As DA reader, WheelinDealin, noted in a Forum post this morning, PurePoint Financial (PurePoint) has raised the rate on its Online Savings account. Balances of $10k and above now earn 2.15% APY, while balances below $10k continue to earn 0.25% APY. The Online Savings account can be opened with a $10k minimum deposit.
|2.15*%||$10k||-||PurePoint Financial||Online Savings|
|OTHER TIERS: 0.25% → Up to $10k|
This is only the sixth rate hike since the PurePoint Online Savings account was introduced in February 2017. The four rate hikes this year have been large, ranging from 15 to 25 bps. After each of these rate hikes, the Online Savings account has been near the top of the rate table. With today’s rate increase of 25 bps, the Online Savings account is again near the top.
The list below shows the dates of the past three Online Savings Account rate hikes and how they coincided with the Fed rate hikes. Based on the rate history, we may not see another savings account rate hike this year.
- Sep 28: PurePoint Financial Online Savings: 2.15% APY
- Sep 26: Federal Reserve Target Funds Rate: 2.00% to 2.25% APY
- June 13: Federal Reserve Target Funds Rate: 1.75% to 2.00% APY
- May 30: PurePoint Financial Online Savings: 1.90% APY
- April 6: PurePoint Financial Online Savings: 1.75% APY
- March 21: Federal Reserve Target Funds Rate: 1.50% to 1.75% APY
- Jan 24: PurePoint Financial Online Savings: 1.60% APY
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 reader, WheelinDealin, for this morning’s Forum post about PurePoint Financial’s latest rate increase.
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 2.26% (excellent), based on June 30, 2018 data. The Bank has an excellent capitalization level (13.75%), the result of holding $123.79 billion in assets with $17.02 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 219 Savings Accounts that are nationally available, PurePoint Financial’s Online Savings APY currently ranks second, regardless of minimum deposit requirement.
The above rates are accurate as of 9/28/2018.
To compare the top Savings account rates, both nationwide and state specific, please refer to our Savings Account Rates Table page.