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Thoughts about PurePoint Financial?
Old 03-22-2017, 06:58 PM   #1
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Thoughts about PurePoint Financial?

I just saw that a new online bank is on the scene - PurePoint Financial (online arm of Union Bank). https://www.purepoint.com

It has a couple of nice offerings, including a 12-month CD (1.45% APY, $10k min) and Online Savings (1.25% APY, $10k min).

Any thoughts? I wonder if this is the harbinger of increased interest rates given the current financial environment or just a new brand on the block (though part of an existing bank) looking to get new customers.
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Old 03-22-2017, 07:44 PM   #2
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Quote:
Originally Posted by JohnnyBGoode View Post
I just saw that a new online bank is on the scene - PurePoint Financial (online arm of Union Bank). https://www.purepoint.com

It has a couple of nice offerings, including a 12-month CD (1.45% APY, $10k min) and Online Savings (1.25% APY, $10k min).

Any thoughts? I wonder if this is the harbinger of increased interest rates given the current financial environment or just a new brand on the block (though part of an existing bank) looking to get new customers.
Hard to lose with that 1 year CD. Thanks for posting this.

Ha
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Old 03-23-2017, 05:45 AM   #3
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That's a good on demand rate. We have some cash at Capital 360 at 1%. Maybe worth switching?
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Old 03-23-2017, 12:25 PM   #4
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Yeah I know - I opened an Ally bank account a few months ago and was feeling pretty good about my 1%. Now I need to figure if it is worth switching and/or if Ally will up its rate a bit.
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Old 03-24-2017, 07:16 AM   #5
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Very attractive option. Debating whether to move money over or not. Currently with Discover and Synchrony online savings but having had to settle a couple of estates, reluctant to open too many accounts for my DW to deal with. Maybe move Synchrony over.
Discover had a promo a couple of years ago offering a checking account and I find it really convenient to tap my savings by writing a check when needed, then go home and make sure sufficient funds in checking to cover by doing immediate online transfer.
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Old 03-24-2017, 08:12 AM   #6
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Do y'all really get that worked up over the difference between 1% and 1.45%? How much money are you putting in these accounts, anyway? I've got a buddy (occasional poster here) who is always trying to squeeze the last basis point out for his cash, but seriously, .45% of 100K is $450. I can beat that return by not eating out a few times in a year, or finding good coupons for the grocery store, especially since you probably have to pay tax on the interest.

I do understand that a penny saved is a penny earned, and when my CDs come due I look for the best rate available at that moment. But there's no reason I can see to be chasing savings accounts around for the best rate amongst a lot of bad choices. I see chasing savings rates as adding a lot of complications for my financial situation for a pretty miniscule return.
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