Thoughts about PurePoint Financial?

[JohnnyBGoode]

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.

 

[haha]

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

 

[DrRoy]

That's a good on demand rate. We have some cash at Capital 360 at 1%. Maybe worth switching?

 

[JohnnyBGoode]

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.

 

[RE2Boys]

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.

 

[harley]

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.