my personal motto.

but then this gets back to the same discussion as the NRA credit card etc.

DOC presents the info and leaves it up to the consumer’s. Do I like the NRA and want to get their credit card? No & No. But Do I want DoC to post it? Absolutely.

Same thing with Amalgamated bank supporting that HRC charity…It should all be posted regardless of affiliation.

I’m giving this a pass after the shenanigans last time but I much prefer DoC does what he did – mention last time, whether he thinks it’s a good deal [he doesn’t think it is] and then leaves it up to readers to decide.

This isn’t the big bloggers talking dreamily about the Barclay Arrival Premier…

There is a difference. The NRA did not reach out to DoC and ask to market their product, nor did they send over a representative to the boards trying to promote their product and convince people to sign up.

Umm… he is posting a review on what is one of the highest savings rate products out there. That is like the entire point of this site.

I dislike the changes Northpointe made as much as anyone here, but they do offer one of the highest rates regardless of their history. It’s for the reader to decide whether to give business to them.

Can I also point out that the worst they really did was inconvenience us? It’s not like Wells Fargo where they opened new accounts and not tell their customers. That is unethical. Should DoC get rid of all things Wells Fargo too? Almost every major bank has a blemish on their history in varying degrees, so do we demand that everything be removed? Let’s not be so naive.

He’s pretty explicit with the bad experience people have had. I’d much rather he post it here and tell me people had problems then not post it and me open account by finding it on my own. DoC shouldn’t self censor based on what he thinks viewers might not like

I had the 5% checking with NP. I do not understand the sentiment around here. They gave us a bonus to join, they clarified the terms in time. They eased the terms. They increased the limit. They made it easy to close. What did i miss? Did NP take any inventives back or not hold their end of the deal? Just because they ended it? How did NP screw DoC readers? Not defending. Just want to know what i missed.

Agreed

Frankly you didn’t miss anything. We just love to whine, that’s all.

They played around with the terms at the end of their 5% checking account. I was clearly using it as my primary checking , multiple bill pay, ach and debit card transactions and they still would not pay 5% towards the end. Was definitely not worth the time.

People can be very entitled.

Yes, NP did everything correctly. But giving 2% now is not even close to receiving 5% before. I say they need to raise the rate to 3%, then a lot of folks here would re-consider.

No thanks

Stay away from Northpointe

Never Northpointe again after they bait and switch!. They even closed closed with no notification. I left a $1 in there and looks like they closed. No mail/email about it.

I emptied out my account but they never closed it automatically. I think I’m going to rejoin. Whether they baited and switched before, the reality is that I’m getting 1.5% elsewhere and if I can get more money from Northbank, then I will do it.

Seems like a new bank offers a new highest interest rate every week. I just opened an account at Redneck bank a couple months ago and now there are several accounts with higher rates. What a time to be alive.

Northpointe has earned a hard pass from me

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