Update 6/30/23: Extended until 7/31
Offer at a glance
- Maximum bonus amount: $1,250
- Availability: Nationwide
- Deposit required: $25,000+
- Deposit length: 3 months
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: None
- Household limit: One
- Expiration date: None listed
Contents
The Offer
- Northpointe Bank is offering a bonus of up to $1,250 when you open a new Ultimate Savings or Promotional Money Market account and maintain a qualifying balance for 3 months. Bonuses are as follows:
- Deposit and maintain $25,000 – $50,000 and get a $350 bonus
- Deposit and maintain $50,000 – $75,000 and get a $750 bonus
- Deposit and maintain $75,000 – $100,000 and get a $1,000 bonus
- Deposit and maintain $100,000+ and get a $1,250 bonus
The Fine Print
- Cash bonus offer is available to all new and current Northpointe Bank customers who open and fund a new Promotional Ultimate Savings or Promotional Ultimate Money Market account (the “Account”) on or before June 30, 2023. Funds already on deposit with Northpointe Bank in any other account within the 60 days preceding the date that the new Account is opened may not be used to qualify for this offer.
- To earn a cash bonus, you must have a “Qualifying Balance” (as shown in the chart below) in your Account at the end of the 30th calendar day after you open the Account, and you must continuously maintain a Qualifying Balance in your Account for the “Qualifying Period”, which is the three-month period beginning the calendar day after your Qualifying Balance is set. A month is defined as 30 calendar days. For example, if you open an Account on 6/1/2023, and make two deposits of $75,000 each on 6/5/2023 and 6/10/2023 and make no withdrawals/transfers, on 7/1/2023 your Qualifying Balance is set at $150,000. If you continuously maintain $150,000 in your Account through 9/29/2023, you will earn a cash bonus of $1,250.
- If the Qualifying Balance fluctuates, the bonus tier will be based on the lowest dollar amount in the Account during the 3-month period after your Qualifying Balance was set. For example, if your balance on the 30th day is $150,000, the Maximum Bonus you could earn is $1,250. However, if your Balance decreases to $75,000 on day 45, the Maximum Bonus you can earn changes to $1,000. Only one bonus offer is available per Account. If the Account does not reach the Qualifying Balance by the end of the 30th calendar day after Account opening or if the Account balance decreases below $25,000 during the Qualifying Period, no cash bonus will be earned.
- Within 30 days of the end of the Qualifying Period, Northpointe Bank will credit the Maximum Bonus you earned, if any, to your Account and the APY will adjust to our published rates being offered at that time. Current rates are 0.00% APY on balances of $0 to $99.99; 0.25% APY on balances of $100 to $4,999.99; 0.34% APY on balances of $5,000 to $24,999.99; 3.25% APY on balances of $25,000 to $3,000,000; and 0.30% APY on balances of $3,000.000.01 and above. The Account must remain open to receive the cash bonus. The bonus shall be considered taxable interest to the depositor. Offer is available once per Social Security Number (SSN) or Tax Identification Number. Not valid with any other offers or promotions. Northpointe Bank reserves the right to suspend, modify or revoke this offer at any time prior to expiration. Void where prohibited.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
These accounts have no monthly fees to worry about.
Early Account Termination Fee
There is no early account termination fee.
Our Verdict
Update: As people point out in the comments during the bonus period you don’t earn the 3.25% APY, making this bonus useless as the 5-6% APY rates you’d get are in line with top savings rates currently.
If you have $25,000+ in the account you earn 3.25% APY before the bonus. If you tie up the funds for exactly 3 months (unlikely as there will be a few days either side of depositing/withdrawing money to be safe)
$350 bonus, extra 5.6% APY$750 bonus, extra 6% APY$1,000 bonus, extra 5.33% APY$1,250 bonus, extra 5% APY
Good rates when you take into account the 3.25% APY as well but some people won’t want to juggle funds for a high rate for three months. We will add this to our list of the best bank account bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- 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
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Denied due to Chex
Extended to 7/31, and a new $10k bonus tier
any idea when will that date be..will it be 30th june or 30th july?
i opened up and my initial deposit cleared on 17th june.
i applied on june 12th.partilaly approve.got email on 14th june with account# and details to setup online banking.
Paul in Texas
so my 50k deadline will be around 10th july right?
Let me know what you find out!
Good morning,
You have 30 days to fund the new account otherwise, it will close.
Once your account is funded – your 90 timeline starts.
I think I will sign up in late June, maybe 6/28. We’ll see if the promo terms allow me to deposit in July.
Looks like 5.72% interest over 3 month period. And thats good.
One can’t get a CD or Treasury for more then 5.3% over 3 months.
I wouldn’t do it, because i don’t want to open a new acct, just to get an extra, .4%, for 3 months.
It doesn’t appear to me that the bank is cheating anyone.
Treasuries are exempt from state & local tax though, so their tax equivalent yield may be the same or higher (depending on your tax rate).
SG77, good point, thanks. I just wanted to point out that Northpointe is still being a very good investment. Some thiought it was shady, i believe.
prob 25% of these bonuses don’t issue a 1099 so maybe the $25k for $350 would be the only worthwhile one if that’s the case.
What a sad joke
These types of bonuses when treasuries yield 5% is way too weak
It’s all about how you describe it. I’d describe this as a 3-month CD that pays 5-6%
That pays out ~$50 when all is said and done after parking $25K at Northpointe for 90 days, considering the opportunity cost.
Northpointe always trying to scam us right back!
I am calculating that if you have your money in exactly the 92 days from June 30 to September 30, you have effective APYs of 5.93%, 6.35%, 5.66%, and 5.31%. If you have add 6 days total for processing, those effective APYs are now 5.57%, 5.96%, 5.32%, and 4.99%. Still fairly worthwhile, especially at $50k
1. June 30th – Open and fund account with minimum deposit.
2. July 28th – Make sure all deposits are complete (July 30th is a Sunday)
3. July 30th – Oct 28th = Qualifying Period
4. Oct 30th – Pull all funds except maybe $5 to keep account open
5. NLT Nov 27th – Bonus will post
The above scenario would have your funds tied up for 94 days
Interesting. I interpreted “Cash bonus offer is available to all new and current Northpointe Bank customers who open and fund a new Promotional Ultimate Savings or Promotional Ultimate Money Market account (the “Account”) on or before June 30, 2023” as I had to open and fund by June 30. I will email to clarify.
Hello, I saw that your bank has a promotional offer (https://www.northpointe.com/promotion/). I was wondering if I need to open an account by the end of June and then fund it by the end of June to be eligible. I see “Cash bonus offer is available to all new and current Northpointe Bank customers who open and fund a new Promotional Ultimate Savings or Promotional Ultimate Money Market account (the “Account”) on or before June 30, 2023.” which makes me believe all money has to be in by the end of the month and then “To earn a cash bonus, you must have a “Qualifying Balance” (as shown in the chart below) in your Account at the end of the 30th calendar day after you open the Account” which makes me believe I have to put money in just 30 days after I open the account, even if that is after June 30. Please confirm. Thank you
That is correct, as of right now the promotion is ending at the end of June. They might extend it but as of right now all money must be in the account at the end of June. You can always add more or take some out after, but the account must be funded at the end of June.
Ok so the qualifying period for the bonus ends on June 30? I can always add more money after, but it won’t be factored into the bonus calculation, right?
Correct, unless you take money out.
If you open the account today & fund with $50K by the 30th you will only get 5.35% APR (5.15% +.25%) for 3.5 months. If you wait until the 30th to open & fund then you’ll only get 4.75% APR (4.5% + .25%) for 4 months.
So, if the CS is correct and you have to have all funds for the promotion in the account by the 30th then it is not a good deal and IMO deceptive.
If you are planning on doing this promotion, I suggest you also call. The CS indicated it takes a couple of days to open the account and if approved they send you a funding link to make the initial deposit to “fund” the account.
Let me know how this works out for you. I was originally planning on opening an account on 4/18….now I’m not sure.
Confusing… I think I will apply at the end of this month and hopefully fund at the end of July.
It is like getting bonus by holding fund for 3.5months