Update 4/5/19: Rate reduced to 2.5% from 2.6%
Offer at a glance
- Interest Rate:Â 2.60% APY
- Minimum Balance:Â $10,000
- Maximum Balance:Â None stated
- Availability:Â Nationwide
- Hard/Soft Pull: Soft
- Credit Card Funding: None
- Monthly Fees: None
- Insured:Â FDIC
The Offer
- PurePoint Financial released a new special with 2.60% APY on their 13 month no-penalty CD.
The Fine Print
- Annual Percentage Yields (APYs) are accurate as of 03/05/2019
- $10,000 minimum deposit to open and obtain APY
- You may withdraw your total balance beginning seven days after the day you fund your new CD without being charged a penalty. All other withdrawals will be subject to an Early Withdrawal Penalty, which may reduce account earnings.
- APY assumes interest remains on deposit until maturity date
- Rates valid for accounts opened online or by phone at 1-855-488-7873. Other rates may be available if account is opened in person at a Financial Center.
- Valid email address and Online Banking enrollment are required to open and maintain an account.
Our Verdict
2.60% is a terrific rate, especially given that the rise of interest rates seems to be slowing down. The best no-penalty competitors are Dime Bank at 2.45% on their 13-month offering. And then there are some high-yield savings accounts with rates up to 2.53%, though the best rates often have high minimums. This account has just a $10k minimum and is better than all other rates currently available.
No-penalty CD’s don’t have quite the same utility as ordinary savings accounts, but for someone not really planning on spending the funds they are almost as good. Just remember you’ll have to break the entire CD if you elect to pull your funds out, you can’t just pull out part of the funds.
Interesting option to consider. We’ll add this to our list of Best High Yield Savings Accounts. Please comment below with experiences using this bank. (Thanks to numerous readers who let us know about this new account.)
