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.
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.
