Our 2023 PurePoint Financial review

PurePoint focuses on offering only a handful of account types, all of which include a high $10,000 minimum initial deposit, which can be prohibitively expensive for many consumers. There is a nature.

PurePoint’s offices are located in Philadelphia and you can reach our representatives Monday through Friday from 9:00 am to 7:00 pm US Eastern Time. All rates and charges are current as of January 3, 2023 and are subject to change.

PurePoint Financial Offerings

PurePoint’s offering is limited to high-yield savings accounts and a variety of Certificates of Deposits (CDs), including penalty-free CDs.

high yield savings account

• APY: 0.10% on balances up to $9,999. 0.40% on balances over $10,000
• price:
  • Monthly service fee: $0
  • Legal process fee: $100
  • Expedited Shipping Fee: $15 per package
  • Account investigation fee: 1 hour minimum to $25 per hour
  • Transfer fee: $25 domestic only (fee waived if account is closed via wire transfer)
  • Deposit fee: $0 domestic only

A minimum of $10,000 is required to open this account, but if your balance falls below that level after opening, there is no fee. However, in this case APY is reduced to 0.10%.

No ATM card is available for this account, making access to savings more difficult. Customers can access their account information 24/7 from their computer, mobile, or tablet.

certificate of deposit

High Yield Online CD

• APY:
  • 6 months CD: 0.15%
  • 12 months CD: 0.25%
  • 15 month CD: 1.25%
  • 18 months CD: 1.01%
  • 24 month CD: 1.01%
  • 30 month CD: 1.15%
  • 36 months CD: 1.50%
  • 48 months: 1.50%
  • 60 months: 2.00%
• commission
  • Legal process fee: $100
  • Expedited Shipping Fee: $15 per package
  • Account investigation fee: 1 hour minimum to $25 per hour
  • Transfer fee: $25 domestic only (fee waived if account is closed via wire transfer)
  • Deposit fee: $0 domestic only
• Early withdrawal penalty: The early withdrawal penalty is equivalent to 181 days of simple interest at CD interest on the principal withdrawn. The assessed penalty is met using first accrued but unpaid interest and then principal.

These CDs will automatically renew at maturity for the same term (if available) and the interest rate originally offered. However, the account holder has a 10-day grace period on the maturity date during which he can withdraw or add funds. No additional deposits can be made during the validity period of the account.

certificate of deposit

No Penalty CD

• APY:
  • 11 month CD: 0.15%
  • 13 months CD: 0.10%
  • 14 months CD: 0.10%
• price:
  • Legal process fee: $100
  • Expedited Shipping Fee: $15 per package
  • Account investigation fee: 1 hour minimum to $25 per hour
  • Transfer fee: $25 domestic only (fee waived if account is closed via wire transfer)
  • Deposit fee: $0 domestic only

You can withdraw your total balance from these CDs at any time from the 7th day after the account is credited without penalty. If you want to deposit additional funds into your CD, you will have to wait until the CD expires. Another option is to wait until the 10 day grace period starting from the date the CD expires.

Other services offered by PurePoint Financial

PurePoint Financial does not offer other types of accounts. However, it does offer an online learning center with information on money management and personal finances.

PurePoint Financial Platform and Customer Support

Customers can bank online with PurePoint Financial by logging into their accounts on the bank’s website. The bank does not offer mobile apps for smartphones. However, the customer can use his phone to log into his account via his purepoint.com. The site also allows you to make deposits by mobile check.

Bank representatives are available Monday through Friday from 9:00 AM to 7:00 PM ET only. You can also send a secure message to your bank representative by logging into your account online.

PurePoint Financial Pros and Cons

When considering banking with PurePoint Financial, it is important to consider all the pros and cons and whether the bank is a good fit for your budget and financial needs.

Strong Points:

• No monthly service fee: There are other charges associated with the PurePoint Savings account, but there is no monthly service fee.
• CD without penalty: For those who want instant access to cash, PurePoint offers a no-penalty CD that allows you to withdraw your total balance seven days after opening your account.

Cons:

• steep opening deposit: All PurePoint accounts require an initial deposit of $10,000, which may be too high for some consumers.
• Limited account options: Besides Savings and CDs, PurePoint does not offer any other types of savings accounts.
• No mobile app: While it is possible to access your account through the bank’s website through a web browser, there is no smartphone app for this bank, even on mobile phones.

FAQ

What is PurePoint Financial?

PurePoint Financial is an online-only bank, part of MUFG Union Bank, a financial institution founded 150 years ago.

Is PurePoint Financial insured by the FDIC?

Yes, as a division of MUFG Union Bank, NA, PurePoint Financial deposit accounts are FDIC insured. However, if you have accounts with both banks, they are not guaranteed separately. Instead, they are added together and insured to his FDIC insurance limit of $250,000.

Does PurePoint Financial have an app?

No, the bank does not have a mobile app.