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).
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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
4.3/5
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
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
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.
