Savings Account Competition

Banks are starting to pay more money in interest on savings accounts.

PurePoint (an affiliate of Union Bank/MUFG) is paying 1.90% on balances over $10K

A new startup Beam (link to join waitlist) is offering 2%+ on Savings Accounts (that are supposedly insured by Evolve Bank). –> Review to come in a separate post.

Meanwhile, ~50% of US Households have a relationship with Chase (Source: Chase 2016 Annual Report) who is currently paying 0.01%

If you invested $10K with Chase, at the end of the year you would have $1 in interest, if you invested in a high yield savings account you could have $190+