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PurePoint Financial Review of Savings and CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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PurePoint Financial’s Online Savings account

One of the higher-earning accounts available today, but you’ll need a lot of money to open.

APY

Minimum Deposit to Open

1.25%

$10,000

  • Monthly account maintenance fee: $0
  • Minimum balance to earn APY: Any amount greater than $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you’re looking for a simple, no-fuss online savings account that earns a good rate, this is definitely an account to consider. You’ll need a $10,000 minimum deposit to open the Online Savings account and earn the high interest rate listed, but you can withdraw money and drop the balance below $10,000 after the account is open. If you do this, your APY will drop to 0.25% (as of Jan. 21 2020).

This account also does not come with ATM access or overdraft protection. Rather, if you happen to overdraw the account, you “agree to pay the amount of the overdraft promptly, without notice or demand from us,” according to PurePoint Financial’s disclosure.

Additionally, there is no way to make a cash deposit into the account — you can only make transactions via bank or wire transfer, mobile deposit or by writing a check to make a deposit into the account.

Federal Regulation D mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. If you go over that amount, you’ll pay a $10 per-item fee, up to $50 per month from the bank. If you go over these limits regularly, PurePoint Financial may take away your transfer privileges or even close your account.

How to get PurePoint Financial’s Online Savings account

There are three ways to open a PurePoint Financial savings account. You can open one over the phone, online or by visiting a local branch in person. You’ll need to provide some basic information about yourself, such as your name, address and Social Security number. Once you’ve opened the account you can fund it via a bank transfer, a mobile deposit, wire transfer or check.

SEE DETAILS 

Member FDIC

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How PurePoint Financial’s Online Savings account compares

PurePoint Financial doesn’t offer the strongest rates seen in our round-up of the best savings accounts, but they are very competitive. This bank is a decent choice if you have a lot of cash. If you’re starting off with a smaller balance size, want ATM access to your savings account or want to earn the highest rates currently available, however, we recommend choosing a different account.

PurePoint Financial’s Online CD rates

Decent rates but just like the bank’s savings account, the certificates of deposit (CDs) require a substantial minimum deposit to open.

Term

APY

Minimum Deposit to Open

6 months

0.75%

$10,000

12 months

1.10%

$10,000

15 months

1.10%

$10,000

18 months

1.05%

$10,000

24 months

1.01%

$10,000

30 months

1.01%

$10,000

36 months

0.90%

$10,000

48 months

0.90%

$10,000

60 months

0.75%

$10,000

  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: 181 days’ worth of interest, regardless of CD term length.

PurePoint Financial’s Online CDs are another no-fuss, straightforward product. Any interest you earn will be compounded daily and credited to your CD account once a month. You can choose to withdraw the interest earned penalty-free at any time, but remember: The APY quoted for these accounts assumes you keep rolling the interest back into the CD account. If you make a withdrawal of interest, you’ll earn a lower rate than the one quoted when you open your account. Your CD will renew automatically, but you’ll get a 10-day grace period to make any changes.

One of the nice things about PurePoint Financial’s CDs is that it offers you a 10-day rate promise. When you open a CD or when an existing CD is automatically renewed, PurePoint Financial will give you the best rate available during the 10-day period after you the account is opened or renewed. This helps ensure you get the best rate possible, which can ease your mind in a fluctuating interest rate environment.

How to get PurePoint Financial’s Online CDs

There are three ways to open a PurePoint Financial Online CD. You can open one over the phone, online or by visiting a local branch in person. You’ll need to provide some basic information about yourself, such as your name, address and Social Security number. Once you’ve opened the account, you can fund it via a bank transfer, a mobile deposit, wire transfer or check.

SEE DETAILS 

Member FDIC

PurePoint Financial’s No-Penalty CD

A slightly lower APY is a small price to pay for being able to make a penalty-free withdrawal after opening the account.

Term

APY

Minimum Deposit to Open

11 months

1.01%

$10,000

13 months

0.95%

$10,000

14 months

0.90%

$10,000

  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: None

Some banks offer a CD without early withdrawal penalties, so it’s nice to see PurePoint Financial offering a similar product. The theory behind these CDs is that you sacrifice a small amount of APY for the ability to withdraw your money penalty-free anytime you want, provided it’s at least seven days after opening the account.

Other than the lack of penalties, this offering is fairly straightforward and comparable to PurePoint Financial’s standard CDs. However, many savers might find comfort in the liquidity this type of account offers.

How to get PurePoint Financial’s No-Penalty CDs

There are three ways to open a PurePoint Financial No-Penalty CD. You can open one over the phone, online or by visiting a local branch in person. You’ll need to provide some basic information about yourself, such as your name, address and Social Security number. Once you’ve opened the account you can fund it via a bank transfer, a mobile deposit, wire transfer, or check.

SEE DETAILS 

Member FDIC

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How PurePoint Financial’s CD rates compare

Much like on its savings account, PurePoint Financial offers good APYs on CDs, although they are not the highest seen in our listings of the best CD rates. Furthermore, if you make only the minimum deposit with its Online CD account, you don’t have the option to make a partial withdrawal and still be able to earn the high interest on this account unless you invest in the No-Penalty CD account with lower rates.

Overall review of PurePoint Financial’s banking products

PurePoint Financial offers decent rates on its products, but it is possible to find even higher rates at some other banks. The minimum deposits needed to save with this bank are higher than at some competing institutions. Overall, we don’t think this bank is a bad choice, but it’s not the absolute best out there. We recommend scoping out a few more options before deciding whether you want to open an account here or not.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Auto Loan, Reviews

LightStream Auto Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Reviewed By

If you’re in the market for a quick, affordable and hassle-free way to finance your next car, a LightStream auto loan should definitely be on your radar. It’s particularly well-suited for deal-seekers with good credit who don’t mind working with an online company when it comes to financing their cars. If you’d rather work with a local company that can offer in-person support, however, you might want to skip this lender.

How LightStream auto loans work

LightStream offers a wide range of options for financing your next ride, including:

  • Purchase of a new or used car, either from a dealer or an individual
  • Auto loan refinance (except it does not refinance its own loans)
  • Auto lease buyouts
  • Loans for motorcycles, as well as boats and RVs
  • Classic car loans

Auto loans at a glance:

  • Starting APR range: 3.49%–9.49%
  • Fees: None
  • Loan amounts: $5,000–$100,000
  • Terms: 24–84 months
  • Credit requirements: Minimum 660 credit score
  • Mileage or vehicle restrictions: None

LightStream offers the same starting rate whether you’re buying a new or used car from a dealer, something you don’t see at other lenders. But keep in mind that the lowest rates go to those with the best credit who opt for the shortest loan terms possible and use autopay to make their car payments.

Satisfaction guarantee

If you see a lower rate elsewhere, LightStream will beat any verified offer with a rate that is .10 percentage points lower. It also promises a $100 guarantee within 30 days if you aren’t satisfied with your loan experience.

How to apply for a LightStream auto loan

The only way you can apply for a LightStream auto loan is through its online form. It is an online lender, after all, so you should be comfortable with handling your business details — including the loan application — online. You’ll need to:

  1. Acknowledge receipt of LightStream’s statement on the use of electronic records.
  2. Agree to receive electronic records.
  3. Agree to use electronic signatures to sign your loan documents.

You’ll also need to have a Visa or Mastercard credit card to apply, which LightStream uses during the verification process.

You will be asked to provide:

  • The purpose, term and amount of desired loan
  • Your name
  • Your address
  • Phone number
  • Social Security number
  • Employment information
  • Annual income
  • Total amount of assets and equity in your home

From there, LightStream may contact you for more details and documentation. If approved, you’ll need to sign your loan documents electronically and provide LightStream with your bank account details. The money will then be deposited into your bank account, which means you’ll need to pass it along to the seller, whether that’s a dealer or private seller. LightStream will not send the money to the seller directly.

It’s important to note that LightStream doesn’t offer any preapproval options, but if you apply and are approved for a loan, you are under no obligation to accept the loan.

How to qualify for the best rates

LightStream requires good credit at a minimum, but looks for excellent credit when giving the best rates. It defines excellent credit as:

  • Five or more years of significant credit history.
  • A credit history with a variety of account types such as major credit cards (for example, Visa, MasterCard, Amex), installment debt (vehicle loans) and mortgage debt if applicable.
  • An excellent payment history with no delinquencies or other problems repaying debt obligations.
  • A proven ability to save as shown by some or all of the following: liquid assets (stocks, bonds, bank deposits, etc.), cash down payments on real estate, retirement savings and little, if any, revolving credit card debt.
  • Stable and sufficient income and assets to easily repay current debt obligations and any new loan with LightStream.

Pros and cons of LightStream auto loans

LightStream offers the convenience of an online lender with the backing of a brick-and-mortar bank as the online arm of Truist, the bank created by the merger of  SunTrust Bank and BB&T. But it’s important to weigh all of your options carefully when choosing an auto loan. It’s one of the biggest purchases you’ll make, after all.

Pros

  • Wide variety of loans: New, used, refinance and lease buyouts loans are available on a wide range of vehicles. Unlike other lenders, LightStream doesn’t place restrictions on your vehicle’s age, make, model or mileage.
  • Decent rates: We’ve seen lower starting rates at credit unions, but you’ll have to meet membership requirements. LightStream has no membership requirements and provides the same starting rates for new and used vehicles as well as refinance loans.
  • No down payment required: LightStream finances up to 100% of the car’s cost. Of course, it’s always best to put down as much as you can afford on an auto loan. This will help you save money over the life of your loan and avoid becoming underwater on that loan.
  • Quick funding: If you complete the application process and are approved by 2:30 p.m. EST, you could receive funds the same day.
  • Good reviews: LightStream auto loan reviews are generally positive.

Cons

  • Good credit required: To qualify for a LightStream auto loan you’ll need a credit score of at least 660 or better.
  • No preapproval process: Unlike many lenders, you’ll have to complete a full application in order to see your rates and terms. Still, the process is fast, and if you complete your rate shopping within a certain time period, multiple applications should not impact your credit any more than a single application.
  • No face-to-face service: If you’re the type of person who likes to seal the deal with a handshake after signing the documents, you’ll want to stick with some place local.

LightStream vs. Capital One

If you’d like a bit more of a guided approach to the car-buying process,  Capital One’s Auto Navigator loan options might be better for you. Rather than sending you cash directly that you can use on whatever car you want to buy, Capital One’s Auto Navigator service lets you first get prequalified for financing, and then shows you which dealers in your area may offer based on the type of car you want to buy and the financing you can afford.

If any of the offerings pique your interest, you can then finish the application and buy the car. It’s still a good idea to compare the offer with other new and used car loan rates.

LightStream vs. Carvana

Carvana works similarly to Capital One Auto Navigator in that you can prequalify for financing and browse real cars in your area that you may then be able to buy. It’s important to remember that Carvana only sells used cars and its financing is only available on Carvana cars. But it is possible to finance here with poor credit — Carvana requires borrowers to be 18 years old, have no active bankruptcies on their credit report and earn at least $4,000 per year.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Credit Cards, Reviews

CreditStacks Mastercard Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

Written By

The CreditStacks Mastercard offers a unique opportunity for individuals with little or no U.S. credit history – such as recent college graduates or professionals relocating to the U.S. for employment – to be approved for a credit card.

That’s because instead of requiring a Social Security number (SSN) or individual taxpayer identification number (ITIN) as most traditional credit cards do, the CreditStacks Mastercard allows applicants to apply using a valid passport or U.S. government-issued ID, a U.S. visa or a permanent resident “green” card (if applicable), as well as proof of income. The CreditStacks Mastercard also allows you to apply up to 60 days prior to starting your new job in the U.S.

We break down the pros and cons of the CreditStacks Mastercard, and show how it compares to the Capital One® Secured Mastercard®, which is also designed to help individuals establish or rebuild credit.

CreditStacks Mastercard pros

No credit history required. With the CreditStacks Mastercard, you can apply without a Social Security number and with little or no U.S. credit history. Once you obtain your Social Security number, you must provide it within 60 days of account opening. At that point, CreditStacks will begin reporting your credit activity to the Equifax and TransUnion credit bureaus.

Note, if you have been living in the U.S. for more than one year, you will be required to provide a Social Security number when applying for the card. A credit check may also be performed.

Decent credit limit. The CreditStacks Mastercard offers a credit line of up to $5,000 – which is a generous amount for an unsecured credit card that doesn’t require credit history.

Your credit limit will be determined by the proprietary underwriting procedures of CreditStacks, which will consider your current employment situation and additional factors, instead of your credit score.

No annual fee. The CreditStacks Mastercard comes with a $0 annual fee.

Additional CreditStacks Mastercard benefits:

  • Mastercard ID Theft Protection(™). Access free identity theft resolution services, as well as Mastercard ID Theft Alerts(™).
  • Extended warranty. Receive an extended warranty of up to one year past a manufacturer’s warranty of 12 months or less.
  • Purchase protection. If you are dissatisfied with a purchase, you may be eligible to receive a full refund for up to 60 days from the date of purchase.
  • Price protection. Get reimbursed for the difference if you find a lower price for an eligible new item within 60 days of purchase using your CreditStacks Mastercard.
  • Purchase assurance. Cardholders receive coverage if an item is lost, damaged or stolen within 90 days of purchase.
  • Travel protections. The CreditStacks Mastercard offers a MasterRental(R) collision damage waiver, lost or damaged luggage insurance, travel accident insurance, baggage delay insurance and trip cancellation and trip interruption insurance. Plus, receive access to exclusive experiences and offers through Priceless Cities and special travel offers through Mastercard’s online booking tool.
  • Cellphone insurance. If you use your CreditStacks Mastercard to pay your monthly cellphone bill, you can receive coverage against theft or damage of up to $600 per claim and up to $1,000 per 12-month period.

CreditStacks Mastercard cons

No rewards program. The CreditStacks Mastercard does not offer a sign-up bonus or rewards on the purchases you make using the credit card. That said, when trying to build or rebuild credit, it’s best to focus on paying your bill on time and in full (when possible) each month, rather than racking up rewards.

No intro APR on purchases. The CreditStacks Mastercard does not offer a 0% intro APR on purchases – meaning, if you don’t pay your balance in full each month, you will be subject to interest charges at a rate of 15.49% Variable APR.

That said, the card’s ongoing APR for purchases is reasonable – considering that some cards designed for individuals with little or no credit come with APRs upwards of 26.99% (variable).

Compare it to the Capital One® Secured Mastercard®

Similar to the CreditStacks Mastercard, the Capital One® Secured Mastercard® is designed for individuals with little or no credit. However, because it is a secured credit card, the Capital One® Secured Mastercard® requires a refundable security deposit of $49, $99 or $200, for an initial credit line of $200.

If you deposit more money before your account opens, you may be eligible for a higher credit line, up to $1,000. Additionally, you can be given access to a higher credit line after demonstrating responsible card usage by making your first five monthly payments on time.

While the Capital One® Secured Mastercard® does not require U.S. citizenship to apply, it does require a valid SSN or ITIN, as well as a residential address in the U.S. or a U.S. military location.

See how the cards compare side-by-side in the table below.

CreditStacks Mastercard vs. Capital One® Secured Mastercard®

 CreditStacks MastercardCapital One® Secured Mastercard®
Annual fee$0$0
Rewards rateN/AN/A
Credit lineUp to $5,000$200-$1,000
Deposit requiredNone$49, $99 or $200
Regular purchase APR15.49% Variable26.99% (Variable)

The Capital One® Secured Mastercard® also comes with a number of benefits, including auto rental collision damage waiver, travel accident insurance, extended warranty and 24-hour travel assistance services. As a Capital One member, you will also have access to virtual card numbers and account alerts from Eno, as well as access to your credit score and fraud monitoring through CreditWise.

But if you plan to carry a balance on your card, you’ll be better off with the CreditStacks Mastercard, since the Capital One® Secured Mastercard® comes with a substantially higher APR of 26.99% (Variable).

Read our: Capital One Secured Mastercard review

Which credit card is best for me?

If you haven’t yet established credit in the U.S., the CreditStacks Mastercard could be a good fit. In addition to not requiring a Social Security number for approval, the card helps build your credit by reporting to two major credit bureaus.

But if you’re in the market for a secured credit card and already have a SSN or ITIN, the Capital One® Secured Mastercard® is a good alternative. While the card offers a much lower credit line than the CreditStacks Mastercard, it does offer a variety of useful benefits that aren’t common for a secured credit card.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.