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PurePoint Financial Review 2022

Published December 2021 by Liz Hund

AT A GLANCE
3.6

Bankrate Score

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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.

  • Savings
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    4.7
  • CDs
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    3.3
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Citizens Access

    Member FDIC

    Savings account

    1.75 % APY

    $ 5,000

    Min. balance for APY

    Synchrony Bank

    Member FDIC

    Savings account

    1.65 % APY

    $ 0

    Min. balance for APY

    Barclays

    Member FDIC

    Savings account

    1.65 % APY

    $ 0

    Min. balance for APY

    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

    • PurePoint offers a range of CD terms.

    • The bank has three penalty-free CDs.

    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

    4.7

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Citizens Access

    Member FDIC

    Savings account

    1.75 % APY

    $ 5,000

    Min. balance for APY

    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

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

    • There are no monthly service charges.

    What we don't

    • An ATM card isn’t available.

    • There are lower minimum balance requirements elsewhere.

    • Balances less than $10,000 earn a significantly lower APY.

    CD rates

    3.3

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.50 % APY

    20mo

    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.

    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

    • PurePoint offers most of the standard CD terms.

    • It also offers a no-penalty CD.

    What we don't

    • The high $10,000 minimum deposit could be a barrier for some savers.

    • Savers can find higher APYs at other online banks.

    • 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.

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    About the author Liz Hund is a social producer at Bankrate and occasionally writes special features on-site with a social-first angle. Her writing has been featured on MSN, Business Insider and in various local publications. In the media MSN Business Insider The Points Guy