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PurePoint Financial online savings account @ 1.25% APY with a $10K minimum

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PurePoint Financial is offering an online savings account @ 1.25% APY with a $10K minimum. Is this a teaser rate? I don't know if there is any maximum balance for this rate? 

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I opened account on 3/24/17, funds deposited same day via ACH. Current balance is still same a deposit account. Don't th... (more)

justdoit (Apr. 10, 2017 @ 10:18a) |

It seems they do it based on the date you opened your account, not end of month.  If you "expand" the account details on... (more)

AverageGuy09 (Apr. 10, 2017 @ 10:21a) |

Just noticed that the 1 yr CD rate dropped even more, down to 1.35%.

UncaMikey (Apr. 22, 2017 @ 9:36a) |

PUREPOINT FINANCIAL is a new division, started March 2017, of MUFG Union Bank, N.A. It's their online savings.

The global parent company, Mitsubishi UFJ Financial Group (MUFG), is the 5th largest financial group in the world with total assets of over $2.4 trillion.(As of Dec.31,2016). Services include corporate banking, commercial banking, consumer banking, wealth management, investment banking, securities, capital markets, personal and corporate trust, and transaction banking. In 2014, MUFG integrated the U.S. operations of its subsidiary The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) with those of San Francisco-based Union Bank, N.A. This combined entity — MUFG Union Bank, N.A. — allows them to better serve individual, corporate, and institutional clients in the United States, Canada, and Latin America. It is headquartered in New York City. In Americas, they serve corporate and investment banking clients under the MUFG brand. They use the brand name Union Bank to the consumer, wealth, and commercial banking clients.
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I called them. The fellow said it is not a promotional rate and there is no maximum.

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There's no max cap but there's no way of knowing how long the rate will last. Per Ken's @ depositaccount's conversation with a CSR, "...there is a limit of $250k per transfer, and a $1 million limit per a rolling 30-day period, which applies to both incoming and outgoing transfers."

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Purepoint will always have market leading rates. The way that they will do this and aggressively search going rates. Also if you wire there is not a limit on the amount incoming or out going.

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FYI, it's a hard pull on your Experian credit report to open this account.  I tried this morning and was denied an account because my credit reports are locked.  Called up and they confirmed they need to be able to do a pull on Experian to open the account.  Not worth a credit mark for a new bank that might drop rates tomorrow, IMO.

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I applied yesterday. I used Alliant CU for the small deposits & was able to verify this morning.
I'm not interested in the CD, but the savings of 1.25% is great. They don't guarantee that the rate will remain, but they are optimistic.

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I apologize for any confusion, I did some research and they do not pull credit but they do use a social to ensure you are who you say you are and also run what is called Chexsystems to minimize risk for fraud, account abuse, etc.. 


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discofett said:   Purepoint will always have market leading rates. The way that they will do this and aggressively search going rates. Also if you wire there is not a limit on the amount incoming or out going.
discofett said:   I apologize for any confusion, I did some research and they do not pull credit but they do use a social to ensure you are who you say you are and also run what is called Chexsystems to minimize risk for fraud, account abuse, etc.. 
Obviously you work for PurePoint Financial, why pretend to be a random internet user? Identify yourself. There's no rule against having company reps posting here.

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Seems like they've just launched and made it to depositaccounts and FWF on day 1. Assuming they can keep up with all the applications and their website doesn't crash (who in their right mind still uses JSP anyway?), they're gonna have a huge infusion of capital in a very short period. For me, the risk of a hard inquiry on Experian or a rate reduction isn't worth it at this time.

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I can completely respect that risk is something not to take lightly. 100% though I did just call there call center and was told they DO NOT pull credit the social is only used for name to social verification. I cannot confirm my place of employment but just know I have been in the Financial service industry for over 10 years and based on what I have read and been told this seems to be a sustainable model to keep rates of return among the highest.   

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https://www.bloomberg.com/news/articles/2017-02-24/a-japanese-fi...

Just read about this yesterday on the Bloomberg. Here's a link.

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That's what I read today.. Yesterday I saw it on yahoo finance


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discofett said:   I can completely respect that risk is something not to take lightly. 100% though I did just call there call center and was told they DO NOT pull credit the social is only used for name to social verification. I cannot confirm my place of employment but just know I have been in the Financial service industry for over 10 years and based on what I have read and been told this seems to be a sustainable model to keep rates of return among the highest.   
  My concern is that they could quickly lower the rate from 1.25% to 1.05% and still be among the highest.

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You do make a good point but based on what was said in that article I have reason to believe it would be held at the higher rate for sometime.

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EBSB-Direct is still paying 1.25% API for accounts opened last fall.  No hard credit pull, plus you get the Mass. "add-on" insurance to $500K even if you want to make it a single account.  No rate guarantee.

Northpointe had rate guarantee of 1.12% API for 1 year as of last Sept. so I took that just in case.  No hard pull.

It pays to check depositaccounts.com.

Also, re. comment above - "Also if you wire there is not a limit on the amount incoming or out going."?  You can't beat unintended humor.

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fw9999 said:   EBSB-Direct is still paying 1.25% API for accounts opened last fall.  No hard credit pull, plus you get the Mass. "add-on" insurance to $500K even if you want to make it a single account.  No rate guarantee.

Northpointe had rate guarantee of 1.12% API for 1 year as of last Sept. so I took that just in case.  No hard pull.

It pays to check depositaccounts.com.

Also, re. comment above - "Also if you wire there is not a limit on the amount incoming or out going."?  You can't beat unintended humor.
 

  Any maximum limit for EBSB-Direct @ 1.25%?

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GoldenSacks said:   
fw9999 said:   EBSB-Direct is still paying 1.25% API for accounts opened last fall.   ...
  Any maximum limit for EBSB-Direct @ 1.25%?

Not sure of their maximum limit, but the practical maximum limit for me, for the single-ownership account I wanted to start, was $500K because that's what the FDIC plus the Massachusetts "add-on" insurance covered.  Note that I posted "EBSB-Direct is still paying 1.25% API for accounts opened last fall" (which  includes mine).  I'm not certain if they are paying that same rate for new accounts.  My point being - for those accounts without a guaranteed rate, it's best to realize that a "newly-announced" rate may be no better or worse than a rate from a few months ago.  Except that for the one opened a few months ago, you already know whether the credit pull has been  made - and with EBSB-Direct, there was none.

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jarfykk said:   https://www.bloomberg.com/news/articles/2017-02-24/a-japanese-fix-for-american-savings-1-25-percent-interest

Just read about this yesterday on the Bloomberg. Here's a link.

  I'm very impressed after reading this Bloomberg news article.  I'll admit that I opened the PurePoint Financial acct as soon as I saw it on Ken's site.  (I missed out this last month because I didn't act soon enough)
​Now the small deposits with Alliant CU are verified, so I should see the $10K in my account soon.  Perhaps not until Monday, but I plan to add to this savings acct.  1.25% will be good because I have been collecting 1% for months.

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Very interesting I had no idea Massachusetts had added protection. I just opened an account with purepoint no credit check not a single inquiry.

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I'm pleasantly surprised, my $10K is already showing up in my acct.

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Removed2020 said:   Very interesting I had no idea Massachusetts had added protection. I just opened an account with purepoint no credit check not a single inquiry.You just registered on this site, posted only in this thread, and after sounding like a company rep you "couldn't confirm" if you were and then changed your username, I just can't trust anything you post...

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AverageGuy09 said:   FYI, it's a hard pull on your Experian credit report to open this account.  I tried this morning and was denied an account because my credit reports are locked.  Called up and they confirmed they need to be able to do a pull on Experian to open the account.  Not worth a credit mark for a new bank that might drop rates tomorrow, IMO.
  If it's an Experian hard pull, does this mean they won't do a soft pull via ChexSystems or will they likely do both?

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Anyone noticed their fine print?

Quote:
PurePoint Financial Annual Percentage Yield (APY) accurate as of 02/25/2017 is: 0.25% APY for Balances of $0.01 - $9,999.99; 1.25% APY for Balances of $10,000.00 or more. $10,000 minimum deposit to open.
End quote.

So the first 10,000 (well 9,999.99) will have .25% APY. Anything equal or over 10,000 will be 1.25%. To make up the difference to a straight 1% (say ally bank), one will need to have 32,000 (roughly) in the account.

Also ally donen't do a hard pull.

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I don't get it! Why would you need $32K. I have the $10K now & expect to start receiving 1.25%.

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pattyB said:   I don't get it! Why would you need $32K. I have the $10K now & expect to start receiving 1.25%.
FINE PRINT

The very bottom of this page:
https://www.purepoint.com/online-banking/savings-account/high-yield

Quote:
PurePoint Financial Annual Percentage Yield (APY) accurate as of 02/25/2017 is: 0.25% APY for Balances of $0.01 - $9,999.99; 1.25% APY for Balances of $10,000.00 or more. $10,000 minimum deposit to open.
End quote  
 

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Ok, I get it now!
You're just saying, in order to make the same amount at an establishment that is paying 1%, you would need $32K.

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Estimated earnings for one year with a 10K balance is $125 (1.25% APY)

The "0.25% APY for Balances of $0.01 - $9,999.99" language means that you will earn the 0.25% rate for any period of time that your daily balance falls below 10K. As long as you maintain a minimum of 10K in the account, you will earn a straight 1.25%

 

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turtlebug said:   Estimated earnings for one year with a 10K balance is $125 (1.25% APY)

The "0.25% APY for Balances of $0.01 - $9,999.99" language means that you will earn the 0.25% rate for any period of time that your daily balance falls below 10K. As long as you maintain a minimum of 10K in the account, you will earn a straight 1.25%

 

  Not sure why 1.25% return would be so exciting for most of you guys in here when inflation is usually 3%. Invest in something like municipal bonds if you want a safe investment. Better yet. Just let the best investor Warren Buffett do the work. BRK.a and BRK.b will do better than 1.25% return this year. Not guaranteed ...but neither is 1.25%

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docjoo said:   turtlebug said:   Estimated earnings for one year with a 10K balance is $125 (1.25% APY)

The "0.25% APY for Balances of $0.01 - $9,999.99" language means that you will earn the 0.25% rate for any period of time that your daily balance falls below 10K. As long as you maintain a minimum of 10K in the account, you will earn a straight 1.25%
Not sure why 1.25% return would be so exciting for most of you guys in here when inflation is usually 3%. Invest in something like municipal bonds if you want a safe investment. Better yet. Just let the best investor Warren Buffett do the work. BRK.a and BRK.b will do better than 1.25% return this year. Not guaranteed ...but neither is 1.25%

First, inflation is not usually 3%. It varies, has been close to 0% for a decade, and the official Target is 2%.
Second, this thread is about a saving account that promises one of the highest yields of all savings accounts available today. It's not about investments or economics.

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Pretty sure they don't pull Credit report since I have all 3 blocked and haven't been able to open anything.

Was able to open account and funded in 5 minutes.

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I wasn't able to fund immediately because my application required manual review. However, they completed it within a few hours and my account was opened today. Now I have to wait for the trial deposits/etc. but no huge deal to wait the extra couple of days.

Edit: Yeah, no (hard) credit pull. I have monitoring on all three and didn't see a peep.

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Data Point: No confusing ID questions and some funding sources (such as ETrade  brokerage account) can be verified/linked instantly with no trial deposits.

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Just called their customer service line with 2 questions:

1- How long do ACH transfers in or out take?  Answer - 1 to 2 days.  I tried to pin her down to confirm that they do overnight ACHs and she said that normally they are 24 hours but may take 48 hours.  Would have liked a more definitive answer.  Ally and CapOne 360 are overnight.  Synchrony is still 3 days, AFAIK.  I am looking to move most of my funds out of Synchrony because of this.
2- On a CD, I know they have automatic renewal unless you call.  I asked if they had the ability to set it up to auto-transfer into another account.  She said no - only auto renew.  I view this as a negative.

Just passing along the info in case it helps anyone make a decision.

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Set up my account, quick and easy, well designed website and process. Was able to instantly link Ally savings to fund the new account. An additional link to my Fidelity account requires trial deposits, but there's no rush on that.

Thanks OP.

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Opened the acct 2/23. Small deposits showed 2/24. My initial deposit $10K appeared 2/24. Weekend, so I see money pulled out of Alliant CU 2/27.
So, ACH transfer 1 day, unless it's weekend.

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Just curious...but anyone who has opened the account checked the adding beneficiaries feature? Can you add multiple beneficiaries and vary the percentages that each get? (so long as all of them together equal 100% of course)...Alliant Cu has that feature...i was curious if Purepoint does as well...

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Opened a CD and a savings account today; agent couldn't answer if the CD interest could be deposited into the savings account on a monthly basis, and she never got back to me about as she said she would. Is this a red light?

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Cigardoc said:   Opened a CD and a savings account today; agent couldn't answer if the CD interest could be deposited into the savings account on a monthly basis, and she never got back to me about as she said she would. Is this a red light?
  
A red light?  Probably not.  But quite possibly a yellow light.  Keep a weather eye.

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craig10x said:   Can you add multiple beneficiaries and vary the percentages that each get?
 

You can add multiple beneficiaries, but can't specify unequal percentages, at least not online.  You could open multiple accounts as a workaround.

Skipping 79 Messages...
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Just noticed that the 1 yr CD rate dropped even more, down to 1.35%.

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