PurePoint Financial Review 2019

PurePoint Financial Logo

3.4/5

For consumers looking to do most of their banking online and get a top-tier APY for their savings account, PurePoint Financial is a good option to consider.

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Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).

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When a financial firm offers more than one checking, savings or MMA accounts, Bankrate reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.

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About PurePoint Financial

PurePoint Financial is a division of MUFG Union Bank and offers savings accounts as well as certificates of deposit. While PurePoint is primarily an online-only bank, it also makes available 22 financial centers in Chicago, Dallas, Houston, Miami, New York and Tampa.

It’s good for getting top-tier APY on savings accounts if you have $10,000 to stash away. You’ll have to look elsewhere for checking accounts, however.

 Pros

  • The savings account offers some of the highest APYs.
  • Customers in select cities have access to a financial center they can visit in person.

 Cons

  • PurePoint Financial does not offer a mobile app.
  • It doesn’t offer checking accounts.
  • The minimum to open a savings account is high.

PurePoint Financial Services

Savings Rating

4.3/5

The PurePoint Financial Online Savings account is in the top-tier of highest APY accounts, but you do need a minimum of $10,000 to earn this APY. Also, the account doesn’t have an ATM card available. If your balance is going to go under $10,000, this isn’t the right account for you since you’ll only earn an APY that’s twice the national average.

 Pros

  • One of the highest APY savings accounts available.
  • There are no monthly service charges.
  • The account keeps it simple — all you have to do is keep more than $10,000 in the account. Some banks, especially traditional brick-and-mortar institutions have stipulations (a minimum amount of monthly transactions in a checking account, a linked checking account, etc.). PurePoint does not.

 Cons

  • There are still some savings accounts with a higher APY.
  • An ATM card isn’t available for the Online Savings account.
  • There are lower minimum balance accounts that have a higher APY.

PurePoint Financial Savings

2.00 % APY
Savings
$10,000
MINIMUM BALANCE FOR APY

Savings accounts available from other banks

CDs Rating

4.5/5

PurePoint Financial offers one of the highest yields available in the market, but the minimum deposit to open an account is on the higher end of the spectrum ($10,000). When you fund a CD within 10 days of submitting an application, you’re guaranteed to get the best rate that’s available. The early withdrawal penalty — regardless of the length of the CD term — is 181 days of simple interest.

 Pros

  • Interest is compounded daily and paid monthly.
  • PurePoint offers some of the nation top-yielding CDs.
  • The bank offers most of the standard CD terms.

 Cons

  • High minimum deposit could be a barrier for some savers.
  • No special types of CDs offered.
  • Early withdrawal penalty is harsh for customers with short-term CDs

CDs available from other banks

2.25% APY
$500 MIN DEPOSIT
2.45% APY
$2,000 MIN DEPOSIT
2.45% APY
$2,500 MIN DEPOSIT
Bank Experience Rating

1.5/5

PurePoint Financial calls itself a hybrid digital bank since it has 22 financial centers in Chicago, Dallas, Houston, Miami, New York and Tampa. These centers are cashless but they do include self-service kiosks where you can make deposits into your accounts. While it doesn’t have weekend hours to talk to representatives at the bank, you can call bank representatives from 8 a.m. until 9 p.m. (EST) on weekdays. It doesn’t yet offer digital budgeting tools. However, it does make available a calculator on its website to help you compare rates. The bank also publishes articles and other resources about saving.

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