Get 1.90% APY — among the highest out there — with this high-interest online account.
You’ve decided to invest in your future by opening a savings account. The problem: Not all savings accounts are created equal. With varying interest rates and APYs, initial deposit requirements and maintenance fees, it’s hard to know which account fits your individual saving needs.
We review an online savings account option with PurePoint Financial to help you make an informed choice.
What is PurePoint Financial known for?
PurePoint Financial is a savings-only division of MUFG Union Bank, a full-service bank headquartered in New York City and with 398 branches across California, Washington and Oregon.
PurePoint Financial exclusively offers savings accounts and CDs with high interest rates, coupling online banking with in-person customer service at their PurePoint Financial Centers.
What are the benefits of a savings account with PurePoint Financial?
Opening an online savings account with PurePoint Financial has several advantages:
- Up to 1.90% APY. On balances of $10,000 or more, receive 1.90% APY. On balances of $9,999 or less, the APY drops to 0.25%.
- No account fees. This account comes with no maintenance fees.
- Daily compounded interest. Interest on your savings is compounded daily and credited monthly.
- PurePoint Financial Centers. Though a digital bank, PurePoint offers in-person consultations with savings professionals to help you meet your savings goals.
What's the difference between an interest rate and an APY?
Your interest rate is the simple interest you’re paid on an account or an investment over the period of a year. For example, if you’ve invested $1,000 into an account that comes with 1% interest, you’ll have earned $10 on that investment at the end of a year.
The annual percentage yield is a bit trickier. An APY is an effective annual rate of return that takes into account the effect of compounding interest over a year. In short, it’s the interest rate compounded monthly over the course of a year. Learn more about savings accounts.
What should I look out for?
The PurePoint Financial savings account offers smart ways to save, but keep a few factors in mind before you apply:
- Minimum deposit. Opening a savings account with PurePoint Financial requires a $10,000 minimum deposit.
- Tiered interest rates. To benefit from the competitive 1.90% APY, you must maintain a minimum balance of $10,000 — otherwise, your savings accrue only 0.25%.
- Limited monthly transactions. You can make up to six transactions from your account monthly before you’re assessed a $10 excess activity fee or even closure of your account.
- No ATM access. You’re limited to electronic transactions and wire transfers only.
What other savings options does PurePoint Financial offer?
Specializing in high-interest savings options, PurePoint Financial also offers flexible-rate FDIC-insured certificates of deposit.
CD terms range from 12 to 36 months with APYs of 1.35% to 1.65%. A minimum deposit of $10,000 is required to open an account. Open your account with an online funds transfer, mobile deposit, wire transfer or by mailing a check.
Bank On community program helps underserved families in need
MUFG Union Bank, PurePoint Financial’s parent company, participates in the national Bank On initiative — a program designed to provide underserved communities with flexible banking solutions.
Participating banks offer low or no-cost accounts and financial assistance to unbanked individuals who wish to access financial services.
The PurePoint Financial savings account offers a competitive 1.90% APY and access to savings professionals to guide your banking experience.
If you’re able to meet the initial $10,000 deposit requirements and are looking for in-person assistance to guide your goals, the PurePoint Financial savings account could be a solid choice for your savings.