PurePoint Financial (PurePoint) is ending the week by raising the rates on its shorter term Online CDs. The 12-month CD had the largest rate gain, rising 30 bps to 2.60% APY. The 18-month CD rate increased 20 bps to 2.70% APY, while the 24-month CD rate had a slight gain of only 5 bps, rising to 2.80% APY. A $10k minimum deposit opens any PurePoint CD and there are no stated balance caps. In the past 18 months, PurePoint’s CDs have offered competitive rates and have been regularly featured in DA’s bi-weekly CD Rates Summary.
|2.80%||$10k||-||PurePoint Financial||24 Month Online CD|
|2.70%||$10k||-||PurePoint Financial||18 Month Online CD|
|2.60%||$10k||-||PurePoint Financial||12 Month Online CD|
As stated in PurePoint’s “Guide to Our Certificates of Deposit,” the Early Withdrawal Penalty reads as follows:
The Early Withdrawal Penalty assessed will equal 181 days of
simple interest at the rate being paid on the amount withdrawn.
PurePoint also offers a “Best Rate Commitment” on its CDs. The fine print on the promotion page reads,
When you fund your new CD within 10 days of a completed application, you will
receive our best rate offered during that 10-day period for the same product and term
Thanks to DA reader, SYC, for this morning’s Forum post about PurePoint Financial’s latest CD rate increases.
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.
When I last wrote about PurePoint’s Online Savings account at the end of May, its 1.90% APY ranked second when compared to nationally available savings accounts. A lot of savings account rate increases have occurred in the past 2½ months, with PurePoint’s Online Savings APY remaining static. When compared to the nationally available Savings Accounts tracked by DA, there are now five other savings accounts offering a higher APY than offered on PurePoint’s Online Savings.
|1.90*%||$10k||-||PurePoint Financial||Online Savings|
|OTHER TIERS: 0.25% → Up to $10k|
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.
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.
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 1.94% (excellent), based on March 31, 2018 data. The Bank has an excellent capitalization level (13.94%), the result of holding $120.91 billion in assets with $16.85 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 CD Compares
When compared to the 219 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 currently ranks second.
When compared to the 170 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 currently ranks second. FYI – the top APY in this category is offered by Union Bank, PurePoint’s parent company.
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 8/10/2018.