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.

1.40*%$10k-PurePoint FinancialOnline Savings
OTHER TIERS: 0.25% Up to $10k
Accounts mentioned in this post. Rates as of December 14, 2017.

This is the second time PurePoint Financial has increased its savings account rate. The last time was on August 4th when the rate increased from 1.25% to 1.30% APY. This latest rate increase puts PurePoint Financial’s savings account near the rate leaders of online savings and money market accounts. Only two banks are offering a higher savings account rate, and only two banks are offering a higher money market rate (with no balance cap). PurePoint Financial joins two other internet banks to offer 1.40% APY on their savings accounts.

My February blog post contains a fair amount of information about this new internet bank, but there are couple points mentioned in PurePoint Financial’s FAQs that bear repeating:

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 quite interesting, because PurePoint Financial 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.

PurePoint Financial’s CDs

PurePoint Financial also increased its CD rates today, but the rates are still far behind the rate leaders. When I first wrote about PurePoint Financial in February, it was offering competitive rates on its four CDs. In fact, PurePoint’s 12-month CD rate was a rate leader, but that has changed. You can view the latest rates in the CD section of our PurePoint Financial hub page.

One thing to note about PurePoint Financial is that they have been offering higher CD rates at some of its financial centers. These have been advertised in the metro areas where the financial centers are located. An ad in the Chicago Tribune and an ad in the Sun Sentinel (South Florida) both were listing an 18-month CD with a 1.75% APY.


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 18 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, and Sugar Land.

Note, new financial centers are coming soon to Boca Raton, FL; Brooklyn, NY; and The Woodlands, TX.

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 3.24% (excellent), based on June 30, 2017 data. The Bank has an excellent capitalization level (14.54%), the result of holding $116.17 billion in assets with $16.97 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

Just last month a 1.40% APY would have been at the top for nationally-available savings accounts. Now it takes 1.50% APY to be a rate leader. Nevertheless, 1.40% APY is still very competitive with only a few banks offering higher savings account and money market rates.

When compared to the 207 Savings Accounts and 180 Money Market Accounts that are nationally available and without small balance caps, PurePoint Financial’s Online Savings APY currently ranks fifth.

The above rates are accurate as of 11/10/2017.

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. To find the best accounts in your area, please refer to our new Rates Map page.

Related Pages: savings accounts, nationwide deals, Internet banks

Kaight   |     |   Comment #1
Sweet. Thank you, Ken, for posting this news. I did not know.
midas89   |     |   Comment #2
I like PurePoint since I opened an account back when they went Online. Easy to add Beneficiaries. Easy to transfer money in and out...with good transfer limits. And now that they're 1.4%, I like them even better.
zz   |     |   Comment #4
Easy to transfer in, hard to get your money out. I had to call back 3 days in a row to get money out of money account. 1st day I called about nothing happening they apologized and said I'd see it the next day. The 2nd day I called they were sorry and told me to call back the morning of the 3rd day to make sure. The 3rd day they reversed it again, for no reason. It was good I called. A week later I withdrew all but the 10K minimum, "only" required 2 calls this time. I kept the account open as they do have good rates and the online experience is good but I'm too scared off not getting money out when I need it to put it in. If you're not in a rush to get your money out, it's ok.
Kaight   |     |   Comment #6
My withdrawals from PurePoint have been via ACH pull, with the ACH transfer initiated at Alliant. Everything has always been next day. The money shows up at Alliant the next day. I have used this withdrawal mechanism a number of times.

Success or failure (including delays) of money transfers depends strongly on WHERE the transfer is initiated, and how. You did not provide either of those pivotal details. So I don't know whether to be concerned, or not.

Let me add that if PurePoint ever fails to fulfill an ACH pull request, initiated at Alliant, I will post that outcome here PRONTO!! But such as that has not happened to me so far.
Anon   |     |   Comment #3
Is this the same bank as The Bank of Tokyo-Mitsubishi UFJ, Ltd.?
Ken Tumin
Ken Tumin   |     |   Comment #5
PurePoint Financial is a brand name of MUFG Union Bank, N.A. The bank is part of the Mitsubishi UFJ Financial Group, a bank holding company based in Tokyo.
Sperry8   |     |   Comment #7
Finally! Took them long enough to get back in among the rate leaders. But better late than never
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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