What is Point Checking?
Point checking is a high-yielding deposit account that allows you to earn interest on all of your funds in your Point account.
The interest on your funds is accrued daily and paid out monthly within the first 5 calendar days of the month.
How does it work?
The yield is based on the federal funds rate, which is the interest rate at which banks lend to each other. The rate is variable and may go up or down with time.
How is the rate sustainable?
Since Point does not have the high fixed operating costs of a traditional bank, fancy physical branches and Super Bowl ads, we can afford to pass the savings onto you in the form of higher interest rates on deposits.
What is the current APY rate?
The annualized yield for Point is currently 0.001%.