This post was written as part of the PurePoint Financial sponsorship of Bankrate. The following post contains references to products from PurePoint Financial, a paying advertiser from whom Bankrate receives compensation.*
If you’re following the money-saving tips I’ve been offering, there’s a good chance you’ve got some coin in the bank. Now, it’s time to really put that money to work in an awesome savings account.
You and I know you’re not average. So why should you settle for an average savings account?
Check out PurePoint™ Financial, STAT.
PurePoint, an online division of MUFG Union Bank, is seriously shaking up the savings scene with its wildly high interest rate that pays 11 times more than the average account.
You have to stash that cash somewhere. A piggybank or under your mattress just won’t cut it anymore. With PurePoint’s new Online Savings Account, you’ll currently get 1.25 percent APY on a minimum $10,000 deposit**.
Now, I know what you’re thinking … $10,000!? At first, that sounds like a lot of money. Think of how many rounds of mimosas and street tacos that dollar amount converts to!
But, regardless of PurePoint’s savings account, you should be striving to save that much, if not more. If you follow the 50/30/20 rule (which is my fave approach to budgeting), you should be spending 50 percent of your take-home pay on essentials, 30 percent on non-necessities and putting 20 percent in savings. That 20 percent in savings adds up fast, and if you’re slaying at the self-discipline that saving requires, you should hit that $10,000 minimum before you know it.
I know that saving might sound like a snore compared to fun expenses like spring break and Coachella, but you really should be prioritizing building an emergency fund.
Ideally, your emergency fund should have enough money to cover four to seven months of expenses. It’ll give you peace of mind knowing that if something unexpected happens — like you lose your job — you have funds to fall back on.
PurePoint’s Online Savings Account is a great place to grow that fund; you’d earn $125 based on the $10,000 minimum required to open during your first year at PurePoint, compared to about $11 on a typical account.
Um, yes please.
To open an account online, by phone or in person at one of PurePoint’s financial centers (located in a slew of cities), you’ll just need to have a bank account with a routing number, a Social Security number and a U.S. home address.
Funding your account is as easy as requesting an Uber and can be done by bank transfers, mobile deposit, wire transfer or check.
Bonus: PurePoint charges no monthly fees and deposits are FDIC-insured. With interest rates rising and a robust finance environment, it’s likely we’ll see more deals from banks that can boost your savings, and I’m hoping to provide the best deals to you. I’ll keep you in the loop!
Now, go flex that savings muscle!
*This post was written as part of the PurePoint Financial sponsorship of Bankrate.
**PurePointTM Financial Online Savings Account Annual Percentage Yields (APYs) accurate as of 03/30/2017 are: 0.25% APY for Balances of $0.01 – $9,999.99 and 1.25% APY for Balances of $10,000 or more. $10,000 minimum deposit to open. Rates subject to change without notice. Fees may reduce account earnings. Rates valid for accounts opened online. Other rates may be available if account opened at a Financial Center or by phone. PurePoint Financial is a division of MUFG Union Bank, N.A. Member FDIC.