PurePoint Financial Review 2020

Published April 2020 by Mary Wisniewski

AT A GLANCE
3.5

Bankrate Score

bank-logo

Top CD rates

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

  • Savings
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.3
  • CDs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    2.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Axos Bank

    Member FDIC

    Savings account

    0.61 % APY

    $ 250

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Wealthfront

    Member FDIC

    Checking account

    0.35 % APY

    $ 1

    To open

    $ 0

    To avoid fees

    Overall

    3.5

    Bankrate Score

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

    What we like

    • The savings account offers some of the highest APYs.

    • Offers range of CD terms.

    What we don't

    • PurePoint Financial does not yet offer a mobile app.

    • It doesn’t offer checking accounts.

    • The minimum to open a savings account is high.

    Savings accounts

    4.3

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Savings account

    0.61 % APY

    $ 250

    Min. balance for APY

    The PurePoint Financial Online Savings account is in the top-tier of highest APY accounts; however, you will need to deposit a minimum of $10,000 to earn this APY. Also, the account doesn’t come with an ATM card. If your balance is going to go under $10,000, this isn’t the right account for you.

    What we like

    • 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.

    What we don't

    • 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.

    CD rates

    2.8

    Bankrate Score

    PurePoint Financial offers one of the highest yields 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.

    What we like

    • Interest is compounded daily and paid monthly.

    • PurePoint offers some of the nation's top-yielding CDs.

    • The bank offers most of the standard CD terms.

    What we don't

    • High minimum deposit could be a barrier for some savers.

    • Early withdrawal penalty is harsh for customers with short-term CDs.

    Bank experience

    PurePoint Financial is an online-only bank. You can also interact with the bank on the phone.

    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.

    About PurePoint Financial

    PurePoint Financial is a division of MUFG Union Bank and offers savings accounts as well as certificates of deposit. PurePoint is an online-only bank.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate and occasionally 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.