MUFG Union Bank has launched a new hybrid digital retail bank in the US, dubbed PurePoint Financial.
The new venture is built on a new platform and will offer savings accounts and certificates of deposit (CDs), with a savings rate of 5.4%.
However, it will not offer checking accounts, loans and other services to minimise operational costs.
PurePoint Financial Centers have now opened in Dallas, Tampa and South Florida, with more such centres expected to launch in Chicago, Houston and New York by this year end.
PurePoint Financial president Pierre Habis said: “It’s clear that Americans want and need to save more. 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.”