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.

1.75*%$10k-PurePoint FinancialOnline Savings
OTHER TIERS: 0.25% Up to $10k
Rates as of May 23, 2018.

This is the fourth rate increase for the Online Savings since PurePoint opened its virtual doors, with a total of 50 bps added. Since it was introduced, the Online Savings APY has been just shy of the current online savings and money market accounts rate leaders. As of today, just four banks offer a higher nationally available savings account rate, and only one bank has a higher nationally available money market rate.

It should be noted that in the past, PurePoint has offered higher rates at some of its financial centers. As DA reader, Sperry8, stated in a Forum post today,

Basically matching their local rate for those that lived near a branch. The local rate did not rise and remains tied with the online rate now. The 1 yr CD also went up from 2% to 2.2%, a .2% APY increase.

12-month Online CD

As Sperry8 noted, PurePoint also increased the rate on its 12-month Online CD today to 2.20% APY. A minimum of $10k is required to open any PurePoint CD. There have been six rate changes for the 12-month Online CD, with a total of 80 bps added to the APY.

2.20%$10k-PurePoint Financial12 Month Online CD
Rates as of May 23, 2018.

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The Early Withdrawal Penalty assessed will equal 181 days of simple interest at the rate being paid on the amount withdrawn.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's other three Online CDs also had rate increases today, and they're now all very competitive. Please refer to the CD section of our PurePoint hub page to see these rates.


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 interesting, in that 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 to help 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, FrankSavage and Speery8, for their Forum posts this morning about PurePoint Financial.


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 21 Financial Centers located in,

Florida – Aventura, 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.

Note, a new financial center in Boca Raton, Florida is “coming soon.”

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 202 Savings Accounts that are nationally available, PurePoint Financial’s Online Savings APY currently ranks fourth, 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 CD Compares

When compared to the 195 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 third.

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 4/6/2018.

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

RJM   |     |   Comment #1
I don't use this bank but always glad to see any bank raise their rates. Maybe it will wake up Ally & Discover. But, more likely, its going to take the outflow of our money to get them to offer up something competitive. Like another no penalty or something.
gregk   |     |   Comment #2
Would have been great a year or even 6 months ago, but now DOA (at least here). They'll keep some in-house money with it, perhaps, but will gain new funds only from the uninformed.
Matt   |     |   Comment #3
Why do you say that? They are among the market leaders now with these rates. I used to bank there and switched to Ally when at Christmas they had a 1 year 2% CD. Purepoint was great, but at the time no one had a 2% CD so I left. But I had no problems at all with them.
John Hershey
John Hershey   |     |   Comment #4
If Popular Direct gets 0.25% more, what's the point?
gregk   |     |   Comment #6
My answer to Matt too. Why bother with Purepoint?
thowellIII   |     |   Comment #7
Answering John and Greg (but not speaking for Matt): PurePoint has been good at increasing rates relatively quickly to remain near the top for rates. Additionally, its transfers are fast (both in and out) and have high limits, while also allowing for a large number of linked accounts (making it a good hub account). Finally, I have not experienced any hassle to get PurePoint's top rates (no having to shift funds into a new type of account or request that customer service honors a promotional rate).
gregk   |     |   Comment #8
Valid features in Purepoint's favor. But I tend to tolerate sub-optimum efficiencies in regards to what (for me) are subsidiary matters for the sake of a materially higher yield.

suboptimum subsidiary But I tend to and a measureof little tedium
gregk   |     |   Comment #9
Oops. Bad editing.
Matt   |     |   Comment #13
I have no experience with Popular anyways I'm not knocking them and might give them a try when my CD at Ally is done in December. Ally is becoming the slowest of the big boys to update rates and seems to always be on the lower end. I admit they have great 24/7 customer service but that comes at a cost of rates. I mean how often do you need to call at 3am anyways. I also notice Pure point has an great 2.2% one year CD rate too. Highest I've seen. Bottom line is its nice to see these banks starting to raise rates afeer years of nothing.
anonymous   |     |   Comment #5
This is the now the highest rate among large banks. I hope other large banks like Ally, Barclays, or Capital One will catch up! The large banks should not start to fall too far behind the rate leaders.
Sylvia   |     |   Comment #10
I’m troubled by account reviews of bad experience with transfers that include duplicate withdrawals and seemingly arbitrary intervention by PurePoint on transfer requests, including cancellation with no notice and calls from PurePoint to confirm request by phone for external accounts that had already been verified. Several wrote of wasting inordinate amounts of time on such issues. For those who’ve initiated ACH withdrawals through PurePoint, do they seem inexperienced with online banking or just super cautious to the point of inconveniencing customers?
smokey   |     |   Comment #11
I have seen those reports, too. But they seemed to be quite old. I attributed the bank errors to start-up glitches. Have you seen reports of such duplications happening this year?
Sylvia   |     |   Comment #12
Latest report of duplication that I saw was dated 10/23/17. Any personal experience w/PurePoint's handling of transfer requests?
FrankSavage   |     |   Comment #14
I've been banking with PurePoint since shortly after they opened for business. I have made many ACH transfers, both using their service and push and pull transfers from another bank. I have never encountered a problem, however, on one occasion I initiated a transfer involving a rather significant amount. In that case I received a telephone call from their fraud department to confirm that I had actually initiated the transfer. The call took less than two minutes and the transfer proceeded without delay. I have found them to be reliable, professional and attentive to customer needs. They may not be a rate leader, but they know how to treat customers well, and they have never failed to pass along rate increases to existing customers unlike the current rate leader.
Sylvia   |     |   Comment #15
FrankSavage, thanks for sharing your experience.
Sam   |     |   Comment #17
#14, If you rely on a human interaction for ACH transfers a lot of bad things can happen. I closed my account with them due to such calls. It was a Friday afternoon, I was getting ready to fly in 2 hours for a business deal that was about to close on Monday and the money allocated for the transfer were initiated on Wednesday.
They claimed that they have tried to contact me several times to confirm the transfer (which was a complete lie).
I found out later that the money from my external account were already pulled on Wednesday afternoon but never showed up in my purepoint account.

The call was not friendly and they tried to pin the late ACH transfer on me. I had to cancel the trip and the meeting and the transfer and the flight. I closed the account and they sent me a certified check (overnight). My business deal did not go through do to breach of contract.
smokey   |     |   Comment #18
That's an extremely detailed indictment, Sam. But you conveniently failed to tell us WHEN this happened. As I wrote up thread in response to Sylvia, I believe PurePoint had some growing pains back in 2017. I'm betting that is when this happened to you, and you remain bitter. But this is 2018 and PurePoint appears to have cleaned up their act.
Sam   |     |   Comment #19
#18, you wrote:
"But this is 2018 and PurePoint appears to have cleaned up their act."
As long as they act as censorship for ACH, there will be resentment from anyone banking with them.
Time of events is irrelevant in this case.
Bogie   |     |   Comment #21
@#19, As "smokey" pointed out, timing of events is NOT irrelevant and as you can clearly see not everyone banking with PurePoint Financial resents them. How conveniently you leave out all the details (such as timing) of your interaction with them.
rzelman   |     |   Comment #20
Surprised considering the importance of the transaction that you didn't wire the funds as opposed to relying on an ACH transfer. Would have saved you a lot of money in retrospect.
thowellIII   |     |   Comment #16
Similar to FrankSavage: I have had an account with PurePoint for a bit over a year. I've made about 15 transfers in and 12 transfers out (from $10 to six figures) all initiated from PurePoint. The only problem was when I attempted to transfer from an institution that does not allow ACH transfers initiated at other financial institutions (which means that it had nothing to do with PurePoint). Although I don't recall having received a call to confirm a transfer.
pattyb53   |     |   Comment #22
I opened an account with PurePoint when they first came on this scene. Never had any real problems. Happy to see their new rate 1.75%, but doesn't really compare with Popular Direct 2.0%.

I moved out of PurePoint & left a small balance $12. It is hard to keep up with liquid savings rates, but for now I have to go with Popular.
Att   |     |   Comment #23
patty I'm giving Dollardirect time to raise their rates. If not may move some funds to popular.
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Availability: Nationwide

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Availability: Nationwide

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Availability: Nationwide

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