PurePoint Financial Review 2022
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At a glance
CDs
Savings
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PurePoint Financial is an option for customers searching for an online-only bank that offers a savings account and a selection of CDs.
Highlights
Overall
PurePoint is an online-only bank that offers a savings account and a range of CD terms, including no-penalty CDs.
Pros
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PurePoint offers a range of CD terms.
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The bank has three penalty-free CDs.
Cons
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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.
PurePoint Financial bank products
PurePoint Financial savings overview
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
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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.
Cons
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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.
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
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.
