Northpointe Bank’s UltimateAccount Interest Rate Will Be Lowered To 1%

Northpointe Bank started offering 5% interest last year on their UltimateAccount. You had to do 15 or more debit card purchases and an automatic withdrawal of $100 monthly. But that was still worth since you would earn 5% on up to $10K, or about $42 monthly.

Northpointe Bank's UltimateAccount

Now they sent out letter underlining changes coming to this account, and more importantly the interest rate. You should have received the notice in the mail if you have the account and in case you didn’t read them at all, here’s the important stuff that you should know. New interest rates that will kick in on 3/1/2018, and they will be as follows:

Balance Interest Rate Annual Percentage Yield (APY)
$0.01+ 0.99% 1.00%
Non-Qualified Balances *** 0.05% 0.05%

To earn the 1% rate, the following activities must be completed:

  • $1,000 or more in debit card purchases (PIN or signature based) that post or settle during the statement period.
  • Enroll in eStatements

Guru’s Wrap-Up

Basically this account is no longer worth it. After the new rates kick in, just take the money out and deposit them somewhere else. You can do up to ~1.5% with no restrictions at all on some accounts and definitely much better with similar requirements.


2 thoughts on “Northpointe Bank’s UltimateAccount Interest Rate Will Be Lowered To 1%

  1. I knew this was coming when all mention of the Ultimate Account disappeared from their website a few months ago. They obviously expect a torrent of people closing their accounts so they set up a “goodbye” website so people don’t have to call them to close.

    The reduction in APY is a slap in the face considering the mailed notice cited “market changes” as the reason for it while corporate taxes have been slashed and most banks are increasing their deposit interest rates.

    I’m definitely closing my account but not before they pay up on the higher APY still in place for February. Also, my notice said the changes take effect on 3/1, not 3/31.

    • I didn’t notice the “market changes” in the package they mailed out. Definitely not true with rates expected to increase even more.

      Thanks for correcting me on the date. It should be 3/1/18.

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