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PurePoint Financial Review 2023

Updated January 27, 2023
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At a glance

2.9
Rating: 2.9 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.1 stars out of 5

Savings

Rating: 2.9 stars out of 5

About Bankrate Score

Overview

PurePoint Financial is an option for customers searching for an online-only bank that offers a savings account and a selection of CDs.

Highlights

  • No Monthly Fees
Compare offers
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

PurePoint is an online-only bank that offers a savings account and a range of CD terms, including no-penalty CDs.

Pros

  • Checkmark

    PurePoint offers a range of CD terms.

  • Checkmark

    The bank has three penalty-free CDs.

Cons

  • There are more competitive rates available elsewhere.

  • PurePoint Financial does not yet offer a mobile app.

  • Product selections are limited to CDs and savings.

  • The minimum to open a savings and CD account is high.

PurePoint Financial bank products

2.9
Rating: 2.9 stars out of 5
Bankrate Score

PurePoint Financial savings overview

The PurePoint Financial Online Savings account offers an APY that's above the national average, but it requires a minimum $10,000 deposit to earn it.

Balances below $10,000 earn a yield less than the national average. The APYs on PurePoint’s two balance tiers aren’t competitive for an online bank. Consumers with less than $10,000 in savings can find better yields at other online banks.

The account doesn't offer an ATM card.

PurePoint Financial’s Bankrate Score for savings declined from a 4.7 in 2022 to a 2.9 in 2023.

Pros

  • Checkmark

    The account offers a higher APY than the national average.

  • Checkmark

    There are no monthly service charges.

  • Checkmark

    The bank doesn’t have fees on incoming domestic wire transfers.

Cons

  • The APY on its savings account isn’t competitive with most online banks.

  • An ATM card isn’t available.

  • There are lower minimum balance requirements elsewhere.

  • Balances less than $10,000 earn a significantly lower APY.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

Bank experience

PurePoint Financial is an online-only bank that offers a savings account as well as a selection of certificates of deposit that include three terms of no-penalty CDs. All accounts require a $10,000 minimum opening deposit. PurePoint is a division of MUFG Union Bank, itself a subsidiary of Mitsubishi UFJ Financial Group, one of the largest banks in the world.

You can reach PurePoint Financial from 9 a.m. to 7 p.m. Eastern during the week.

About PurePoint Financial

PurePoint Financial is an online-only bank that offers savings accounts as well as a selection of certificates of deposit that include three terms of no-penalty CDs. All accounts require a $10,000 minimum opening deposit. PurePoint is a division of MUFG Union Bank, itself a subsidiary of Mitsubishi UFJ Financial Group, one of the largest banks in the world.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.