PurePoint Financial - Everything You Need to Know
A "savings-only" bank that offers high-interest
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Who is Pure Point Financial For?
PurePoint Financial is a good bank for people who want competitive interest rates on savings and CDs and can afford to maintain high balances.
The bank offers an online savings account and certificates of deposit with some of the highest interest rates in the United States. (It’s currently paying 2.35% APY on a savings account and as much as 3.10% APY on CDs.)
PurePoint is a good fit for people comfortable banking online, though the lack of a mobile app could be a drawback for some.
The lack of a checking account or loan products makes it a good fit for customers who already have an account at another full-service financial institution. In fact, PurePoint requires an existing bank account routing number to open an account.
PurePoint is marketed as the “savings-only” division of MUFG Union Bank, which is owned by the Mitsubishi UFJ Financial Group, based in Japan.
Types of Accounts
PurePoint Financial offers the following types of accounts in the U.S.:
- Online Savings Account
- Certificates of Deposit
All PurePoint Financial bank accounts are FDIC-insured up to $250,000. All you need in order to apply for an account are a home address, a social security number, a bank account and routing number from an existing external account, and a valid email address.
PurePoint can be found online at purepoint.com and customers can call 1-885-488-7873 between 8 a.m. and 9 p.m., Monday through Friday.
Customers can deposit money into PurePoint Financial accounts using the following methods:
- Online funds transfer: You can use online banking to link an outside account to your PurePoint deposit account. You will need the bank routing and account number of the outside bank account.
- Mobile check deposit: Using the bank’s mobile website, you can make a deposit of a check by photographing the image of the check.
- Deposit check at Financial Center: PurePoint has 21 centers with a kiosk that accept check deposits.
- Mailing a check: Customers can write and endorse a check and mail it to: P.O. Box 870, Glendale AZ 91209.
- Wire transfer: PurePoint accepts domestic wire transfers from other bank accounts. International wire transfers are not allowed.
PurePoint offers a single online savings account. Its interest rate is among the best in the nation for those accounts with $10,000 or more.
For balances between $0 and $9,9999, PurePoint pays 0.25%. Those with more than $10,000 earn an interest rate of 2.32% and an annual percentage yield of 2.35 percent.
Interest is compounded daily and paid monthly.
There are no minimum balance requirements and no monthly maintenance fee, though customers can be charged $10 if they make more than six transfers to or from the account in a single statement period. (The six-transaction restriction is federal law.)
Certificates of Deposit
PurePoint Financial offers certificates of deposit (CDs) with interest rates that are among the best in the nation. With CDs, you can earn higher interest rates than typical savings accounts if you allow your money to be held at the bank for a specific term. PurePoint offers higher rates for longer terms, but requires a minimum balance of $10,000. All interest compounds daily and is paid monthly.
PurePoint offers a Best Rate Commitment. This means that customers who fund a new CD within 10 days of completing an application will receive the best rate offered during that 10-day period.
Customers must pay a penalty if they withdraw money before the term is up. Pure Point charges 181 days of simple interest on the amount being drawn.
CDs will automatically renew for the same term and interest rate in effect upon maturity, unless the customer intervenes. There is a 10-day grace period to make a change.
Here are the rates for PurePoint Financial CDs:
|Term||Interest Rate %||APY %|
PurePoint Financial offers the following features to allow customers to bank without the need for a physical branch.
- Online banking: All banking can be done online, including opening and closing an account, the checking of account balances, and transfers of money between internal and external accounts.
- Mobile website: Offers most of the same functionality as the desktop site, along with mobile check deposit. Works on most smartphones and tablets.
PurePoint does not currently have a dedicated mobile app.
PurePoint has no minimum balance requirements and no monthly maintenance fee. However, customers may still be subjected to fees.
Possible fees include:
- Outgoing wire transfer: $25.
- Account research: $25
- Expedited delivery fee: $15
- Excessive transaction fee (no more than six transactions in a statement period): $10 per transaction above the limit
Accessing your account with PurePoint requires an e-mail address and password. PurePoint advertises “industry standard” encryption and requires multi-factor authentication for certain transactions. (This means the bank may e-mail or end a passcode to a separate device, such as your cell phone, so that they know it’s you.) Customers are logged out of their accounts after a period of inactivity.
About Pure Point Financial
PurePoint Financial is the online “savings-only” division of MUFG Union Bank, which is itself a subsidiary of Mitsubishi UFJ Financial Group.
PurePoint began operations in February of 2017, advertising itself as a “hybrid-digital” bank. It was created in response to the relatively low savings rate of many Americans. By eliminating checking accounts, loans, and other services, the company claims it is able to keep costs down and offer higher interest rates.
Mitsubishi UFJ Financial Group is based in Chyoda, Japan and is the world’s fifth-largest bank with more than $2.7 trillion in assets. MUFG Union Bank has reported assets of $123.8 billion as of June 2018.
The Bottom Line
BENEFITS PurePoint advertises itself as a “savings-only” bank and it delivers on that promise. It offers just two products—a savings account and CDs—with some of the best interest rates in the nation.
It’s easy to fund an account by linking to another bank, and it’s possible to bank entirely online on the PurePoint website or mobile site.
There are no account minimum balances and no maintenance fees, so customers will get to keep their money and watch it grow.
PurePoint does not have a robust network of branches and ATMs, but does have 21 financial centers in three states that offer some level of personal customer service.
DRAWBACKS PurePoint lacks many of the products and services of full-service banks. There are no checking account options, and no loan, insurance, or retirement products.
Customers are unable to access their money at an ATM, as PurePoint does not have an ATM network or offer debit cards. The bank has some financial centers, but they are limited in number. There is also no dedicated PurePoint mobile app.
Accessing the bank’s best interest rates requires a $10,000 minimum balance on the savings account, and it’s not even possible to open a CD unless you have that amount.