Posted by William Charles on November 2, 2017
Savings Accounts

Published on November 2nd, 2017 | by William Charles

18

Northpointe Bank Ultimate Money Market Account Review – 1.5% APY On Balances $25,000-$1,000,000

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

  • 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.



18 Responses to Northpointe Bank Ultimate Money Market Account Review – 1.5% APY On Balances $25,000-$1,000,000

  1. Justin says:

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

  2. 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 says:

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

    • Bill Clancy says:

      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

      • > 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? /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.

    • I think you’re being a little unfair, you’re right there was a lot of negative press after the debit card changes but in practice I don’t think much has actually changed. Given this account doesn’t require anything and it’s guaranteed for one year it seems good. I wish it was just a flat 1.5% APY though without the balance requirement.

    • tyrone says:

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

  3. Shiva says:

    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.

  4. AD says:

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

  5. Hi Bill,

    How about removing the $25,000 balance requirement for the 1.5% APY rate or offering above 1.5%? =)

  6. Curious says:

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

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