Survey: Less Than 15 Percent of Americans
are Comfortable with Their Savings; 74 Percent Think They
Should Save More
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.
Americans 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 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 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 20162 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170223005585/en/
for PurePoint FinancialSierra Wilson,
213-236-5329Sierra.wilson@purepoint.comorElizabeth Dixon,
415-229-7685Elizabeth.Dixon@edelman.com
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