PurePoint Financial Bank Review

Is PurePoint Financial a good bank?

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PurePoint Financial is marketed as the “savings-only” division of MUFG Union Bank and backed by the Mitsubishi UFJ Financial Group—the fifth-largest financial group in the world. PurePoint's competitive rates and no monthly fees make it an attractive option, though there are a few important drawbacks. Read our in-depth review to see if PurePoint's deposit accounts are a good fit for you.

What We Like, What We Don't Like

What We Like
  • Competitive interest rates

  • Variety of CDs to choose from

  • No maintenance fees

What We Don't Like
  • $10,000 minimum required for best rates

  • No ATMs

  • No mobile app

Who Is PurePoint Financial Best For?

PurePoint Financial is an online bank suited for customers who are looking to maximize their savings with competitive interest rates. It's also a good fit for people who:

  • Are comfortable banking online
  • Have the $10,000 required to open an account
  • Expect to maintain $10,000 or more to secure the best rates
  • Are looking to escape monthly maintenance fees
  • Don't mind keeping their checking account at a different bank

What Does PurePoint Financial Offer?

PurePoint Financial bills itself as a "savings-only" bank. As such, they only offer two products:

Online Savings

PurePoint's Online Savings account boasts a competitive 1.01% annual percentage yield (APY) as of June 15, 2020. The only catch is that you must maintain a minimum balance of $10,000 to receive that rate. Balances beneath that amount receive 0.25% APY. Interest is compounded daily and paid monthly.

There are no minimum balance requirements and no monthly maintenance fee.

Customers can be charged an excess activity fee of $10 for each transaction from the account in excess of six in a single statement period. (The six-transaction restriction is federal law.)

Other possible fees include:

  • Outgoing wire transfer: $25
  • Account research: $25
  • Expedited delivery fee: $15
  • Legal process fee: $100

All PurePoint Financial bank accounts are FDIC-insured up to $250,000.

Customers can deposit money into PurePoint Financial accounts using the following methods:

  • Check
  • Bank transfer
  • Wire transfer
  • Mobile deposit

However, you won't receive ATM cards with this account, so you can't withdraw your funds in cash.

Certificates of Deposit

PurePoint Financial offers Certificates of Deposit (CDs), too, though their rates on these aren't as high as some online-only banks.

With CDs, you agree that your money will be held at the bank for a specific term. PurePoint's rates vary depending on the length of the term, and each CD requires a minimum balance of $10,000. All interest compounds daily and is paid monthly.

PurePoint also offers a Best Rate Commitment, promising 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.

Here are the rates for PurePoint Financial CDs:

CD Rates
Term APY %
6 Months 0.50
12 Months 0.85
15 Months 0.85
18 Months 0.80
24 Months 0.75
30 Months 0.75
36 Months 0.65
48 Months 0.65
60 Months 0.50

Customers must pay a penalty if they withdraw money before the term is up. PurePoint 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.

PurePoint also offers No-Penalty CDs, which allow you to withdraw the total balance at any time after seven days of funding without penalty. As with the savings account and regular CDs, a minimum balance of $10,000 applies. Below are the no-penalty CD rates as of June 16, 2020.

No-Penalty CD Rates
Term APY %
11 Months 0.75
13 Months 0.70
14 Months 0.65

PurePoint Financial Customer Service

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, checking account balances, and transferring money between internal and external accounts.
  • Mobile website: It offers most of the same functionality as the desktop site, along with mobile check deposit, and works on most smartphones and tablets.

However, PurePoint does not have a dedicated mobile app.

PurePoint can be found online at purepoint.com and you can also reach them by calling 1-833-787-3764 between 8 a.m. and 9 p.m., Monday through Friday, or by sending a letter. You can also check their FAQs for help or send a secure message when you're signed in to your account.

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.

How to Bank With PurePoint Financial

To open an account with PurePoint Financial, apply online or call 1-833-787-3764. You'll need the $10,000 minimum deposit (have your account and routing number handy). You'll also need your Social Security number and home address.

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 competitive interest rates. It’s easy to fund an account by linking to another bank, and banking is done entirely online on the PurePoint site or by phone. There are no account minimum balances and no maintenance fees, so customers will get to keep their money and watch it grow.

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. There is also no dedicated PurePoint mobile app. Also, opening an account and accessing the bank’s best interest rates requires a $10,000 minimum balance.

Article Sources

  1. PurePoint Financial. "About Us." Accessed May 9, 2020.

  2. PurePoint Financial. "Online Savings." Accessed May 9, 2020.

  3. PurePoint Financial. "Personal Accounts Fee Schedule." Accessed May 9, 2020.

  4. PurePoint Financial. "A Guide to Our Savings Account." Accessed May 9, 2020.

  5. PurePoint Financial. "Online CD." Accessed May 9, 2020.

  6. PurePoint Financial. "A Guide to Our Certificates of Deposit." Accessed May 9, 2020.

  7. PurePoint Financial. "No-Penalty CD." Accessed May 9, 2020.

  8. PurePoint Financial. "Client Support." Accessed May 9, 2020.

  9. PurePoint Financial. "Online Security." Accessed May 9, 2020.

  10. PurePoint Financial. "Banking With PurePoint." Accessed May 9, 2020.