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:Â Up to 2.05% APY
- Availability:Â Nationwide
- Direct deposit required:Â No
- Additional requirements: Yes, see belowÂ
- Hard/soft pull:Â Soft
- ChexSystems:Â See below
- Credit card funding: Yes, up to $100Â
- Monthly fees: Â NoneÂ
- Insured:Â FDIC
- Household Limit: One per household
Introduction
- 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:
- A Beginners Guide To Bank Account Bonuses
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
They now have 2.55% APY on balances over 25K, guaranteed for 3 months
I’ve had a horrible bait and switch experience with Northpointe where I signed up for a 2.25% rate account and the put in me an account with 1.3%. I called and was told that my account would be “converted” to the account I signed up for and this never happened. Interest was paid quarterly instead of monthly as advertised. This bank is desperate and corrupt. Stay away.
2.05% APY is no longer offered. I received the below email. Northpointe official website is now showing 1.95% APY for 12 months.
++++++++++++++++++++++++++++++++++++++++++
Thank you for recently opening or applying for a new Northpointe Bank Ultimate Savings account. Our 2.05% APY* Ultimate Savings offer will be closing for new applications as of Monday, July 9th at 6pm ET.
This change does not affect your account – your application was submitted prior to this date and is therefore locked in at 2.05% APY* for at least 12 months from the date of account opening.
Please let us know if any questions, and thank you for banking with us.
Sincerely,
Bill Clancy
Vice President, Deposit Banking
++++++++++++++++++++++++++++++++++++++++++
Thanks, I’ll update.
Also, a point to note Northpointe pays out interest quarterly which is different from other banks. Kinda annoying. So if you close your account before the quarterly interest payout you lose out on the accrued interest.
Hi Craig, Yes and no. We do pay interest quarterly. However, if you close your account mid-cycle you get every penny earned – it is not forfeited. Sincerely,
Bill Clancy, Northpointe Bank
Hi Bill, Thanks for the update. After reading your above comment I called the customer service and received the same answer saying that if I close my account earlier than the quarter where the interest will be deposited the Accrued interest will be deposited to my account. But the interest for the month which is not earned yet will be fore fitted. Can you please confirm if this is correct?
Just opened the savings account – was able to do $100 funding with a Chase Visa (tried a business Amex that didn’t go through).
Why is the link (Our Review) not listed on https://www.doctorofcredit.com/high-interest-savings-to-get/ ?
It is now
Is there a limit to the number of linked accounts? I have the Popular Direct 2% (it is still paying 2%, opened before they lowered their offer) but it only allows one linked account, which is very annoying.
Hi oh,
No limit to the number of linked accounts. Please note – we do not currently offer ACH transaction initiated within our Online Banking but we accept any externally initiated transfers without limits on the account of the transaction, the number of banks sending these transfers nor do we charge any fees for receiving or processing these transactions. Thank you.
Bill C, Northpointe Bank
Thank you, so if I understand that correctly, one cannot link Northpointe to an external account via Northpointe, all external transfers must be initiated externally?
Yes that would be correct. I use Ally Bank to push money into this account. After exactly 4 months of opening my Ally account, I know have the privilege of next day transfers.
I opened my ally acct 6 months ago and still don’t have next day transfers
Is there a limit to # of Ultimate Savings account per person or household?
above is stated “Household Limit: One per household” but I do not see that on northpointe.com
I see posted no monthly fees but would like to confirm that there is no minimum balance required
thx for all the replies & info posted here
Is there a limit to # of Ultimate Savings account per person or household?
I do not see this on northpointe.com but it is listed above:
“Household Limit: One per household”
tia for replies
What’s the monthly fee for this account? I can’t find any info on north point page
https://www.northpointe.com/wp-content/uploads/fee-schedule.pdf
Thank you!
Unlike the others, I had a great experience with Northpointe’s 5% checking account. I opened it in March 2016 and used it like a regular debit card. Never had any trouble meeting the requirements, and even when they changed it slightly last year or whenever that was, still no problems. Seems like people are mad that they couldn’t MS the account and get away with it long term. I’m extremely grateful for DoC for posting the account as it was well worth it for me.
Northpointe’s customer service has always been wonderful as well. After the checking dropped to 1%, I left some money in there and will now consider moving to this savings account since it is such a good rate again.