PurePoint Financial bank accounts

High APYs and high minimum deposits from this digital bank.

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PurePoint Financial

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As the savings-only online division of MUFG Union Bank, PurePoint Financial exclusively offers savings accounts and CDs with high interest rates. However, rates are tiered and you’ll need a minimum deposit of $10,000.

What banking products does PurePoint Financial offer?

Name Product Interest rate (APY) Fee Minimum deposit to open
PurePoint Financial Online Savings
Earn a high interest rate when you keep your balance at $10,000 or more.

Compare up to 4 providers

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
PurePoint Online CDs
PurePoint No-Penalty CDs

Compare up to 4 providers

Personal banking

  • PurePoint Financial Online Savings. Get up to a 1.8% APY on balances of $10,000 and a 0.25% APY on balances of $9,999.99 or less with no account fees.
  • PurePoint Financial Online CDs. A minimum deposit of $10,000 is required, and terms range from 6 to 60 months with APYs of 1.7% to 3.1%.

How does PurePoint Financial compare to other banks?

PurePoint Financial and it’s parent company don’t appear on the list of the top 50 bank holding companies by deposits in the US.

MUFG Union Bank has 398 branches across California, Washington and Oregon, but this figure falls short of big names like JP Morgan, Bank of America and Wells Fargo — which have over 4,000 bank branches and $1 billion in customer deposits each.

Why should I open an account at PurePoint Financial?

  • High rates. Both its savings account and CDs boast competitive interest rates to help your savings grow.
  • No fees. You don’t need to worry about fees taking a bite out of your funds with a PurePoint Financial account.
  • Mobile banking. Review your transactions, transfer funds and deposit checks into your PurePoint account from your mobile device.
  • PurePoint Financial Centers. Even though it’s a digital bank, PurePoint offers in-person support at its 22 PurePoint Financial Centers located in Florida, Illinois, New York and Texas.

What should I look out for?

    • No ATM access. PurePoint Financial is a digital bank which doesn’t offer debit cards or ATM access for its accounts.
    • Minimum deposit. You’ll need a $10,000 minimum deposit to open a PurePoint savings account or CD.
    • Limited transactions. If you exceed the six-transaction limitation on your PurePoint online savings account, you’ll be dinged with a $10 excess activity fee.
    • Tiered interest rates. In order to keep the 1.8% on PurePoint’s savings account, you’ll need to maintain a minimum account balance of at least $10,000, otherwise the rate drops to 0.25% APY.

PurePoint Financial ratings, reviews and complaints

Neither the Better Business Bureau nor Trustpilot has enough customer reviews to give PurePoint Financial a formal rating.MUFG Union Bank, PurePoint Financial‘s parent company, is an FDIC-insured bank with an Outstanding rating from the CRA.

Of the few online reviews of PurePoint Financial‘s accounts, customers praise this provider’s high rates and the ease and speed of transferring funds between accounts. However, some customers mention that they had difficulty opening a CD online and needed to call PurePoint to have the issue looked into by customer service.

Bottom line

PurePoint Financial doesn’t have a wide array of personal banking products to choose from, but its savings options boast competitive rates, mobile banking and no fees.

If you’re looking for a straightforward online account to store your savings, PurePoint Financial could be a sound option. If it’s not right for you, consider what other banks have to offer.

Common questions about banking at PurePoint Financial

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