PurePoint Financial Online Savings Rate Jumps

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Deal Summary: Online Savings, 1.90% APY, $10k minimum deposit. Online CDs – 12-month (2.30% APY), 18-month (2.50% APY), 24-month (2.75% APY), 36-month (3.00% APY), $10k minimum deposit.

Availability: Nationwide

DA reader, WheelinDealin, noted in a Forum post today that PurePoint Financial (PurePoint) has raised the rate on its Online Savings account. Balances of $10k and above now earn 1.90% APY, while balances below $10k continue to earn 0.25% APY. The Online Savings account can be opened with a $10k minimum deposit.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.90*%$10k-PurePoint FinancialOnline Savings
OTHER TIERS: 0.25% Up to $10k
Rates as of July 21, 2018.

Since it was introduced in February 2017, the Online Savings’ APY trailed behind the online savings and money market rate leaders. With today’s increase of 15 bps, that scenario has changed: only Virtual Bank currently offers a higher rate (eMoney Market, 2.01% APY).

Online CDs

PurePoint also increased the rates on all its Online CDs today, adding between 10 and 45 bps. As DA reader, SYC, pointed out, the 36-month Online CD 3.00% APY is the most competitive of the four Online CDs. A $10k minimum deposit opens any PurePoint CD and there are no stated balance caps. In the past 15 months, PurePoint’s CDs have offered competitive rates and have been regularly featured in DA’s bi-weekly CD Rates Summary.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%$10k-PurePoint Financial36 Month Online CD
2.75%$10k-PurePoint Financial24 Month Online CD
2.50%$10k-PurePoint Financial18 Month Online CD
2.30%$10k-PurePoint Financial12 Month Online CD
Rates as of July 21, 2018.

As stated in PurePoint’s “Guide to Our Certificates of Deposit,” the Early Withdrawal Penalty (EWP) reads as follows:

The Early Withdrawal Penalty assessed will equal 181 days of
simple interest at the rate being paid on the amount withdrawn.

This is a mild EWP for the 3% 3-year CD. You can see how this CD when closed early compares to the shorter-term CDs by using our Early Withdrawal Penalty Calculator.

FAQs

PurePoint’s FAQs are quite detailed and provide a large amount of information, including,

We offer individual, joint and personal trust accounts.
PurePoint doesn’t currently offer business or brokerage accounts.

How many external linked accounts can I set up?

    You may link up to 10 external accounts per customer from other financial institutions to your PurePoint accounts.

What can I do at a Financial Center?

    Open saving accounts and CDs

    Update your personal information (such as home or mailing address), beneficiary details, and other information related to your account.

The last quote about Financial Centers is noteworthy: PurePoint represents a new model of internet banks, almost a hybrid between brick-and-mortar institutions and “pure” internet banks. The Financial Centers are not “bank branches,” and as such, do not accept cash deposits. Staff members just assist customers in opening accounts and answering questions. The intent appears to be helping those individuals who are worried or uncertain about internet banks by providing a tangible resource, i.e., a building filled with people who will interact with them face-to-face.

Thanks to DA readers, SYC and WheelinDealin, for their Forum posts this morning about PurePoint Financial’s latest rate increases.

Availability

As an online division of Union Bank, PurePoint Financial is headquartered in New York City and offers its product line to all U.S. Citizens and Permanent Residents. Union Bank, which is headquartered in San Francisco, is a subsidiary of UnionBanCal Corporation, a bank holding company formed by the merger of The Bank of California and Union Bank in the late 1990s.

Opening an account with PurePoint Financial can be done online, or at any of 22 Financial Centers located in,

Florida – Aventura, Boca Raton, Coral Gables, Fort Lauderdale, Palm Beach Gardens, Palm Harbor, St. Petersburg, and Tampa

Illinois – Chicago, Glendale Heights, La Grange, and Skokie.

New York – Brooklyn Heights, New York City, and Scarsdale

Texas – Dallas, Houston (2), Plano, Southlake, Sugar Land, and The Woodlands.

Bank Overview

As the online division of Union Bank, PurePoint Financial operates under Union Bank’s FDIC Certificate and shares its financial history.

Union Bank/PurePoint Financial has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 2.63% (excellent), based on December 31, 2017 data. The Bank has an excellent capitalization level (14.54%), the result of holding $118.54 billion in assets with $16.83 billion in equity. Please refer to our financial overview of Union Bank/PurePoint Financial (FDIC Certificate # 22826) for more details.

We designed PurePoint™ Financial to empower our clients to save more. And while we're a new brand, we’re not new to banking. As a division of MUFG Union Bank, N.A., we share in the rich 150-year history of serving clients in the United States. Our global parent company, Mitsubishi UFJ Financial Group (MUFG), is the 5th largest financial group in the world with total assets of over $2.59 trillion.

How the Online Savings Account Compares

When compared to the 218 Savings Accounts that are nationally available, PurePoint Financial’s Online Savings APY currently ranks second, regardless of minimum deposit requirement.

To compare the top Savings account rates, both nationwide and state specific, please refer to our Savings Account Rates Table page.

How the Online CDs Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and require a minimum deposit of $10k or less, PurePoint Financial's 36-month Online CD APY ranks first.

When compared to the similar length-of-term CDs> tracked by DepositAccounts.com that are available nationally and require a minimum deposit of $10k or less, PurePoint Financial's 24-month Online CD APY ranks second.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and require a minimum deposit of $10k or less, PurePoint Financial's 18-month Online CD APY ranks second.

When compared to the similar length-of-term CDs> tracked by DepositAccounts.com that are available nationally and require a minimum deposit of $10k or less, PurePoint Financial's 12-month Online CD APY ranks fourth.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

The above rates are accurate as of 5/30/2018.

Related Pages: savings accounts, 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

Comments
ChasR
ChasR   |     |   Comment #1
For many years, Union Bank (including its predecessor, Union Bank of California) was my principal bank. I closed my last account there about 5 years ago because of a combination of lousy rates and lousy service at my local branch. PurePoint's emergence as an Internet branch of Union Bank has solved these problems (I hope). I've now opened one of these 36-month CDs and have returned to the fold.
The Mighty Sven
The Mighty Sven   |     |   Comment #2
I have been using my PurePoint Online Savings account pretty heavily recently. I have no negative outcomes to report. Am happy, though, to see the higher interest rate . . . . not the highest but right up there. I believe 1.9%, combined with their good service, puts PurePoint in a competitive position.

The PurePoint service I most like is that they pay interest immediately on funds transferred at their website via ACH, from outside the bank, into my account. This means they are paying interest on money not yet even in the bank! The outcome is no days of lost interest, and even between one and four days of double interest. That is not bad at all.
TheBombingRange
TheBombingRange   |     |   Comment #3
How are their transfer speeds? I'm currently at Dollar Savings Direct, their transfers go really well, next day generally, but the issue is you can only have one account in their interface at a time. Any sorts of limits like this here?
FrankSavage
FrankSavage   |     |   Comment #4
@TBR - Late last night I closed one of my Ally no penalty CDs and transferred the funds into my Ally checking account. I then logged on to my PPF account and initiated a transfer from Ally to my PPF account. In LESS THAN 5 minutes the transfer was completed and funds were credited to my PPF account. As usual, a hold was placed on the trasferred amount, but the entire balance of my account was earning interest almost immediately. I have found the ACH transfer times to be consistently excellent.
HarvF
HarvF   |     |   Comment #5
Although ACH transfers at Dollar Savings Direct take place the next day, you can't use the account to pay your credit card or utility bills like other savings and money market accounts.
Also, you can only ACH funds from this account to the CHECKING account you originally used to open the account. You're allowed to open another external CHECKING account six months after establishing the savings account---that's the limit. What if you found a 4% three year CD and wanted to move the money quickly by ACH to the other financial institution? You're out of luck. So, despite Dollar Savings Direct 1.80% interest rate [which is no longer the rate leader], there are many better savings account available. I'm planning to move everything out of the account at the end of the month except $10.
highrate
highrate   |     |   Comment #8
is it really worth the effort to transfer funds to get such a low rate of return?
unmesh
unmesh   |     |   Comment #17
@HarvF

I too find the ACH account restrictions at DSD an irritation. Are you going to move funds out at month end because DSD will not credit you with partial interest earned mid-month?

Thanks.
TheBombingRange
TheBombingRange   |     |   Comment #6
I'm definitely considering opening a Purepoint account! @HarvF is there any reason you are keeping $10 in the account? I don't believe there are any minimums on the account.
cycles
cycles   |     |   Comment #7
I was wondering about the $10 significance myself.
klink
klink   |     |   Comment #9
I"m willing to bet the $10.00 to keep it open is just in case DSD decides to jump out in front again. One can only hope.
Rickny
Rickny   |     |   Comment #11
The account will stay open even with a $0 balance. I had a Dollar account years ago that I closed. When they started offering high rates April 2016 I was able to logon to my old I'D and the account was still there. I just funded the account again and was all set.
deplorable 1
deplorable 1   |     |   Comment #10
This is in reality the current rate leader because Northpointe and virtual bank are basically 1 year teaser rates despite claims to the contrary.
Anon
Anon   |     |   Comment #12
I think PurePoint is serious about attracting and retaining deposits. Their service is very good and they just opened a new branch about a mile from my home.

I can't see NorthPointe allowing its deposits to disappear if banks like PurePoint raise rates beyond 2.05% APY over the next 12 months. I have accounts at both places now.
The Mighty Sven
The Mighty Sven   |     |   Comment #13
I also have accounts with both banks. Northpointe remains for me an unknown. By that I mean I've no clue, yet, whether or not Northpointe is one of several of banking's "roach motels". For those old enough to remember, roach motels were famous for the claim that roaches "check in . . but never check out!". Applied to banking and to (supposedly) liquid accounts, roach motel banks make deposits easy but can raise a stink when you try to withdraw your funds. That "stink" is customarily cloaked as a security or fraud prevention measure.

It is in the above regard that I have found PurePoint a straight shooter, and not at all one of banking's roach motels. And, to me at least, that is a very important aspect of my banking activity. I do not want to be forced to jump through hoops when I need access to my funds. Period. OK, so what about Northpointe? I dunno. I have yet to put Northpointe to the test. Time will tell. I'm hoping for the best.
Att
Att   |     |   Comment #14
Tried to open an account and was told they were unable to process my application. I'll stick with Dollar for now and keep an eye out if another institution offers a good savings rate with good ACH. I use Dollar with overnight ACH and funnel funds to my Chase checking which has 4 hour ACH. Not worth the bother for .10% more than Dollar if I have to jump through hoops.
TheBombingRange
TheBombingRange   |     |   Comment #15
I know a few weeks/months ago they had higher rates when opened at their Financial Centers/by residents of the states they operate in (something along those lines). Anybody know if they may do the same thing with higher rates after this rate increase? For those who took advantage of the higher rates at Financial Centers, if you opened the account online then showed up to to the Financial Center, did you get a higher rate?
Sylvia
Sylvia   |     |   Comment #16
They appeared to have unified rates. I no longer see the option to search for local specials from home page.
PurePoint Financial Raises Online Savings
Deal Summary: Online Savings, 1.75% APY, $10k minimum deposit. 12-month Online CD, 2.20% APY, $10k minimum deposit.

Availability: Nationwide

PurePoint Financial (PurePoint) marked its first anniversary in February. In its first year of operation, PurePoint’s nationally available product line has consisted of an Online Savings account and four Online CDs. The Online Savings rate was raised today to 1.75% APY on balances of $10k and above; balances below $10k continue to earn 0.25% APY. The minimum opening deposit is $10k.

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PurePoint Financial Ups Savings APY - Higher Local Rates
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Availability: Nationwide

PurePoint Financial is the latest bank to increased its savings account rate to 1.60% APY. In February, I first wrote about Union’s Bank’s new online division, PurePoint Financial. At that time, PurePoint Financial had unveiled its initial offerings – an Online Savings Account and four online CDs. The Online Savings Account rate was raised today by 20 bps to 1.60% APY on balances of $10k or more; balances less than $10k continue to earn 0.25% APY....

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Availability: Nationwide

In February, I first wrote about Union’s Bank’s new online division, PurePoint Financial. At that time, PurePoint Financial had unveiled its initial offerings – an Online Savings Account and four online CDs. The Online Savings Account rate was raised today by 10 bps to 1.40% APY on balances of $10k or more; balances less than $10k continue to earn 0.25% APY. The minimum opening deposit is $10k.

This is the second time PurePoint Financial has increased its...

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Deal Summary: Online Savings, 1.30% APY, $10k minimum.

Availability: Nationwide

Five months ago, I had occasion to write about Union Bank’s online division, PurePoint Financial. At that time, PurePoint Financial had unveiled its initial offerings – an Online Savings Account and four online CDs. The Online Savings Account rate was raised today to 1.30% APY on balances of $10k or more; balances less than $10k earn 0.25% APY. The minimum opening deposit is $10k.

This rate increase of 5 bps is small, but it puts PurePoint Financial’s...

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New Internet Bank, PurePoint Financial, Debuts Top National Rate

UPDATE 3/22/2017: Late last week PurePoint Financial raised its 18-month CD rate by 5 bps to 1.45% APY. This post was originally published on 2/23/2017.

Deal Summary: 12-Month CD, 1.45% APY; $10k minimum deposit. Online Savings, 1.25% APY, $10k minimum.

Availability: Nationwide

When I have the occasion to write about a new bank, “new” usually means opened in the recent past; in the case of PurePoint Financial, “new” means yesterday, literally. PurePoint Financial is an online division of MUFG Union Bank, N.A. (Union Bank) which itself is a...

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