PurePoint Financial Review 2021

Published January 2021 by Liz Hund

AT A GLANCE
3.5

Bankrate Score

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PurePoint is a good option for customers searching for an online-only bank that offers a savings account and CD.

  • Savings
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    4.8
  • CDs
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    3.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    CIT Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 100

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Overall

    3.5

    Bankrate Score

    PurePoint is an online-only bank that offers a savings account and a range of CD terms.

    What we like

    • PurePoint offers range of CD terms, including a penalty-free term.

    What we don't

    • 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.

    Savings accounts

    4.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    The PurePoint Financial Online Savings account offers an APY that's well above the national average. 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.

    What we like

    • The account offers a strong APY compared to the national average.

    • There are no monthly service charges.

    What we don't

    • An ATM card isn’t available for the account.

    • There are lower minimum balance requirements elsewhere.

    CD rates

    3.1

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    PurePoint Financial offers average yields on its various CD terms along with a high minimum deposit requirement of $10,000 to open an account.

    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

    • PurePoint offers most of the standard CD terms.

    • It also offers a no-penalty CD.

    What we don't

    • The high minimum deposit could be a barrier for some savers.

    • Savers can find higher APYs at some other online banks.

    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. Eastern on weekdays.

    It doesn’t yet offer digital budgeting tools. However, the bank does publish 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.

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund is a social producer at Bankrate who occasionally writes articles on-site. She was previously a writer at The Points Guy, where she covered all things travel ranging from the latest news to credit card reviews. Her writing has been featured on MSN, Business Insider and in various local publications. She graduated from the University of Missouri School of Journalism. Money has always been something that’s excited Liz, particularly when it comes to maximizing it. Growing up, her biggest money motivator was her desire to travel, which led her to become a point and miles enthusiast. Through lots of research and experience, Liz has been able to visit many beautiful destinations. Seeing how this knowledge benefited her, she became inspired to share her knowledge with others, which journalism and social media allowed her to do. Her goal is to get others as excited about maximizing their money as she is by creating digestible and engaging content on the otherwise intimidating and hard-to-understand topic of finance.