[February 23, 2017] |
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New Hybrid Digital Bank, PurePoint™ Financial, Pledges to Help Grow America's Personal Savings Rate
In response to a U.S. savings rate of just 5.4%1, PurePoint™
Financial, a new division of MUFG Union Bank, N.A., today revealed
its new hybrid digital bank aimed at committed savers. PurePoint
exclusively offers savings accounts and certificates of deposit (CDs),
combining the convenience of online banking with exceptional in-person
client service at PurePoint Financial Centers. This innovative model
enables PurePoint to deliver market-leading rates and an exceptional
client experience the way clients want to bank - online, over the phone
or in person.
Beginning today, PurePoint
Financial Centers are open to the public in Dallas, Tampa and South
Florida, with additional Financial Centers scheduled to open in Chicago,
Houston and New York by the end of 2017. Additionally, its
mobile-optimized website allows customers to compare the PurePoint
savings rates to those from other financial institutions.
When developing this new offering, PurePoint Financial listened to what
committed savers wanted - market-leading rates, the convenience and
around-the-clock access that comes from banking online, and the ability
to meet with a savings professional when they need to - and built its
business model around their needs.
"It's clear that Americans want and need to save more," said Pierre
Habis, President of PurePoint Financial. "That's why we are committed to
helping them save and we're determined to grow the personal savings rate
in the U.S. over the next five years. Our pledge is to help Americans
save conveniently, effectively and with results that will enable them to
realize their goals and dreams faster than they ever thought possible."
Built on a new platform, PurePoint Financial's business model eliminates
much of the paperwork and processes typically associated with a
full-service bank. By offering only savings accounts and eliminating
checking accounts, loans and other services, the company is able to
significantly reduce operational costs that translate into better rates.
American Want to Save More, and Do Better with a Goal in Mind
Not only is America's savings rate in decline, people know they should
be saving more and feel guilty about it. According to its "Saving Habits
in America" survey, PurePoint found that only 15 percent of Americans
are comfortable with their savings and 74 percent think they should be
saving more than they currently are. Furthermore, three out of four
Americans regret spending money they could have put into savings.
While less than one in seven Americans describe themselves as "power
savers," the survey found that those working toward a specific goal are
better at saving, with 50 percent citing a vacation as their primary
reason for saving. But there is still work to be done. While most
respondents (74 percent) are saving for a general emergency fund or nest
egg, 58 percent said an unexpected expense of $1,000 would be a "very
large financial burden or impossible to afford."
About the PurePoint Financial Centers
Each PurePoint Financial Center will offer a modern, streamlined and
cashless experience with a relatively smaller footprint than traditional
banks (2,000 square feet on average). Knowledgeable savings
professionals will be available to help answer questions about FDIC
insurance2 and how best to save.
"When you are saving to reach a financial goal, higher returns shouldn't
mean you must sacrifice personal attention or service," said Habis.
"Whether you call our Client Support Center or visit one of our
Financial Centers, you will experience truly personalized service to
help you reach your savings goals."
About the PurePoint Saving Habits in America Research
The PurePoint Saving Habits in America Research is an online survey of
3,015 adults (18+ years of age) in the U.S. 2,015 of the completed
surveys collected were nationally representative, with an additional 200
in each of the following designated market areas: Miami, Tampa, Houston,
Dallas, and Chicago. Data shown is from the nationally representative
sample. The research was commissioned by PurePoint Financial and
produced by independent research firm Edelman (News - Alert) Intelligence. The margin
of error for the total sample is +/-1.8 percentage points, +/- 2.2
percentage points for the nationally representative sample, and +/- 6.9
percentage points for each designated market area. Data was collected
Jan. 23 - Jan. 30, 2017 by Edelman Intelligence.
About PurePoint™ Financial
PurePoint Financial is a division of MUFG Union Bank, N.A., a proud
member of the Mitsubishi (News - Alert) UFJ Financial Group (MUFG), one of the world's
leading financial groups. As the next evolution in the financial
services industry, PurePoint is the modern way to save - online, over
the phone or in person. PurePoint offers market-leading CD and savings
rates, no monthly fees and all the flexibility and convenience of online
banking with 24/7 access from your computer, tablet or mobile devices.
PurePoint also offers Financial Centers at select locations staffed by
knowledgeable team members who are committed to delivering exceptional
service.
About MUFG Union Bank
MUFG Union Bank, N.A., is a full-service bank with offices across the
United States. We provide a wide spectrum of corporate, commercial and
retail banking and wealth management solutions to meet the needs of
customers. We also offer an extensive portfolio of value-added solutions
for customers, including investment banking, personal and corporate
trust, global custody, transaction banking, capital markets, and other
services. With assets of $115.6 billion, as of December 31, 2016, MUFG
Union Bank has strong capital reserves, credit ratings and capital
ratios relative to peer banks. MUFG Union Bank is a proud member of the
Mitsubishi UFJ Financial Group (NYSE: MTU), one of the world's largest
financial organizations with total assets of approximately ¥302.1
trillion (JPY) or $2.6 trillion (USD)3, as of December 31,
2016. The corporate headquarters (principal executive office) for MUFG
Americas Holdings Corporation, which is the financial holding company
and MUFG Union Bank, is in New York City. The main banking office of
MUFG Union Bank is in San Francisco, California.
1 Bureau of Economic Analysis, December 2016 2
As a division of MUFG Union Bank, N.A., deposits at PurePoint Financial
are combined with deposits at MUFG Union Bank, N.A. for FDIC insurance
purposes. 3 Exchange rate of 1 USD=¥116.49 (JPY) as of
December 31, 2016
PurePoint Financial is a division of MUFG Union Bank, N.A.
©2017 MUFG Union Bank, N.A. All rights reserved. Member FDIC. PurePoint
and the PurePoint logo are trademarks and brand names of MUFG Union
Bank, N.A.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170223005585/en/
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