Get 2.15% APY — among the highest out there — with this high-interest online account.
You’ve decided to invest in your future by opening a savings account. The problem: Not all savings accounts are created equal. With varying interest rates and APYs, initial deposit requirements and maintenance fees, it’s hard to know which account fits your individual saving needs.
We review an online savings account option with PurePoint Financial to help you make an informed choice.
What are the benefits of a savings account with PurePoint Financial?
Opening an online savings account with PurePoint Financial has several advantages:
- Up to 2.15% APY. On balances of $10,000 or more, receive 2.15% APY. On balances of $9,999 or less, the APY drops to 0.25%.
- No account fees. This account comes with no maintenance fees.
- Daily compounded interest. Interest on your savings is compounded daily and credited monthly.
- PurePoint Financial Centers. Though a digital bank, PurePoint offers in-person consultations with savings professionals to help you meet your savings goals.
What's the difference between an interest rate and an APY?
Your interest rate is the simple interest you’re paid on an account or an investment over the period of a year. For example, if you’ve invested $1,000 into an account that comes with 1% interest, you’ll have earned $10 on that investment at the end of a year.
The annual percentage yield is a bit trickier. An APY is an effective annual rate of return that takes into account the effect of compounding interest over a year. In short, it’s the interest rate compounded monthly over the course of a year. Learn more about savings accounts.
What should I look out for?
The PurePoint Financial savings account offers smart ways to save, but keep a few factors in mind before you apply:
- Minimum deposit. Opening a savings account with PurePoint Financial requires a $10,000 minimum deposit.
- Tiered interest rates. To benefit from the competitive 2.15% APY, you must maintain a minimum balance of $10,000 — otherwise, your savings accrue only 0.25%.
- Limited monthly transactions. You can make up to six transactions from your account monthly before you’re assessed a $10 excess activity fee or even closure of your account.
- No ATM access. You’re limited to electronic transactions and wire transfers only.
- Be a US citizen
- Be at least 18 years old
- Have a valid Social Security number or taxpayer ID
- Have a physical US address
- Have a bank account and routing number
- Have a $10,000 minimum deposit ready
- Social Security number
- Home address
- Email address
- Bank account and routing number
How do I deposit or withdraw my money?
Even though the PurePoint high-yield savings account is an online-only account, there are still a number of ways to transfer funds:
- Online deposit. You can transfer funds electronically to and from an externally linked bank account up to six times monthly.
- Wire transfer. Set up a domestic wire transfer for a $25 fee.
- Mail a check. Write a check payable to yourself from an external bank account and mail it to PurePoint Financial, P.O. Box 870, Glendale, CA 91209.
- Mobile deposit. Sign in to PurePoint’s online banking platform to complete a mobile check deposit from your mobile device.
How can I get in touch with customer service?
You can contact PurePoint’s customer service team in three different ways:
- Phone. Call PurePoint toll-free at 1-855-488-7873, Monday to Friday, 8 a.m. to 9 p.m., ET.
- Email. Fill out a secure online form from your online banking account on PurePoint Financial;s website.
- In person. If you live in Florida, Illinois, New York or Texas, you can visit a PurePoint Financial Center to speak with a customer service rep in person during business hours.
Compare with other savings accounts
The PurePoint Financial savings account offers a competitive 2.15% APY and access to savings professionals to guide your banking experience.
If you’re able to meet the initial $10,000 deposit requirements and are looking for in-person assistance to guide your goals, the PurePoint Financial savings account could be a solid choice for your savings.