PurePoint Financial Ups Savings APY - Higher Local Rates


Deal Summary: Online Savings Account, 1.60% APY, $10k minimum.

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. The minimum opening deposit is $10k.

1.60*%$10k-PurePoint FinancialOnline Savings
OTHER TIERS: 0.25% Up to $10k
Rates as of March 22, 2018.

This is the third time PurePoint Financial has increased its savings account rate. The last time was on November 10th when the rate increased from 1.30% to 1.40% APY. One positive sign is that each rate increase is getting larger. The first rate increase on August 4th was 5 bps. The second rate increase on November 10th was 10 bps, and now this new rate increase is 20 bps.

This new rate increase puts PurePoint Financial’s savings account with or near the rate leaders of online savings and money market accounts. Only two banks are offering a higher savings account rate, and no banks are offering a higher money market rate. PurePoint Financial joins three other internet banks to offer 1.60% APY on their savings accounts or money market accounts.

Thanks to DA readers RichL40T and Striker for mentioning this news in the DA Forum.

Online Savings Account Details

Below are the account details I learned last year when speaking to a PurePoint Financial CSR. I believe these are still valid. I did speak with a CSR today and verified that these online fund transfer features are still valid:

There were a couple pieces of important information I couldn’t find on the website, namely dollar amount limits on online fund transfers, and details about POD accounts. According to a very helpful CSR, there is a limit of $250k per transfer, and a $1 million limit per a rolling 30-day period, which applies to both incoming and outgoing transfers. Up to 10 external accounts can be linked.

CSR also stated that beneficiaries can be added, but only after the account is established. The owner of the account has to log into the online banking system to add the beneficiaries. PurePoint Financial does not require Social Security numbers for any beneficiaries.

Local Offers Include 1.75% APY Savings Account & 2.50% APY 24-Month CD

PurePoint Financial is offering higher rates to residents of states with Financial Centers. As I described in past posts, PurePoint Financial is a hybrid of internet banking and brick-and-mortar banking. The bank has several Financial Centers in a few major metro areas of the country. These Financial Centers are not “bank branches,” and as such, do not accept cash deposits. Staff members just assist customers in opening accounts, answering questions and updating personal information and beneficiary details.

You can currently see two of the local offers on PurePoint Financial’s website by entering a Florida, Texas, New York or Illinois zip code (states where they have Financial Centers). These two local offers include a 1.75% APY on the Online Savings Account for a $10k minimum balance and a 2.00% APY on the 1-year CD for a $10k minimum deposit. I had to call for the 24-month local CD offer. I was told it has a 2.50% APY, which makes it an especially good deal.

According to PurePoint Financial’s website, these local deals “are exclusively offered through our Financial Centers in this state or by phone to local residents by calling 1-855-488-PURE (7873).”

UPDATE: PurePoint Financial is now requiring customers to visit a Financial Center to qualify for the higher CD and savings account rates. PurePoint Financial's local offers page now says "Rates valid for accounts opened in person at a Financial Center."

PurePoint Financial’s Nationally-Available CDs

PurePoint Financial used to offer competitive nationally-available CD rates when it first launched last year, but that has changed. All four of their CDs (with terms of 12, 18, 24 and 36 months) have rates that are now far below the rate leaders. If you don’t qualify for the local CD rates, you might want to stick with just the savings account. You can view the latest rates in the CD section of our PurePoint Financial hub page.

UPDATE: On 2/16/18, PurePoint Financial increased rates considerably on its CDs with terms of 12, 18 and 24 months. You can view the latest rates in the CD section of our PurePoint Financial hub page.

PurePoint Financial CD Details

Just like the savings account, CDs have a minimum opening deposit of $10,000. Below are a few excerpts of the important CD features mentioned in PurePoint Financial’s CD Guide:

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

All or partial withdrawals prior to maturity may be subject to an Early Withdrawal Penalty. You can withdraw interest paid during the current term of the CD without incurring an Early Withdrawal Penalty.

You have 10 calendar days beginning on the maturity date to withdraw funds without penalty. If you withdraw all of your funds during the grace period, your account will not earn interest after the maturity date.

Compounding and Crediting: Interest will be compounded on a daily basis. Interest will be credited to your account on a monthly basis. You may elect to have interest transferred to your PurePoint Financial savings account or to your external linked account; otherwise, interest will be paid by crediting your certificate of deposit account.

According to PurePoint Financial’s FAQs, to make a withdrawal from your CD, you’ll have to request the withdrawal by phone. You can also send a letter, but a CSR will call you prior to completing the request.

Another important FAQ says that they offer “individual, joint and personal trust accounts. PurePoint doesn’t currently offer business or brokerage accounts.”


As an online division of Union Bank, PurePoint Financial is headquartered in San Francisco and offers its product line to all U.S. Citizens and Permanent Residents. Union Bank 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 19 Financial Centers located in,

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

Illinois – Glendale Heights, La Grange, and Skokie.

New York – New York City, Scarsdale

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

Note, new financial centers are coming soon to Boca Raton, FL; Brooklyn, NY; and Chicago, IL

Bank Overview

As the online division of Union Bank, PurePoint Financial operates under Union Bank’s FDIC Certificate # 22826 and shares its financial history.

Union Bank/PurePoint Financial has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 2.96% (excellent), based on September 30, 2017 data. The Bank has an excellent capitalization level (14.51%), the result of holding $118.55 billion in assets with $17.2 billion in equity. Please refer to our financial overview of Union Bank/PurePoint Financial 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 208 Savings Accounts that are nationally available, PurePoint Financial’s nationally-available Online Savings APY currently ranks third. The Online Savings Account that’s available to residents in states where they have Financial Centers ranks first.

The above rates are accurate as of 1/24/2018.

To review the top Savings and Money Market rates, both nationwide and state specific, please refer to our Savings Account rates table and Money Market Account rates table.

Related Pages: savings accounts, nationwide deals, Internet banks

pattyb53   |     |   Comment #1
I love this! I used PurePoint some time ago but have just kept the minimum amount in the account to keep it opened.

Today I found out one of my Money Mkt accts with Credit Union of New Jersey which has been paying 1.70% has collapsed. This acct % rate was guaranteed until 12/31/2017. Today 1/24/18, I called to inquire about the present rate & found out the acct rate would be dropped to .005%+ or -.

I'll probably be investing in PurePoint soon..
UncaMikey   |     |   Comment #2
What about residents of those states who already have a savings acct, opened online? The note on PurePoint's website seems to say that the higher 1.75% only applies to accts opened in person or by phone.
Sperry8   |     |   Comment #3
You do seem to answer your own question here, don't you think? The "higher rates only apply to accounts opened in person or by phone". That said, I'd imagine if you live near a physical center you'd be eligible. If you do not - then I'd imagine it's a no go. I'd call to verify.
pattyb53   |     |   Comment #4
I'll have some funds tomorrow. I already have an open account with a minimum amount on deposit with PurePoint.
I read over this offer several times thinking "is there a way I qualify for the 1.75%". I live in CA, let us know if you find a way to get the better rate.
UncaMikey   |     |   Comment #5
I know that PurePoint seems to answer this question, but it would be cumbersome and inconvenient to open a new account just to get the higher rate. I would have called right off and asked PP directly but am out of phone contact now until late next week. So, if anyone else calls PP about this, let us know.
Sperry8   |     |   Comment #8
See below, you must go into a branch to open an account and be eligible for the higher local rates. You may not do this over the phone or online.
AlB   |     |   Comment #6
I live in FL but not near a center. I put my zip in their web site and was told I was eligible for the 1.75 rate. I just called and was told their web site is incorrect. I can only get the resident rate by going to a center, which for me is 140 miles. VERY DECEPTIVE! And a very pointless way to try to build customer good will and confidence.
Sperry8   |     |   Comment #7
I just opened an account in branch. You are not allowed to open on the phone even if you are local to take advantage of the higher local rates. You must come into the branch.
mnysvr   |     |   Comment #9
As of this posting, the PurePoint 'Locations' page for my zip code near Orlando says "The following products and rates are exclusively offered through our Financial Centers in this state or by phone to local residents by calling 1-855-488-PURE (7873)." Below that the page shows the 1.75% savings account rate and below that the text "Available to state residents only."

I just got off the phone with PurePoint customer service and I was told they are not honoring the rate by phone. To get the rate they said I would need to go into one of their locations, open a new account, and move the funds from my existing account.
pattyb53   |     |   Comment #10
Since you must go in person to get the 1.75% rate at PP. I think I will go over to ableBanking offering 1.70% money mkt rate & only require $250 to open acct.

At PurePoint I would only qualify for 1.60% & they require $10K to obtain the rate.
SYC   |     |   Comment #12
Beware that Able has this restriction with linking to external accounts:
"You may not have more than one External Account linked to your ableBanking account at any given time."
PurePoint allows up to 10 external accounts to be linked.
Mary   |     |   Comment #11
I opened an account today with the 1.75 FL resident rate on the phone. No problem at all. Double checked my new account online and it shows the 1.75 rate will be applied when I deposit funds. All is well so far. Asked on the phone if I can move account to higher rate if they offer a higher rate in the future or do I have to close old account and open new one and he said it will automatically get the new higher rate when/if that happens. Who knows if that will happen without juggling, but for now I have the great rate.
ChasinRates   |     |   Comment #13
Thank you for the info. We have an on-line account with PurePoint.

My husband will be in Dallas on business in a few weeks, so I just added the possibility of a stop at a PurePoint financial center to his itinerary.
RJM   |     |   Comment #14
Wish I could get the 1.75% online or by phone. Unfair to penalize those who live father away.
Att   |     |   Comment #15
Remember it is a savings account they can lower the rate whenever they want.
JVW   |     |   Comment #16
We live in Florida but two hours from a branch. When I plugged in my zip code, was shown the 1.75% rate. Called the toll free number and received excellent customer service. It was no problem getting the 1.75% rate. The next day we called again and set up a second account for my wife. Once again, terrific customer service. I have accounts with several of the rate leaders here and find PurePoint's website and service to be at the top in terms of ease of use. Also, they will credit interest beginning upon the date of ACH transfer, whether done on phone or online, even before the funds are in account. Although they are getting better, I lost five days interest with Live Oak ACH transfer before an apologetic supervise gave me three days worth back. (They have since improved to about a two day transfer window.)
Anon   |     |   Comment #17
No problem opening a savings account at 1.75% over the phone. I live in FL. Customer service and website are excellent. Very generous external transfer limits, and you can link up to 10 external accounts. Bonus for me is that Purepoint plans to open a new location in Boca Raton which is very close to me. You do not have to go into a financial center if your FL zip qualifies you for the better rate. I verified that the APY on my online savings account is 1.75% using online banking. Even over the phone, really trouble free account opening experience. Very pleased.
UncaMikey   |     |   Comment #18
I was able to call and get the 1.75% rate on my existing PurePoint savings account. No need to set up new acct number, etc. I live about 20 miles from the nearest PurePoint Financial Center (TX). They asked a few marketing type questions and when I logged in a couple hours later my savings acct showed the 1.75% rate. Great service. Only (minor) complaint is while transfers-in start earning interest immediately they are not 'available' for 5-7 days.
JVW   |     |   Comment #19
Wow, REALLY BAD NEWS! I called again today to check Florida resident rates on CDs. Was told they changed the policy this week. The best rates are NO LONGER AVAILABLE unless you step into a branch! The rep was apologetic but my CD $$$ will instead to to Live Oak, even though their customer service can be erratic.
Anon   |     |   Comment #20
This is really bad. I need to follow up tomorrow because I have money I planned to put into a CD sitting in my Purepoint online savings account.

It gets worse. I put a lot of money into my new online savings account. Today I tried to transfer out a big chunk of it to a credit union. Purepoint refused to honor the request! They said until the account has been open at least 60 days I can't put say $50K in and try to transfer it out 2 weeks later ... even though I was leaving $10K with Purepoint. They said they will confirm ownership of the account at another financial institution to which I'm trying to move the funds, and then they may allow the transaction.

So beware if you have a new online savings account with Purepoint, don't put a lot of money into it if you may want to move a lot of your balance elsewhere to take advantage of a CD deal.
Bogie   |     |   Comment #21
It's not just PurePoint. Many banks and CUs have similar policies about transferring large amounts of money OUT in single transfers so soon after opening a new account for security reasons. It helps to deter money laundering and thefts from new accounts.
PurePoint Financial Ups Online Savings Account Rate
Deal Summary: Online Savings, 1.40% APY, $10k minimum.

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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PurePoint Financial Raises Online Savings Rate
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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