PurePoint Financial Raises Online Savings Rate To 2.35% APY


Deal Summary: Online Savings, 2.35% APY, $10k minimum deposit

Availability: Nationwide (internet bank)

When PurePoint Financial (PurePoint) raised the rate on its Online Savings account in September, I suggested that “we may not see another savings rate hike this year.” That statement was based on the correlation between the recent Fed rate hikes and the three previous Online Savings rate increases*. PurePoint proved me correct this morning by adding 20 bps to the Online Savings account – the first rate increase since September.

Balances of $10k and above now earn 2.35% APY, while balances below $10k continue to earn 0.25% APY. A $10k minimum deposit is required to open an Online Savings account.

2.35*%$10k-PurePoint FinancialOnline Savings
OTHER TIERS: 0.25% Up to $10k
Rates as of January 21, 2019.

Introduced in February 2017, the Online Savings APY trailed behind the online savings and money market rate leaders for more than a year. That changed in late May 2018 when 20 bps were added, boosting the Online Savings APY to near the top of the rates table. Another 25 bps were added in September 2018, but the APY began to lose its edge in the last quarter of the year, as other banks and credit unions continued to raise savings rates. Today’s rate increase has made the Online Savings APY more competitive, but still lagging behind the current rate leaders.

*The following chart shows the last four Online Savings account rate increases and how they coincided with the Fed rate hikes in the past year.

PurePoint Fed comparison chart


PurePoint’s FAQs are quite detailed and provide a large amount of information on a variety of subjects, 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 – a hybrid of 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 who are worried or uncertain about internet banks by offering providing something familiar: a building filled with people who will interact with them face-to-face.

Thanks to DA reader, WheelinDealin, for the Forum post on PurePoint Financial’s latest rate increase.


As an online division of MUFG Union Bank (Union Bank), PurePoint Financial is headquartered in New York City and offers its product line to all U.S. citizens and permanent residents. Headquartered in San Francisco, 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 Online Savings account with PurePoint Financial can be done online or by phone (855.488.7873). While an Online Savings account can be opened at any of 22 Financial Centers listed below, the “Important Information” states,

Other rates may be available if account is opened in person at Financial Center.

Financial Centers

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, New York City, and Scarsdale

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

Bank Overview

As an 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 2.35% (excellent), based on September 30, 2018 data. The Bank has an excellent capitalization level (13.96%), the result of holding $123.98 billion in assets with $17.31 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. We are backed by the strength and stability of Mitsubishi UFJ Financial Group (MUFG), the 5th largest financial group in the world with total assets of over $2.7 trillion.

How the Online Savings Account Compares

When compared to 216 Savings Accounts that are nationally available, PurePoint Financial’s Online Savings APY currently ranks sixth, regardless of minimum deposit requirement.

Interest RateAccount NameCredit Union/Bank
2.50% APYHigh Yield Statement Savings ($5k min/$1m max)EBSB Direct
2.45% APYSavings Builder ($25k min/no max)CIT Bank
2.40% APYMySavings Account (no min)MySavingsDirect
2.35% APYOnline Savings ($10k min)PurePoint Financial

The above rates are accurate as of 1/4/2019.

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

Related Pages: savings accounts, nationwide deals, Internet banks

QED   |     |   Comment #1
PurePoint is an absolute star. Save for one thing, everything about PurePoint is GREAT! So what is their one failing?:

Inability to link more than ten accounts is PurePoint's only shortfall. It's a real PITA. But it is surely not sufficient reason to avoid an otherwise amazing, first class, banking experience.
Matt83   |     |   Comment #2
Love them. Great customer service, fast ACH they deposit your ACH transfer instantly and pay interest on it, and good rates. I wish they would move a little on their longer term rates.
thowellIII   |     |   Comment #4
Ten linked accounts is relatively competitive--it's not the 20 you can link with Ally but far more than many other banks.

My complaint about the links: If you delete one of your ten linked accounts (say you closed the account to chase rates elsewhere), you can only add another if you call PurePoint and tell them that, yes, you really did want to delete the linked account.
anonymous   |     |   Comment #5
The other thing that's not so great about PurePoint is that they occasionally deny account applications to people with stellar credit histories for no discernable reason.
QED   |     |   Comment #9
To anonymous #5:

This can occur at any financial institution if they do not like what they find on your ChexSystems report. For anyone to whom this has happened, if you have a "stellar credit history" and have been denied an account for "no discernable reason", it might be a good idea to request from ChexSystems a copy of your report. There is no cost.
anonymous   |     |   Comment #20
Re #9, QED, my spouse and I were both denied. We immediately ordered both our ChexSystems reports and didn't find anything unusual. Very little activity on the report.
111   |     |   Comment #12
#5 - There is anecdotal evidence that some people with excellent credit have been turned down by some financial institutions, for no other reason than that their ChexSystems reports showed those people opened (and/or perhaps closed) a lot of accounts in what the FIs consider a short period of time. In almost all cases the FIs have legal right to do this. It's just part of the game.
Luvcd   |     |   Comment #13
Legal right to discriminate? What is the basis of denying an application based upon non-published terms of offer? Usually doesn’t exist!
111   |     |   Comment #14
Check the complete Terms and Conditions document(s) the next time you apply for a bank account. Chances are you'll see a clause that either allows this in a generic fashion, or more likely allows applicants to be denied "based on their ChexSystems (or similar service) banking records or history". Guess what? The number of accounts a person starts, or ends, per a certain time period, is as much a part of their banking records and history, as is the number of checks they have bounced (if any).
anonymous   |     |   Comment #21
Re #12, 111, our ChexSystems report showed very little activity. Actually, over the years we have become very judicious with opening new accounts. PurePoint seemed like a good choice because of consistently high rates. But, surprisingly we were denied (first time this happened). After a few phone calls, they said it was due to some problem (maybe on their side) and that they would try to get us approved by some more phone calls, but by that time we had lost interest.
8237   |     |   Comment #15
#9, #12 that happened to me at memory bank even with a 836 credit score, and there was absolutely nothing in the chexsystem report. In my case memory bank was using chexsystem and some other public record but they refused to tell me what/where the public information source was. They finally approved my application after 7 tries but I still do not know what they saw or where it came from in order to dispute or fix the problem.
#16 - This comment has been removed for violating our comment policy.
#17 - This comment has been removed for violating our comment policy.
Luvcd   |     |   Comment #18
See https://www.depositaccounts.com/blog/chexsystems.html
#19 - This comment has been removed for violating our comment policy.
anonymous   |     |   Comment #22
I understand that a bank can basically decide not to do business with someone, that is their right. But it's just not very smart on their side to deny someone with good financial responsibility.
Luvcd   |     |   Comment #23
Good financial responsibility may be in the eyes of the beholder...but if based upon incomplete/incorrect info it is “your” responsibility. ??
anonymous   |     |   Comment #24
Re #23, Luvcd, I understand that PurePoint may have made their decision based on incomplete/incorrect information. But if more than a dozen other banks/CUs that I have banked with could get it right, then why not PurePoint? In the meantime, I have opened accounts with other new banks with no problem.

I have thought for a while to try to work with PurePoint to clear whatever obstacle stood in the way of getting approved for an account ... because they do have very good rates and a good reputation. But then I decided that it's just too risky for me to have accounts at a bank that initially denied me.
RonPaul   |     |   Comment #3
I decided not to use this bank due to multiple negative reviews saying that they may refuse large external transfers. In other words, they make it difficult to take your money out.
Matt83   |     |   Comment #6
I've taken over 100k once and 60k once no problem. They did call on the 100k to verify it was me and that I transferred the money. But I appreciate that and have no issue.
Anon   |     |   Comment #7
Let's say you create a link to an account at an external financial institution and verify it (may be trial deposits or login credentials). For your first transfer from Purepoint to that account, Purepoint will contact you to verify that you initiated the transfer. They will not contact you on subsequent transfers to that account.

Purepoint has very generous inbound/outbound external transfer limits. I wish I had so much money that their limits were an actual constraint.

Purepoint is the most professional financial institution I've ever dealt with. Customer service and online banking are absolutely top notch ... and I've dealt with Penfed and Alliant.

Citi and HSBC have the worst customer service I've ever experienced.
zz   |     |   Comment #8
I was one of those negative reviews. They called me to verify that it was me and still would not move the money. I called them back after the money did not move and they said they'd take care of it but also asked me to call again the next morning to make sure. I had to go through all the questions again the next morning before the money moved.

Based on this, I decided to move all but $10,000 our of the account. The same thing happened again. I really should close the account as I'm not using it as I don't trust them to move money out when I need it. Granted I was moving large sums of money both times but I've never had that much trouble with any other bank ever, even when moving large sums.
julie   |     |   Comment #11
I transfered close to 250k out of the bank twice with no issues. They did call to verify.
Anon   |     |   Comment #10
All you wealthy guys need to first find out the ach policy of your bank of choice, before you create an account with them. They never say a word when I move my measly 5k around.
Scott   |     |   Comment #25
Smart move purepoint. This is just enough to justify moving all your money out of ally when the promo period ends in a few days to let sit for the next promo...
PurePoint Financial Ups Online Savings Rate
Deal Summary: Online Savings, 2.15% APY, $10k minimum deposit

Availability: Nationwide (internet bank)

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.

This is only the sixth rate hike since the PurePoint Online Savings account was introduced in February 2017. The four...

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Availability: Nationwide

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...

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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.

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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
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....

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