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PurePoint Financial Review 2022
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
Savings account
Overall
3.6
Bankrate Score
PurePoint is an online-only bank that offers a savings account and a range of CD terms, including no-penalty CDs.
What we like
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PurePoint offers a range of CD terms.
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The bank has three penalty-free CDs.
What we don't
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There are more competitive rates available elsewhere.
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PurePoint Financial does not yet offer a mobile app.
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Product selections are limited to CDs and savings.
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The minimum to open a savings and CD account is high.
Savings accounts
4.7
Bankrate Score
Member FDIC
Savings account
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.
What we like
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The account offers a competitive APY compared to the national average and other online banks.
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There are no monthly service charges.
What we don't
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An ATM card isn’t available.
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There are lower minimum balance requirements elsewhere.
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Balances less than $10,000 earn a significantly lower APY.
CD rates
3.3
Bankrate Score
Member FDIC
CD
PurePoint Financial offers average yields on its various CD terms along with a high minimum deposit requirement of $10,000 to open an account.
Account holders who fund a CD within 10 days of submitting an application are guaranteed the best rate available. The early withdrawal penalty — regardless of CD term — is 181 days of simple interest.
What we like
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PurePoint offers most of the standard CD terms.
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It also offers a no-penalty CD.
What we don't
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The high $10,000 minimum deposit could be a barrier for some savers.
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Savers can find higher APYs at other online banks.
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The bank’s five-year CD was just below the national average APY at the time of Bankrate’s review.
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.
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