The Northpointe Bank offers a 5% APY on your Checking account balances up to $10,000. However, they require 15 or more debit card transactions per month which may be a huge obstacle for some. There are various ways to churn this and allow you to get around actually physically using the card which is very labor intensive. Of course, if you ever have less than the 15 transactions, you interest rates drop to 0.05% which is a bit like a time bomb that you have to reset every month or it blows up in your face. This in itself may be a deterrent since it may cause necessary stress in one’s life.
How’s it goin everybody this is pete the bush today i’m going to review for you the north point bank 5% apy checking account now this checking account you can earn 5% apay on up to $10,000 i’m going to review over these qualifications and show you what’s the easiest way to meet these qualifications so you can get your interests as easily as possible north point
Bank has this 5% apy checking account and they are fdic insured i check the fdic website for you guys so it should be a legitimate bank on ten thousand dollars you get five percent apy which is annual percentage yield all you have to do is multiply those two to see that you get five hundred dollars a year and this is actually a taxable amount so whatever tax bracket
You’re in let’s say your twenty five percent you would actually only get three hundred seventy-five dollars of this five hundred dollars anything over ten thousand dollars you only earn point one percent which is basically nothing there’s also a one hundred dollar minimum opening deposit which doesn’t matter too much because if you’re going to open it anyway you’re
Going to put a whole bunch of money in so that you can start earning interest anyway once you have that 100 dollars in you’re actually not required to have any balance at all stored in that account there are these nice perks to it which is a ten dollar atm fee reimbursement every single month which means you can go around using some random atm and then they’ll
Reimburse you for the fees there’s a three dollar fee reimbursement for person-to-person transfer which i assume it’s kind of like a bank of america thing where you can send money put to a particular person and maybe they charge you a fee to do this so this thing is kind of worthless to me because maybe i use venmo instead or paypal i’m not going to go use this
Thing that has a fee actually now here are the qualifications which you have to meet in order to get this 5% apy you need 15 or more debit card transactions every single month that is in person or online you also need to enroll in eve statements at the beginning and also have a direct deposit of $100 per statement it can be an automatic direct deposit of $100 or
You can remove $100 from your checking account now if you deposit over $10,000 in ceccacci already because you only get point one percent this is basically nothing and then every single month you have to meet these qualifications in order to get the 5% ap what it sort of like a landmine you have to do this every single month in order to get that interest rate and
Guess what if you only made 14 debit card transactions you do not get this 5% api and it drops all the way down to point zero five percent api which is basically saying you get nothing one thing i want to note here is that you can just put this $10,000 in a high-yield savings account and you would already get 1% which means 100 or this dollar is automatic already
If you just start up another different account so doing all this action here only next you four hundred dollars more per year now you got to subtract taxes on that to see what you effectively get but let’s just call that $400 for now this 15 debit card transactions you could go and use your debit card everywhere try to buy small things but it’s likely going to be
Difficult if you want to keep track of 15 debit cards every month it’s going to be a lot of work what i’m thinking that you could do is just buy amazon gift cards every single month 15 times for $0.50 which is the minimum amount that you can buy in amazon reload gift cards this is the reload kind where you don’t have to type in all those letters all the time you
Just go oh i want to put 50 cents into my account and just do this 15 times and possibly possibly you can meet this debit requirement just maybe with 10 minutes of work alternatively you can use paypal to pay a bill or whatnot and pay a penny or something you can do that 15 times and right there you already met those debit transactions as well direct deposit does
Not necessarily have to come from an employer because you can have direct deposit coming from a savings account you can have an online savings account such as a discover account you can funnel money right into this checking account doing a recurring transaction so that would be considered direct deposit as well so over here i always like to think about how much
Time it cost me in order to make a certain amount now let’s say i get pretty good at reloading my amazon account and i can do 15 debit card transactions and just say let’s just say 10 minutes now every single month i’m going to go on amazon buy all these little $0.50 gift cards 15 times so effectively i load $7.50 into my account this takes me 10 minutes to do
Over 12 months this is really a hundred twenty minutes two hours worth of work for about $400 so this is roughly earning me at a rate of two hundred dollars an hour now this is a little different than working straight two hours because you have to remind yourself every single month and you got to keep on going back and this i think personally takes a little bit of
Mental work out here because you got to go oh okay it’s that time again of the month where i got to go back and use all the debit card transactions or maybe you have to log on to the account and check that you met fifteen of them or whatnot in general just more housekeeping that you have to do in order to make this amount personally i’m not too sure about doing
This myself because it looks like a little bit too much work if you’re going to go on use account anyway it might be worth it because if you happen to use debit cards all the time then you can easily meet this and sure you can get your five percent but if you’re trying to churn this get the account just to do this and you’re not even really using the debit card
You’re using the ammo amazon reload method i don’t know i think it’s a little bit debatable because you go oh yeah that’s $400 i didn’t have before all you have to do is do all this mental acrobatics kind of housekeeping accounting stuff you’re just kind of clicking uselessly i think i can go either way but i don’t think i want to do that much of it ten minutes
Of mindless debit card transactions let’s say we do 12 x amount here let’s say we sit there for a whole two hour keep on clicking to generate 182 debit card transactions every single month and every single month is two hours will net you $400 now let me ask you does that sound enticing because doing all this clicking is very mundane and do you really want to sit
There and earn $400 via this type of work i don’t know it might be worth it for you i think it depends on the person so i’ll let you consider that yourself if it’s worth it for you or not so that’s it for the review of this checking account i know there’s a lot of checking accounts out there that offers you an interest rate on the balance that you carry of course
Whenever to give you a really good interest rate such as 5% they cap the maximum limit at a very little value so you can’t earn that much of course you may not always get this high interest rate unless you meet all their qualifications some of which is having a really high number of debit card transactions i hope you enjoy the review of the siccing account don’t
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Transcribed from video
Northpointe Bank 5% APY Checking Account Worth It? | BeatTheBush By BeatTheBush
