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PurePoint Financial Review 2022

Updated December 2, 2022
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At a glance

3.6
Rating: 3.6 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.3 stars out of 5

Savings

Rating: 4.7 stars out of 5

About Bankrate Score

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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

Compare offers
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 3.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 3.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 3.6 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

4.7
Rating: 4.7 stars out of 5
Bankrate Score

PurePoint Financial savings overview

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

Balances below $10,000 still earn a yield higher than the national average, but the APY on that balance tier isn’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.

Pros

  • Checkmark

    The account offers a competitive APY compared to the national average and other online banks.

  • Checkmark

    There are no monthly service charges.

Cons

  • 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
3.00
%
APY
Rating: 3.6 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

PurePoint Financial is an online-only bank, but the digital experience ends there. It offers neither a smartphone app nor digital budgeting tools — and not even an ATM card for its savings accounts. Customers can reach a representative by phone 9 a.m. to 7 p.m. Eastern time, weekdays, but weekend hours aren’t offered.

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 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.