PurePoint Financial Review 2019
At Bankrate, Mary Wisniewski writes on a variety of fintech and banking subjects. Previously, she covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and an espresso machine.
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).
The Bankrate editorial team compiles publicly-available company data as well as information from the government organizations like the Federal Deposit Insurance Corp. for our review of each financial institution. App ratings are obtained from iTunes and Google Play. The interest rates, branch densities, fee amounts and other data was collected in fourth quarter 2018 and first quarter 2019.
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
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
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
Savings accounts available from other banks
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.
