PurePoint 1.25% online savings $10K min

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wstrdg
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Re: PurePoint 1.25% online savings $10K min

Postby wstrdg » Fri Feb 24, 2017 2:37 pm

Who is PurePoint?
Our parent company, Mitsubishi UFJ Financial Group (MUFG), is the 5th largest bank in the world with total assets of over $2.4 trillion.


FDIC insured

fantasytensai
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Re: PurePoint 1.25% online savings $10K min

Postby fantasytensai » Fri Feb 24, 2017 2:38 pm

If this is a no-hoops savings account, it appears to be a no-brainer.

Also, 1.4% for a 12 months CD is arguably even better.

boglephreak
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Re: PurePoint 1.25% online savings $10K min

Postby boglephreak » Fri Feb 24, 2017 5:02 pm

not sure its worth the hassle of moving my money from ally, but it is better. i wonder if this is going to be a new trend of savings rates increasing, especially considering anticipated fed rate increases.

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White Coat Investor
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Re: PurePoint 1.25% online savings $10K min

Postby White Coat Investor » Fri Feb 24, 2017 5:17 pm

I'll give it a little while to see if Ally matches. It's only about $500 more a year on a $200K savings account. Better than a kick in the teeth but I'd sure feel stupid if I moved my account only to have Ally match it next week. I suppose I could just open a PurePoint one and leave the Ally one open....tempting.
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psychoslowmatic
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Re: PurePoint 1.25% online savings $10K min

Postby psychoslowmatic » Fri Feb 24, 2017 7:13 pm

It's not a lot of money % wise but also not a lot of work, and as far as I can tell no risk. $500 for 15 minutes paperwork sounds worth it.

I wasn't going to bother but I think I just talked myself into opening one.

Gronnie
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Re: PurePoint 1.25% online savings $10K min

Postby Gronnie » Fri Feb 24, 2017 7:39 pm

I was just looking today for a spot to park $50k for a few months. The money is earmarked to pay off remaining student loans and auto loans (making us debt free except the house, yea!), but we are holding on to the money because DW is 20 weeks pregnant with our first and we are waiting for healthy baby to come in July.

I wonder how easy it is to move money in and out. How long do ACH transactions to/from take, are there any fees, etc?

wstrdg
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Re: PurePoint 1.25% online savings $10K min

Postby wstrdg » Fri Feb 24, 2017 8:11 pm

Gronnie asked: How long do ACH transactions to/from take, are there any fees, etc?


I opened my account in less than 5 minutes. They didn't seem to do a soft credit pull (no questions), and they didn't do the typical microdeposits to link the transferring bank. I got immediate email confirmation.

Here are their fees:

[list=]Account Research Fee: $25 per hour (one hour minimum)
Outgoing Wire Fee: $25 per wire
Expedited Delivery Fee: $15 per package
Excess Activity Fee: $10 for each limited transaction in excess of six (6) per statement period by any of the following:
• Preauthorized transfer (includes ACH or wire) to another payee or institution including MUFG Union Bank, N.A.
• Online banking transfer
• Automatic transfer to another PurePoint Financial account (including Financial Center Kiosk transfers)
• Telephone transfer
Maximum $50 per statement period.
[/list]

I don't know about their ACH times but isn't the maximum delay limited to three business days?

ribonucleic
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Re: PurePoint 1.25% online savings $10K min

Postby ribonucleic » Mon Feb 27, 2017 4:18 pm

White Coat Investor wrote:It's only about $500 more a year on a $200K savings account.


Will banks accept six-figure deposits without hassle?

amarone
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Re: PurePoint 1.25% online savings $10K min

Postby amarone » Mon Feb 27, 2017 6:02 pm

ribonucleic wrote:
White Coat Investor wrote:It's only about $500 more a year on a $200K savings account.


Will banks accept six-figure deposits without hassle?

There are limits. We parked $300k in Ally while buying a house. We had to do it in two deposits as there was a $250k maximum. There was a $150k limit on withdrawals.

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White Coat Investor
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Re: PurePoint 1.25% online savings $10K min

Postby White Coat Investor » Tue Feb 28, 2017 1:44 am

ribonucleic wrote:
White Coat Investor wrote:It's only about $500 more a year on a $200K savings account.


Will banks accept six-figure deposits without hassle?


I know Ally does. Beats me if PurePoint does.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

unmesh
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Re: PurePoint 1.25% online savings $10K min

Postby unmesh » Tue Feb 28, 2017 2:38 am

ACH limit of $250k per transfer, and a $1 million limit per a rolling 30-day period, which applies to both incoming and outgoing transfers originated at PurePoint

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bostondan
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Re: PurePoint 1.25% online savings $10K min

Postby bostondan » Thu Mar 16, 2017 11:24 am

Has anybody been using this? Run into any issues? Not a huge increase from Ally, but seems pretty trivially easy to make the switch and grab an extra 0.25%.
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Jack FFR1846
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Re: PurePoint 1.25% online savings $10K min

Postby Jack FFR1846 » Thu Mar 16, 2017 11:39 am

Looks good for high balances.

I'm comparing to Redneck, which is the same 1.25% up to $35k (or 1.5% in the checking if you're willing to jump through the 10 debit card transactions a month....I'm not). I looked at the PurePoint account info and once you get the $10k in there, you can let the balance drop, but interest goes to 0.25% below $10k.
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learning_head
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Re: PurePoint 1.25% online savings $10K min

Postby learning_head » Thu Mar 16, 2017 11:44 am

One downside: yet another institution having your confidential info. So, potential hacks into this bank puts your identity at more risk. Also, depending on how this bank shares your info with "affiliates" (even if you limit sharing, it takes some time before such settings take effect, depending on the institution). So I will stay put personally at 1% savings.

Side note: take into account that this is taxable of course; so after-tax savings over alternative 1% rate might be closer to 0.13%-0.18%/year on your balance (depending on your marginal tax rate with state taxes if applicable).

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bostondan
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Re: PurePoint 1.25% online savings $10K min

Postby bostondan » Thu Mar 16, 2017 1:22 pm

learning_head wrote:One downside: yet another institution having your confidential info. So, potential hacks into this bank puts your identity at more risk. Also, depending on how this bank shares your info with "affiliates" (even if you limit sharing, it takes some time before such settings take effect, depending on the institution). So I will stay put personally at 1% savings.

Side note: take into account that this is taxable of course; so after-tax savings over alternative 1% rate might be closer to 0.13%-0.18%/year on your balance (depending on your marginal tax rate with state taxes if applicable).


I'm not terribly concerned about the bank having my info, but it's a valid point.

As for the extra 0.18%, for nearly zero effort that might be worth it. I've got $125k sitting in an Ally account for a down payment that is going to be used sometime in the next 1-3 years. Might as well get a few hundred dollars for free.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

Crisium
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Re: PurePoint 1.25% online savings $10K min

Postby Crisium » Thu Mar 16, 2017 2:20 pm

Was anyone able to find their early CD withdrawal penalty?

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bostondan
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Re: PurePoint 1.25% online savings $10K min

Postby bostondan » Thu Mar 16, 2017 2:22 pm

The Early Withdrawal Penalty assessed will equal 181 days of simple interest at the rate being paid on the amount withdrawn.


Source: https://www.purepoint.com/res/docs/acco ... ide_CD.pdf
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lack_ey
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Re: PurePoint 1.25% online savings $10K min

Postby lack_ey » Thu Mar 16, 2017 2:45 pm

If you're willing to move things around, Capital One's current promotional offer may be better than that. There may be plenty of others and don't guarantee this is best in breed; I just know about this because I got it in the mail.

Balances above $10k in general get 1% on the money market account but there's an additional bonus of $200 on a $10k+ deposit now up through the end of the month for somebody depositing from another institution, supposedly getting credited into the account after a couple months:

https://www.capitalone.com/strong200

In another year, no doubt something else will have a higher rate anyway (than PurePoint or Capital One 360). Maybe even T-bills, if we get two more FFR hikes this year.

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bostondan
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Re: PurePoint 1.25% online savings $10K min

Postby bostondan » Thu Mar 16, 2017 2:52 pm

Thanks for the Capital One tip. I'll take advantage of that one.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

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3CheersforLkyJack
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Re: PurePoint 1.25% online savings $10K min

Postby 3CheersforLkyJack » Thu Mar 16, 2017 3:05 pm

lack_ey wrote:If you're willing to move things around, Capital One's current promotional offer may be better than that. There may be plenty of others and don't guarantee this is best in breed; I just know about this because I got it in the mail.

Balances above $10k in general get 1% on the money market account but there's an additional bonus of $200 on a $10k+ deposit now up through the end of the month for somebody depositing from another institution, supposedly getting credited into the account after a couple months:

https://www.capitalone.com/strong200

In another year, no doubt something else will have a higher rate anyway (than PurePoint or Capital One 360). Maybe even T-bills, if we get two more FFR hikes this year.


I just did two of these CapitalOne accounts. One for myself, one for my wife. Opened on 3/5, got the $200 bonus today. No requirements other than $10k deposit. Application took less than 10 minutes for each account.

lack_ey
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Re: PurePoint 1.25% online savings $10K min

Postby lack_ey » Thu Mar 16, 2017 3:11 pm

I already had a credit card through them, so I'm not even sure it took 5 minutes to apply for the account. Still haven't transferred money, though, as I need to wait on some other things to clear up first.

Good to hear the $200 came in quickly.

By the way, do you recall if you saw anywhere to actually enter in the invitation code of 200STRONG? I realized after I signed up that I never saw a box for anything like that. But obviously they can tell that you're clicking on the link via the special landing page, so is it automatic?

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bostondan
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Re: PurePoint 1.25% online savings $10K min

Postby bostondan » Thu Mar 16, 2017 3:17 pm

lack_ey wrote:By the way, do you recall if you saw anywhere to actually enter in the invitation code of 200STRONG? I realized after I signed up that I never saw a box for anything like that. But obviously they can tell that you're clicking on the link via the special landing page, so is it automatic?


We just opened two (me and wife). There was a box to enter a promo code under the area where you enter your bank information. You should call them if you didn't enter it. I don't think they determine the promo code only from clicking the link.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

Rainmaker41
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Re: PurePoint 1.25% online savings $10K min

Postby Rainmaker41 » Thu Mar 16, 2017 4:26 pm

Thanks for the CapOne 360 MMA $200 bonus tip. I already have a credit card with them, so after I set up the account, it let me synchronize with my existing login.

I had to call them to verify ID, and the representative mentioned that 'someone posted the targeted link to a 3rd party website, and a week ago you wouldn't have gotten the bonus, but now we are letting anyone get it'.

I have a screenshot of the account opening page with my info stating I will receive the $200 bonus in 6-8 weeks.

I had to close my Ally Bank 1.25% 11 month no-penalty CD to fund this, but $200 on $10,000 over 2 months is... 12% annualized return. Not bad for cash. :twisted:
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Toons
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Re: PurePoint 1.25% online savings $10K min

Postby Toons » Thu Mar 16, 2017 4:35 pm

Sit tight for a while.
Let the dust settle on the interest rate hike(s).
:happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

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1stWorldproblems
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Re: PurePoint 1.25% online savings $10K min

Postby 1stWorldproblems » Thu Mar 16, 2017 4:55 pm

If I was looking today for an online bank it would be tough not to go with PurePoint over Ally. Going to sleep on this but I am leaning hard toward moving to PurePoint. Better rates on both saving and CDs. I don't care about checking or debit cards

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KlingKlang
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Re: PurePoint 1.25% online savings $10K min

Postby KlingKlang » Mon Mar 20, 2017 1:39 pm

A question for those with experience with switching online savings/MM accounts:

I have two online accounts, CapitalOne360 and Treasury Direct, that do not mail me 1099-INT statements but instead email me a notification to login and download the information. If you close an account mid-year, how difficult is it to get your 1099? Do they still notify you and let you login?

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dratkinson
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Re: PurePoint 1.25% online savings $10K min

Postby dratkinson » Mon Mar 20, 2017 4:52 pm

Several years back, got tired of rate chasing (because my HY online checking/savings dropped to ~0%, HY CD couldn't be rolled over at same rate, and my desirable PenFed CC became less so), so decided to do something different.

If I had the money (I did), didn't need it for a while (I didn't), could tolerate a little more risk so could give up FDIC/NCUA insurance (thought I could), then why not switch to municipal bond funds and call it good.

My remembered thumbnail analysis at the time. (I didn't check for current information so double-check for yourself.)
--IT national muni SEC yield: ~1.5%
--LT national muni SEC yield: ~2%
--IT single-state SEC yield: ~2.5%
--daily accrual munis exempt from IRS 6-mo holding period requirement, so easy to sell during an emergency.
--assuming worst-case 15% bond crash, then overfund muni EF target by ~18% (=100%/(1-.15)) to be safe.
--fed + state tax advantages boost SEC yield for higher after-tax income

Keep a 1-2% cash back everything CC and call it good. (But I am tempted by the new 2.5% USAA CC. Do I really want to open a USAA checking account and relink my financial life for only .5% more (over Citi 2% CC)? Still thinking.)
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Re: PurePoint 1.25% online savings $10K min

Postby Blueskies123 » Mon Mar 20, 2017 5:17 pm

[/quote]I just did two of these CapitalOne accounts. One for myself, one for my wife. Opened on 3/5, got the $200 bonus today. No requirements other than $10k deposit. Application took less than 10 minutes for each account.[/quote]

I was thinking about opening one for me and a second account for my wife like you mentioned. I opened mine and the $200 was deposited. When you opened your did you put both your names on the first one like I did? If I opened one for my wife would I put my name on it also or would that prevent the second $200?
FIRE July 2015

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walletless
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Re: PurePoint 1.25% online savings $10K min

Postby walletless » Tue Mar 21, 2017 9:44 pm

Opened an account, thanks op for discussing it here.
The account and online interface is very functional - easy to add linked accounts (they seem to support adding unlimited), you can convert it to trust ownership after opening too.
PersonalCapital and Mint do not seem to support it though, yet. Have placed a request to personalcapital to add support.. will likely not use it as my primary online savings account until then.

edit:
Mint integration is now added!
Purepoint csr asked me to email personal Capital since they require customers to ask before adding new accounts support. PC uses on this forum, please email support@personalcapital.com if you're using purepoint & PC.

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Gamma Ray
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Re: PurePoint 1.25% online savings $10K min

Postby Gamma Ray » Tue Mar 28, 2017 12:16 am

learning_head wrote:One downside: yet another institution having your confidential info. So, potential hacks into this bank puts your identity at more risk. Also, depending on how this bank shares your info with "affiliates" (even if you limit sharing, it takes some time before such settings take effect, depending on the institution). So I will stay put personally at 1% savings.

Side note: take into account that this is taxable of course; so after-tax savings over alternative 1% rate might be closer to 0.13%-0.18%/year on your balance (depending on your marginal tax rate with state taxes if applicable).


I think the days of trying to hide your information is over, your personal info is out there anyway. It comes down to monitoring the accounts via credit reports and making sure that everything is in good shape, which is another reason why I don't like to open credit card accounts even for bonuses. When it's too many to keep track of, it's easy miss the fraud.

I do agree that 1 vs 1.25 is not much of a difference, and I am not sure if people with so much money to move around will move more than $250k (over FDIC) bank to bank.

Toons wrote:Sit tight for a while.
Let the dust settle on the interest rate hike(s).
:happy


Sounds like "go with Savings, not CD" suggestion?

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Gamma Ray
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Re: PurePoint 1.25% online savings $10K min

Postby Gamma Ray » Tue Mar 28, 2017 12:33 am

How about Memory Bank with 1.5% up to $250k?

http://www.mymemorybank.com/home/earnmore-account
Forget it, it says 1st year..

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walletless
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Re: PurePoint 1.25% online savings $10K min

Postby walletless » Tue Mar 28, 2017 1:29 am

Gamma Ray wrote:How about Memory Bank with 1.5% up to $250k?

http://www.mymemorybank.com/home/earnmore-account
Forget it, it says 1st year..

Looks like interest checking account with requirement for debit card transaction.. Purepoint savings account does not have such requirements.

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Toons
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Re: PurePoint 1.25% online savings $10K min

Postby Toons » Tue Mar 28, 2017 8:51 am

Gamma Ray wrote:
learning_head wrote:One downside: yet another institution having your confidential info. So, potential hacks into this bank puts your identity at more risk. Also, depending on how this bank shares your info with "affiliates" (even if you limit sharing, it takes some time before such settings take effect, depending on the institution). So I will stay put personally at 1% savings.

Side note: take into account that this is taxable of course; so after-tax savings over alternative 1% rate might be closer to 0.13%-0.18%/year on your balance (depending on your marginal tax rate with state taxes if applicable).


I think the days of trying to hide your information is over, your personal info is out there anyway. It comes down to monitoring the accounts via credit reports and making sure that everything is in good shape, which is another reason why I don't like to open credit card accounts even for bonuses. When it's too many to keep track of, it's easy miss the fraud.

I do agree that 1 vs 1.25 is not much of a difference, and I am not sure if people with so much money to move around will move more than $250k (over FDIC) bank to bank.

Toons wrote:Sit tight for a while.
Let the dust settle on the interest rate hike(s).
:happy


Sounds like "go with Savings, not CD" suggestion?


For me it would be yes.,..but then again ,
I have only purchased 1 cd in my life,
many many years ago.
They are just not my preference. :happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

learning_head
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Re: PurePoint 1.25% online savings $10K min

Postby learning_head » Tue Mar 28, 2017 2:55 pm

Gamma Ray wrote:
learning_head wrote:One downside: yet another institution having your confidential info. So, potential hacks into this bank puts your identity at more risk. Also, depending on how this bank shares your info with "affiliates" (even if you limit sharing, it takes some time before such settings take effect, depending on the institution). So I will stay put personally at 1% savings.

Side note: take into account that this is taxable of course; so after-tax savings over alternative 1% rate might be closer to 0.13%-0.18%/year on your balance (depending on your marginal tax rate with state taxes if applicable).


I think the days of trying to hide your information is over, your personal info is out there anyway. It comes down to monitoring the accounts via credit reports and making sure that everything is in good shape, which is another reason why I don't like to open credit card accounts even for bonuses. When it's too many to keep track of, it's easy miss the fraud.


I would guess personal info needed to steal identity like SSN, DOB, and drivers license number is not easily obtainable, and storing it on another bank's computer or in another bank's database just makes it more vulnerable.

alfaspider
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Re: PurePoint 1.25% online savings $10K min

Postby alfaspider » Tue Mar 28, 2017 4:22 pm

Toons wrote:Sit tight for a while.
Let the dust settle on the interest rate hike(s).
:happy



Agree. I just don't think it's worth the hassle to chase down every bank that ups the ante by .25% in a rising rate environment.

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Abe
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Re: PurePoint 1.25% online savings $10K min

Postby Abe » Tue Mar 28, 2017 4:26 pm

I see the SEC yield for the VG Prime Money Market Fund VMMXX is .86% now. Not wonderful, but getting better.
Slow and steady wins the race.

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tinscale
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Re: PurePoint 1.25% online savings $10K min

Postby tinscale » Tue Mar 28, 2017 4:55 pm

I post this every time I see a thread mentioning Capital One Bank or Capital One 360:

Note that they don't allow the designating of beneficiaries (unless it's an IRA), so if something happens the cash will be unavailable until the probate court give's the executor permission to distribute.

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Gamma Ray
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Re: PurePoint 1.25% online savings $10K min

Postby Gamma Ray » Wed Mar 29, 2017 12:39 am

tinscale wrote:I post this every time I see a thread mentioning Capital One Bank or Capital One 360:

Note that they don't allow the designating of beneficiaries (unless it's an IRA), so if something happens the cash will be unavailable until the probate court give's the executor permission to distribute.


How about co-signing the account at opening, or do they not allow that either?

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tinscale
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Re: PurePoint 1.25% online savings $10K min

Postby tinscale » Wed Mar 29, 2017 7:16 am

Gamma Ray wrote:
tinscale wrote:I post this every time I see a thread mentioning Capital One Bank or Capital One 360:

Note that they don't allow the designating of beneficiaries (unless it's an IRA), so if something happens the cash will be unavailable until the probate court give's the executor permission to distribute.


How about co-signing the account at opening, or do they not allow that either?

Yes, you can have a joint account holder, as long as they are 18.

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Gamma Ray
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Re: PurePoint 1.25% online savings $10K min

Postby Gamma Ray » Wed Mar 29, 2017 9:45 am

tinscale wrote:
Gamma Ray wrote:
tinscale wrote:I post this every time I see a thread mentioning Capital One Bank or Capital One 360:

Note that they don't allow the designating of beneficiaries (unless it's an IRA), so if something happens the cash will be unavailable until the probate court give's the executor permission to distribute.


How about co-signing the account at opening, or do they not allow that either?

Yes, you can have a joint account holder, as long as they are 18.


Thanks, in that case this should be fine, unless both account holders pass away, then your money is back in that pickle jar.

inbox788
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Re: PurePoint 1.25% online savings $10K min

Postby inbox788 » Wed Mar 29, 2017 10:00 am

FYI, my joint account got kicked out. When I called to ask why, the said that they wanted to talk to both applicants on the same call. I still have to schedule a meeting to do that. They have limited hours (not 24/7).

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Gamma Ray
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Re: PurePoint 1.25% online savings $10K min

Postby Gamma Ray » Wed Mar 29, 2017 7:30 pm

inbox788 wrote:FYI, my joint account got kicked out. When I called to ask why, the said that they wanted to talk to both applicants on the same call. I still have to schedule a meeting to do that. They have limited hours (not 24/7).

What could cause the account to be kicked out? We are talking about CO 360, right?

inbox788
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Re: PurePoint 1.25% online savings $10K min

Postby inbox788 » Wed Mar 29, 2017 7:34 pm

Gamma Ray wrote:
inbox788 wrote:FYI, my joint account got kicked out. When I called to ask why, the said that they wanted to talk to both applicants on the same call. I still have to schedule a meeting to do that. They have limited hours (not 24/7).

What could cause the account to be kicked out? We are talking about CO 360, right?

No. My application to the PurePoint joint account online wasn't accepted. I had to call in to find out why.

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walletless
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Re: PurePoint 1.25% online savings $10K min

Postby walletless » Wed Mar 29, 2017 7:37 pm

inbox788 wrote:
Gamma Ray wrote:
inbox788 wrote:FYI, my joint account got kicked out. When I called to ask why, the said that they wanted to talk to both applicants on the same call. I still have to schedule a meeting to do that. They have limited hours (not 24/7).

What could cause the account to be kicked out? We are talking about CO 360, right?

No. My application to the PurePoint joint account online wasn't accepted. I had to call in to find out why.

Odd.. Not only was mine immediately accepted, they also auto-verified my remote bank account without needing trial deposits or online verification! I also got good customer service so far on several questions from them. Their online support (via secure mail) as well as phone support is pretty comparable to other online banks like CA360 and Ally IMO.

inbox788
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Re: PurePoint 1.25% online savings $10K min

Postby inbox788 » Thu Mar 30, 2017 10:32 am

walletless wrote:
inbox788 wrote:
Gamma Ray wrote:
inbox788 wrote:FYI, my joint account got kicked out. When I called to ask why, the said that they wanted to talk to both applicants on the same call. I still have to schedule a meeting to do that. They have limited hours (not 24/7).

What could cause the account to be kicked out? We are talking about CO 360, right?

No. My application to the PurePoint joint account online wasn't accepted. I had to call in to find out why.

Odd.. Not only was mine immediately accepted, they also auto-verified my remote bank account without needing trial deposits or online verification! I also got good customer service so far on several questions from them. Their online support (via secure mail) as well as phone support is pretty comparable to other online banks like CA360 and Ally IMO.

joint account? They made it sound on the phone like every joint account required personal contact with applicants.
Last edited by inbox788 on Thu Mar 30, 2017 10:38 am, edited 1 time in total.

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walletless
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Re: PurePoint 1.25% online savings $10K min

Postby walletless » Thu Mar 30, 2017 10:37 am

inbox788 wrote:joint account?

Yes, joint.

inbox788
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Re: PurePoint 1.25% online savings $10K min

Postby inbox788 » Thu Mar 30, 2017 10:39 am

walletless wrote:
inbox788 wrote:joint account?

Yes, joint.

Strange. Maybe my application was the exception. I still have to arrange a convenient time, but 6pm PST closing isn't, and no weekend hours. I don't need 24/7, but a few evening or weekend hours for west coast folks would be appreciated.

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KlingKlang
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Re: PurePoint 1.25% online savings $10K min

Postby KlingKlang » Thu Apr 06, 2017 8:28 am

Opened my PurePoint savings account on March 22, the transfer went through smoothly. No statement or interest posted on March 31, same on April 4. Called their customer service number, got through quickly, was told that statements and interest are posted on the day of the month after the one that the account was opened, so March 23 for me. This isn't a show stopper, but I was somewhat surprised since all of my other savings and MM accounts post on the last business day of the month.

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dratkinson
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Re: PurePoint 1.25% online savings $10K min

Postby dratkinson » Thu Apr 06, 2017 3:06 pm

KlingKlang wrote:Opened my PurePoint savings account on March 22, the transfer went through smoothly. No statement or interest posted on March 31, same on April 4. Called their customer service number, got through quickly, was told that statements and interest are posted on the day of the month after the one that the account was opened, so March 23 for me. This isn't a show stopper, but I was somewhat surprised since all of my other savings and MM accounts post on the last business day of the month.


Noticed same thing (statement date related to account opening date) in ~2007 when I opened an online-only savings account with HSBC. Assumed it was to smooth out their estatement-preparation workload during the month.
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