PurePoint Online Savings account review October 2018 | finder.com
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PurePoint Financial Online Savings account review October 2018

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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

Required information

  • 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

Name Product Fee Minimum deposit Minimum balance to earn interest APY
CIT Bank Savings Builder High Yield Savings Account
CIT Bank Savings Builder High Yield Savings Account
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
Get one of the highest interest rates available without high balance requirements or fees.
Earn one of the highest interest rates without the fees.
The most common services and transactions are free with Ally Bank.
$15 per quarter
(can be waived)
Earn one of the highest interest rates if you have at least $10,000 in savings.
Earn a high interest rate with no monthly fees.

Compare up to 4 providers

Bottom line

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.

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4 Responses

  1. Default Gravatar
    KevinOctober 30, 2017

    I already Just Opened a CD 18month with Pure point , I just read More on Certificate of Deposit and I see its not the best for me .. My Question is can I close this account to Open a Savings Account or can I open a savings account wilhile the CD 18month is till on.

    • finder Customer Care
      AshOctober 30, 2017Staff

      Hello Kevin,

      Thank you for contacting finder.

      You may request to close your Certificate of Deposit account even before its maturity date though if you close it before interest is credited, you will receive the accrued interest up to (but not including) the closing date. Please take note that an Early Withdrawal Penalty will be applied which will be equivalent to 181 days of simple interest at the rate being paid on the amount withdrawn.

      You may also consider opening a Savings Account while having a Certificate of Deposit as Purepoint allows their customers to have more than one account to help them maximize their earnings.

      I hope this information helps.

      Let us know if there is anything else that we may assist you with.


  2. Default Gravatar
    AlphonsoOctober 25, 2017

    Once I get started by depositing $10,000 in my PurePoint account, when can I start withdrawing from it?

    • Default Gravatar
      JonathanOctober 25, 2017

      Hi Alphonso,

      Thank you for your inquiry. There are two answers to your question which depends on the account you’d open with PurePoint.

      If you opened an online savings account, you can withdraw anytime but take note that you’d need your linked bank account to access those funds. It is worth mentioning that withdrawals may affect the tiered interest rates should you not be able to meet the minimum deposit requirements and might also attract activity fees.

      When it comes to Certificate of Deposit, you’d need to wait for maturity date otherwise pre-termination fees will be assessed. Still, a linked transaction account would be required for those funds to come out.

      Hope this has helped. You can always refer to their Customer Support or read through Important Information to get more details.


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