PurePoint Financial Ups 12-Month Online CD


Deal Summary: Online CDs – 12-month (2.60% APY) and 18-month (2.70% APY), $10k minimum deposit.

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 caps. In the past 18 months, PurePoint’s CDs have offered competitive rates and have been regularly featured in DA’s bi-weekly CD Rates Summary.

2.80%$10k-PurePoint Financial24 Month Online CD
2.70%$10k-PurePoint Financial18 Month Online CD
2.60%$10k-PurePoint Financial12 Month Online CD
Rates as of September 25, 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simple interest at the rate being paid on the amount withdrawn.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 also offers a “Best Rate Commitment” on its CDs. The fine print on the promotion page reads,

When you fund your new CD within 10 days of a completed application, you will
receive our best rate offered during that 10-day period for the same product and term

Thanks to DA reader, SYC, for this morning’s Forum post about PurePoint Financial’s latest CD rate increases.


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.

Online Savings

When I last wrote about PurePoint’s Online Savings account at the end of May, its 1.90% APY ranked second when compared to nationally available savings accounts. A lot of savings account rate increases have occurred in the past 2½ months, with PurePoint’s Online Savings APY remaining static. When compared to the nationally available Savings Accounts tracked by DA, there are now five other savings accounts offering a higher APY than offered on PurePoint’s Online Savings.

1.90*%$10k-PurePoint FinancialOnline Savings
OTHER TIERS: 0.25% Up to $10k
Rates as of September 25, 2018.


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 22 Financial Centers located in,

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.

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 1.94% (excellent), based on March 31, 2018 data. The Bank has an excellent capitalization level (13.94%), the result of holding $120.91 billion in assets with $16.85 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 CD Compares

When compared to the 219 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 currently ranks second.

When compared to the 170 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 18-month Online CD APY currently ranks second. FYI – the top APY in this category is offered by Union Bank, PurePoint’s parent company.

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 8/10/2018.

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

RJM   |     |   Comment #1
Hopefully, this gets some other banks to up their 1 year CD rates.

I want 3% for a 1 year CD or I am content to let it sit in my 2.26% money market acct. (Northern)
Matt   |     |   Comment #2
Purepoint has really impressed me. They are a new comer to the online banking market. They launched about a year and a half ago and from the jump they have been among market leaders in their rates. I've been with them for over a year never had an issue. Every time I've had to call they awnser quickly and always polite and professional.
klink   |     |   Comment #3
Again, nothing here or in the banks disclosures on how to get your money back when a CD matures. The only thing mentioned is a "grace" period time frame and the procedure on what happens. Doesn't say call or mention snail mail, transfer back to funding account or whatever.
klink   |     |   Comment #4
My bad. Further investigation revealed that upon maturity a phone call or written letter will get your funds back to you via a certified check unless you have an account linked to them.
Mike   |     |   Comment #5
Be careful with PP. I opened 4 CDs and they pulled 4 separate credit reports from Chexystems. This caused my Chexystems credit score to significantly drop, and now I am having problems opening additional CDs when the institutions use Chexystems.
RJM   |     |   Comment #6
How do you know this? Did they tell you this? Does Chexsystems have a way to check your score or anything?

I had a problem way back when opening an account after opening others but in the last 7 months, I think I have opened 6 or 7 new accounts and have not been denied once.

Usually chexsystems reports when you **** banks. When i was in my mid 20s, I had a bad chexsystems from what it said was me ****ing over an S&L.

In reality, they started charging a fee for a small savings account and wiped it out. When I went to close out the account, the told me about the fee, I raised cane and they gave me the $25 or $50 or whatever small amount was in there. Then the S&L goes under and I did not think it affected me...for a few years and then I needed to open a business checking account. And that account showed up.

I was able to get the branch manager to override it with a copy of my credit report, brokerage statement and a few thousand in cash to open the account.

That was long ago.
Mike   |     |   Comment #7
Yes, Chexsystems provided me a full credit report and score per my request. There were no negative items on the report. It had the four accounts that I have PP plus a few others opened in the last five years. It is really ridiculous to pull a credit report when opening a CD. I can understand pulling a report for a checking account.

Chexsystems is just plain FUBAR.
RJM   |     |   Comment #8
I guess they figure many recent new bank accounts can be a marker for fraud or something?

I am at risk for this in the next few months too. Wish there was a way to know ahead of time if they check this.

In a rising rate environment, rate chasers need to be aware of this possibility. I appreciate you bringing it to your attention.
larry   |     |   Comment #10
That something would be if you are a account churner. Opening up a lot of accounts in a certain time frame for either a competitive rate at the time or account bonuses. It's a common problem for credit card churners that get a lot of hard pulls on their credit card report. They used to do a term called "apporama" where credit card churners applied for 2,3 or even 4 accounts on the same day around the same time and only get one hard pull. Haven't heard much from that line of thinking these days as the credit card companies have caught on. Of course if the economy goes into the tank it may reemerge as cc companies loosen the reins.
oldguy   |     |   Comment #9
not true I emailed them today and they said, they do not pull credit reports if you already have an account, they do credit report only for first account.
Mike   |     |   Comment #11
Not true! I opened 4 accounts and they pulled 4 credit reports. I called PP on this and they told me this policy (fine print) is outlined in the account disclosures.
RJM   |     |   Comment #12
I have seen others post they have had hard pulls at places where I know for a fact I did not. So in certain situations, maybe they use it as an additional form of ID or something?

I opened a bunch of new accounts in the last 6+ months and I do not have a single hard pull on my credit. But at least 2-3 people said they did.

Local CU
Heritage CU
Northern (2 accts)

Thinking back a good while back, I did get a hard pull at a different local credit union.

So there may be variables and only some people get hard pulls in certain situations?

Right now, Im worried that because of so many new accounts, I will be rejected by chexsystems or whatever for having too many new accounts the next time I chase a new CD deal.

That fear is part of the reason I did not go for the now dead 18 month at 3.15% or the 30 month at 3.56% that is still ongoing I think.

It would help if we knew more about the variables involved and could keep up with how close we are to being denied accounts.

My understanding from about 20 years ago was the bank or cu can choose their own limits as to how many recent new accounts they want to accept. And if the bank does not want to tell us as most don't we don't know where we stand with others.

The time I was rejected, I don't think I had a ton of new accounts though at the time but its been a very long time ago and I have not been rejected since.
RJM   |     |   Comment #13
Another variable might be a recent address change?

I have been at the same place for 15+ years now. Maybe the people getting hard pulls have less time at their addresses? Just speculating.
PurePoint Financial Online Savings Rate Jumps
Deal Summary: Online Savings, 1.90% APY, $10k minimum deposit. Online CDs – 12-month (2.30% APY), 18-month (2.50% APY), 24-month (2.75% APY), 36-month (3.00% APY), $10k minimum deposit.

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.

Continue Reading
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.

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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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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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