We had been keeping our cash savings in a Purepoint high yield savings account for the past few years, until we got this email from them a couple months ago:
"We’re reaching out to let you know about important changes to your account(s) and to the PurePoint® Financial organization. After thoughtful review of our business, we’ve made the decision to permanently close PurePoint Financial. This closure is scheduled to occur in late April 2023."
So we looked for another high yield savings account to move our money to, and settled on UFB Direct. Within about a month, we get this email:
"Thank you for being a UFB Direct preferred customer. We hope you’re enjoying your leading rate on your Preferred Savings account! As one of our valued customers, we wanted to let you know that starting 4/13/2023, UFB Direct will no longer offer Preferred Savings to new customers. This will not affect your account in any way. Sit back, relax, and continue to enjoy 5.02% APY* – no action needed on your part!"
I'm just curious as to whether these two banks are responding to an economic force that I am unaware of, or if it is just random. Any insight is appreciated.