Nothpointe shows the $25K I transferred in yesterday. But, it only showed 1.11% interest rate. I just called & the rep told me the $25K is still pending. I don’t like it but unlike PurePoint I guess I must wait for clearance from pending to show the 2.05%.
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Thank you pattyb53 for posting this most interesting data point. I will need to telephone Northpointe and make inquiry regarding their treatment of incoming ACH funds.
My hope for you is that you will see the higher interest rate tomorrow after their system, during its overnight update, takes account of your higher balance. The interest rate posted this morning likely is based on yesterday’s smaller balance . . . . . . . . I hope.
How long did it take you to get your account information from Northpointe? I’ve waited several days and have not heard from them. This time I only tried to transfer the $100 via credit card to open the account instead of a large sum.
Northpointe was 1-2 days for me. Kinda weird, but they actually email you your account number in plain text. They are definitely on the easy end of security compared to other banks. I have had banks where they won’t even tell me my account number on their website after I log in!!! LOL
Northpointe was very quick to complete my application.
I filled out the online app Friday 5/18. They requested a copy of DL. I quickly faxed DL, still on Friday. On Monday 5/21, they emailed the Welcome letter with account # & routing#.
Like sfchris noted 1-2 days, except I had the weekend to slow the process.
For what it is worth, the phone rep said that it was OK to wire money the same day I received my account number by email (but before the ACH transfer I provided in my application had completed).
I will find out soon if that is true.
So what day do you process the transfer at PurePoint in order to take advantage of the double interest - Friday?
Generally ACH orders, to withdraw funds from another financial institution, placed at PurePoint on a Friday will net you three days of double interest (Friday, Saturday, Sunday).
But tomorrow such an order will give you four days of double interest . . . because Monday, May 28th, is a national holiday.
PurePoint is very prompt with their ACH executions. The money always leaves the other financial institution on the next business day.
Was curious…with Northpointe Bank, using their ach transfer system…what are the daily/monthly limits? And do they put a hold in incoming transfers?
Also, i was thinking that since they are offering a 1 year guarantee on the savings rate…if interest rates continue to rise (which likely they probably will) in 6 months time, most online accounts could be paying well beyond that rate, so will they raise their rates on the account to stay competitive?
My northpointe account was opened today. I’ve initiated the small deposits from ally’s side to do ach that way but how do I add an external account to northpointe in case I want to do a transfer from that side? I don’t see the option when navigating through the menu’s. It’s possible my ad blocker is blocking something.
CIT Bank just raised their money market account yield today to 1.85% APR with only $100 min deposit. It is an internet bank only based in Pasadena, CA.
Anyone can edit the wiki. I’m not getting paid to do it!
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I have a CD at NFCU one can make additional investments into. Despite the fact that outside transfers must go first to their savings account and then be transferred to the CD, CD interest is credited from the day you transfer.
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craig 10x, happy to see you are still around.
I don’t believe there is a limit on incoming ach transfers to Northpointe Bank. I just made my first transfer of the $25K to Northpointe. Yesterday I posted that they only showed 1.11% on the account. Well, today the rate is showing 2.05%. In fact they are showing $1.40 interest on the $25,100 for the 1 day.
Back to your question about the daily/monthly limits. No limit… I don’t know if you would call it a hold on incoming transfers, but they told me yesterday the first day of my $25K, it was pending. Today it shows up with proper interest, 2.05%.
Hi Patty! Good to see you too…Yes, i am still “lurking” 
So, that sounds pretty good…next day on the transfers and interest starting right away…Oh, i was just referring to whether the put a “hold” on availability of the funds for a few days as some online banks do…or does it show as being available right away (i mean for withdrawal)…
I sent them a secure message to ask a few things i was curious about…i am kind of getting the impression that they have good customer service…I noticed they also offer checking accounts as well… 
Confirmed: I was able to wire money to my Northpointe account the same day I received the email with my account number.
I guess I’m on the other side…I’ve got money sitting in Ally and they will do 1 business day but with the holiday and the fact they pull the money right away it makes more sense to wait till monday and initiate the transfer than to do it now and have the money in limbo all weekend.
True, if you transfer funds today (1 day transfer) you will be caught in the “big hold up”. Monday is a holiday so funds would arrive Tues. Weekends always foul our transfers, & especially with a Monday holiday. Also, unless you have already made the transfer, it’s to late today.
Looks like for you famewolf, your funds will not arrive until Wednesday. 
Barclays up to 1.65%. Wiki updated.
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@famewolf…I think the reason you aren’t seeing the “transfer” tab for external ach transfers is because Northpointe Bank doesn’t have an ach transfer system on their side at all…If you have the Checking Account also, you can make P2P transfers but the limits are very low (i think like $2000 or so)…
I had e-mailed them with various questions and that was one of them…They explained that if you want to do ACH Transferring you will have to do it from your other bank(s)…they don’t restrict ACH pulls and pushes, though…
So, that was quite a bit disappointing to hear…On the good news side, i mentioned about the rapidly rising interest rate environment and asked if they plan on staying competitive…she said that that was their plan…
I was very surprised that they don’t have their own external account ach system so think i will be passing on this one…
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