Shinobi, I did initiate the ACH at EBSB. Guess I should have wired the funds. But, hopefully the funds show up (as available) Monday. I plan to transfer some of the money to Andrews for that 6mo 3.25% CD.
From their disclosure:
External Transfers
Accounts are considered new for a period of thirty (30) days; during this time period those funds transferred from an external account to your account at East Boston Savings Bank will not be available for withdrawal for nine (9) business days.
After the thirty (30) day new account time period those funds transferred from an external account to your account at East Boston Savings Bank will not be available for withdrawal for three (3) business days.
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This is a very good post. Thank you, zzz. So, just as is the case at PurePoint, there is an availability delay when ACH funds are incoming to EBSB when the transfer is initiated at EBSB. Actually, EBSB is one day more favorable than PurePoint, where you must wait four business days. And as pattyb53 herself mentioned, at Alliant the delay is zero days.
Point is availability varies depending upon where you are doing business. Nothing can be taken for granted. The rules vary from one financial institution to another. You cannot assume. You must inquire or, as zzz did, look up the rules wherever it is you want to do business.
Very true zzz & shinobi. Live & learn. Good lesson for me, don’t take anything for granted.
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There is significant movement in the liquid accounts marketplace. This is in the realm of no-penalty CDs (NPCD). PurePoint has begun offering a thirteen month NPCD paying 2.6% APY with only a $10,000 minimum (you need $25,000 at Ally to obtain 2.30% APY).
Q: Can the PurePoint CD be liquidated as easily as is the case with the Ally Bank NPCDs?
I dunno. I have never had an NPCD at PurePoint.
Q: Can you provide a link to this deal?
Yes:
Q: Any strings attached?
None of which I’m aware . . but I have not studied the deal. Detail is available here:
Link to PurePoint NPCD details
Q: Does Ken have the deal? He would mention any problems with it.
Not at this writing. But I expect he will be featuring this NPCD soon.
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I would use Alliant CU for ACH transfers if they would allow more than $25K outgoing. This is bothersome because at one time they offered $100K transfers out. Sure you can transfer into Alliant $100K, but no go out. It’s not that I want to transfer large amounts often, but once in a while it would be nice. That’s why I have gone with EBSB + they pay 2.5% savings. (but they have 3 day hold on money). 
Alliant seems to be somewhat of an anomaly with 1 day transfers and no hold as far as availability goes. Most banks I’m dealing with other than Alliant either have 3 day transfer times and/or holds on availability. Purepoint is another very good institution as they credit a transfer instantly and allow it to earn interest thus allowing for double interest while the transfer actually occurs.
Ken still does not have the new PurePoint NPCD (see my post up thread), and the rollout was a teensy bit rocky.
However importantly
The wrinkles have been ironed out by PurePoint and it is now possible to open your PurePoint NPCD straightaway using funds in your PurePoint savings!
This is an amazing interest rate for liquid funds. Remember:
Two things matter with no penalty certificates of deposit:
-
The interest rate (APY) of course. But also
-
The lock in period. This is less obvious, but it is the FINANCIAL INSTITUTION that is being locked in, NOT us! So the longer the lock in period the better it is for us as insurance against falling rates. Thirteen months is very sweet.
Anyway bottom line, this PurePoint deal is an absolute no-brainer for our liquid funds and I plan to go in heavy.
ETA
Today is Sunday so I dunno how long it will take Ken to post this blowout PurePoint deal. Also, earlier this morning somebody threw slime all over Ken’s forum. That annoying mess alone will take him some time to clean up and might divert his attention away from the PurePoint deal for a short while.
Finally, PurePoint still has not notified me officially, via email, about this new deal. They were having website problems yesterday (Saturday) morning which continued into the day. This might be on account of the rollout of this new (for them) product, or it might be because they were being hammered by applicants for this deal . . . . or both. Yesterday was the first day for their NPCD deal.
ETA
It’s obvious this PurePoint deal is right in Ally Bank’s grill . . . as relates to their own NPCD at only 2.3%. I just checked over at Ally. They are still at 2.3% and they likely will be slow to react to what PurePoint has done to them. Nobody is gonna remain there at 2.3% now . . . surely nobody who is a PurePoint customer. Ally will need to compete . . . at least that is what one might think. Nobody knows for certain. But keep an eye on Ally. The no-penalty products at Ally and (now) at PurePoint are quite similar . . . . except that PurePoint’s offering is better.
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shinobi, Question…
Why do you think PurePoint 13mo 2.6% NPCD would be better than Andrews 6mo 3.25% CD? I certainly realize that the time frame is evident, but look at the % rate.
I like to work with PurePoint because their entire system is good, except that they keep your money 4 days before you can make a movement. If they would raise their savings % rate I would move over from EBSB.
Apples and oranges, pattyb53. The new PurePoint account, a NPCD, is for liquid funds. The Andrews account, as I understand it, is a true CD, meaning you cannot access your funds without payment of a penalty.
Setting aside the first six days, no-penalty CDs (NPCDs) at either PurePoint or at Ally or at AgFed are truly liquid. I realize the term “CD” is in the name, but do not be fooled by that. The funds (after the first six days) are just as liquid as if they were in a savings or checking account. This is why I am posting about the new PurePoint NPCD here on the liquid accounts thread . . . . instead of on the CD discussion thread. The Andrews six month CD, on the other hand, would be a subject for the CD discussion thread because it is not liquid unless you are willing to pay the penalty.
I have bought my first PurePoint NPCD. It is an easy, smooth, process to make the purchase. You may fund from your PurePoint savings
or
you may fund from any account on your PurePoint transfer list! Pretty slick.
Just be very careful, in either instance, so that you do not violate Regulation D.
The Purepoint NPCD is intriguing. It’s only .1% more than Northern Bank, but the guarantee is a lot longer. Who knows what rates will look like in the 13 months?
I was finally able to pull a large chunk of my stranded (due to Reg D) money out of Purepoint today to Alliant. Now some of it will likely be going back to Purepoint to open a couple NPCDs. It’s probably better to fund the CDs from Alliant anyway, so I’m not pushing the 6 transactions at PP again.
It is definitely better to fund from Alliant checking, assuming your Alliant checking is linked at PurePoint. Funding this way circumvents the Regulation D dilemma.
When opening a NPCD at PurePoint, the bank offers you every account on your PurePoint linked accounts list to accomplish funding. Really any checking account on your list will get the job done while avoiding Regulation D concerns. I happen to have chosen Alliant checking.
With ach transfers initiated at purepoint, how fast are the funds transferred in compared to when they are withdrawn from the external bank?
When initiated from Purepoint’s system before 9pm, funds are credited to the account and begin earning interest immediately. Funds are generally removed from the external account the following business day.
I agree with what zzz wrote, above. I would add the following:
Funds transferred in to PurePoint savings do not become available for four business days. This means they are available neither for withdrawal NOR for use in opening a PurePoint NPCD.
Funds transferred in to a PurePoint NPCD, directly at time of opening the NPCD, begin earning interest immediately in the CD. However, such funds are not available for withdrawal for seven days, a circumstance which is an outcome of Regulation D.
Note:
You hear six days and you hear seven days for the latter. I’m not really certain which it is and I’ve never bothered to find out since I never would close an NPCD of my own that quickly.
Also please note:
Most people are familiar with the “six withdrawals per month” aspect of Regulation D. But there are other lesser known provisions in that regulation, one of which is mentioned above.
This is for information only, my data point:
Executive summary: Get 'em while they are hot! 
Detail:
I just opened three of the PurePoint 2.60% NPCDs in quick succession. It does not take a long time at all to open these accounts online; scant few minutes per account opening.
In the short time between assignment of my first and third account numbers over thirty other accounts had been opened!
Q: Shin, you do realize some of those might have been other sorts, other types, of accounts, right?
Doubt it. This 2.60% NPCD is firecracker hot at PurePoint right now. I believe most of the thirty+ accounts were, indeed, such 2.60% accounts. 2.60% APY, with effectively a thirteen month rate lock, is a VERY competitive interest rate today for liquid funds.
Q: So what is your point?
Only that this 2.60% NPCD deal might not be around forever. Get 'em while they’re hot!
I guess I’m very unknowing about the wait period hold, on Deposited Funds Availability in Savings accounts.
I’ve relied on Alliant CU policy of 1 day ACH Transfers both in & out for many years. But the truth is, holds on money can be 3, 4, 6+ days. Alliant CU is the only establishment that I know, where a person can depend upon, for a 1 Day guarantee movement of money.
My experience this past week with EBSB hold on funds deposited is driving me crazy. When I first ACH transferred funds into EBSB on 4/20, I expected my money to show available the next day. BIG Mistake!! Of course then the weekend appeared, so my business day wait was held up 2 extra days. So I thought Monday my money would be available. Would you believe, I was told today 2/26, my money would be available tomorrow 2/27.
The moral of this story is I want to buy in on the 5 day special with Andrews FCU 6mo 3.25% CD which will only last through this week. Can I make it? I don’t know…
I’m unfamiliar with the funding options at Andrews CU, pattyb53.
But if they have a funding option similar to the ones at Freedom CU or at PurePoint, you should be fine. You just give them your EBSB ABA routing number and account number, along with the type of account (checking or savings) and the amount you want to transfer, and you are done.
If Andrews does not offer this sort of funding option, you had better be on your toes. A telephone call to Andrews right now will prepare you for whatever situation you will be confronting tomorrow. Forewarned is forearmed. 
The question is, has the deposit posted and is just not available?
Because it’s typically either a 4-5 day hold on the funds, or the deposit takes 3 days to post. Regardless, the point is that they are using a cheaper 3-day transfer service, and they’re ensuring the transfer completes successfully before releasing the funds for withdrawal.